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Affordable Care Act
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Benefits of the Affordable Care Act
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In the early 2000s, many Americans could not afford health insurance due to pre-existing conditions or high costs. In 2009, Congress proposed a plan to change this situation. In 2010, President Obama signed the Affordable Care Act (ACA), also known as “Obamacare.” This law made health insurance cheaper and more accessible for people under 65. Based on certain criteria, you may be eligible for subsidies to help pay your monthly premiums.
More people have health coverage
More than 16 million US citizens now have health insurance following the signing of the ACA. The largest percentage of that figure corresponds to young adults. That is because, with the signing of the ACA, many young adults can remain on their parents' health insurance plans until they are 26 years old.
Health insurance is more affordable
Although health insurance is not free, there is now a wider range of coverage options available to those who need it. One of the provisions that make this possible is the subsidies that the government offers to those who meet its specific requirements. These subsidies help pay for part or all of your plan's monthly premiums.
Coverage cannot be denied to people with pre-existing conditions.
Before the ACA came into effect, pre-existing conditions such as cancer made it difficult for many citizens to obtain the health coverage they needed. Most insurance providers did not offer coverage to these individuals. However, the ACA put an end to this situation, and now you cannot be denied insurance due to a known health problem when seeking coverage.
Benefits of the Affordable Care Act
Healthcare knows no bounds
At first, people with chronic health problems were left without insurance coverage. This was because many insurance companies set limits on the amount of money they would spend on an individual. However, with the signing of the ACA, insurance providers can no longer set a pre-established limit on their coverage.
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Obamacare covers more checkups and preventive care.
Although the original health insurance plans also covered a range of preventive care and checkups, Obamacare expanded those options. These options typically have low copayments or deductibles.
Now, with the ACA, all health care plans must include coverage for the following:
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Hospitalization
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Outpatient services
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Emergency services
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Maternity and neonatology
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Services for mental disorders and substance abuse
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Prescription drugs
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Laboratory tests
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Chronic disease management and vaccinations
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Dental and eye care, pediatrics
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Rehabilitation and habilitation services
The ACA also stipulates that certain healthcare services are free of charge. These services include colonoscopies, cholesterol and blood pressure checks, contraceptives, routine vaccinations, and several other services.
The American Rescue Plan
In March 2021, President Biden signed a law called the American Rescue Plan Act. Its goal was to help the country recover from COVID-19. Some parts of this law improved the benefits of the Affordable Care Act.
One part of the Affordable Care Act is government premium subsidies. The American Rescue Plan increased these subsidies for everyone. It made people pay less of their income for health insurance.
Initially, the additional subsidies from the American Rescue Plan were temporary, lasting until 2022. But Democrats could make them permanent later on.
Enroll in Obamacare
Obamacare plans have specific periods, usually around the end of the year, when you can enroll or change your health insurance. If you miss this period, you may be eligible for a special enrollment period due to life events such as loss of coverage or marriage. Otherwise, there are other health insurance options available throughout the year with different requirements.
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