What would replace the Affordable Care Act if repealed?
The law implemented comprehensive reforms that increase access to affordable health coverage and safeguard consumers against abusive practices.
The Affordable Care Act (ACA) also required the insurance industry to enhance customer service standards. This included eliminating discriminatory practices, lifetime dollar limits and cancellations due to mistakes on application forms.
Short-term medical insurance
What would replace the Affordable Care Act if Congress cancels it?
Some companies selling health insurance often promote short-term coverage as an affordable alternative to ACA-compliant plans, claiming you can save hundreds on your healthcare spending with this type of coverage. However, comparison between short and long term policies is much less than ideal.
Furthermore, these temporary policies lack the essential benefits required by the Affordable Care Act (ACA).
Some states have placed restrictions on the sale of short-term medical insurance policies or banned it altogether. Others have implemented selective consumer protections. Ultimately, consumers must assess all details related to short-term medical coverage to decide if it’s suitable for them.
Health savings account
What would happen if Congress cancels the Affordable Care Act?
Health savings accounts (HSAs) provide an option for people to save for qualified medical expenses that aren’t covered by high deductible health plans. HSA funds aren’t taxed and can be used for qualified out-of-pocket healthcare expenses at any time – now or in the future.
HSAs enable individuals to save for retirement and invest their funds in an HSA. This combination of advantages puts HSAs ahead of other popular accounts such as health flexible spending accounts.
HSAs differ from FSAs in that they do not need to be spent by the end of the plan year and can remain invested for an extended period. You may even use your HSA funds for COBRA and Medicare premiums, as well as qualified long-term care insurance – all great ways to help manage healthcare costs.
Health insurance through an employer
Under the Affordable Care Act, large employers (those with 50 or more full-time employees) are required to offer health insurance coverage or face a financial penalty.
In addition, the law established state and federal health exchanges where individuals can purchase health insurance.
Under the Affordable Care Act (ACA), insurance plans must meet certain affordability criteria and offer a minimum set of essential health benefits. Furthermore, these plans must offer protection for pre-existing conditions.
If your employer cancels your coverage due to nonpayment of premiums, you can apply to have it reinstated. Depending on your income level, you may even qualify for a subsidy to make it more affordable.
Small businesses can provide health benefits through group insurance, employee stipends and health reimbursement arrangements (HRAs). But the most prevalent form of coverage provided by employers is small group health insurance; KFF estimates that nearly half of all Americans have health coverage through an employer-sponsored group plan.
Individual health insurance
What would replace the Affordable Care Act if Congress were to cancel it?
The individual health insurance market (where you purchase coverage directly from insurers or brokers) experienced rapid growth after the Affordable Care Act’s subsidies and prohibition against discrimination based on preexisting conditions were implemented. Unfortunately, enrollment gains were soon offset by subsequent decreases, particularly among those not receiving subsidies amid steep premium increases.
Should the Affordable Care Act (ACA) be repealed, many Americans could lose their health coverage and become uninsured, placing them at greater risk for getting sick or dying. During a COVID-19 pandemic, rising uninsured rates could create a public health emergency and make it harder for individuals to access essential preventive services that shield against disease.
Under the Affordable Care Act (ACA), health insurers are required to cover preventive services like check-ups, vaccinations and cancer screenings without charging deductibles or copays. But O’Connor’s ruling could exclude these from your policy coverage, potentially having serious repercussions for both your physical health and psychological wellbeing.
