Obamacare is a program created by President Barack Obama that assists people in attaining affordable health insurance coverage. This goal can be met in several ways, including mandating private insurers sell plans on online marketplaces, encouraging states to expand Medicaid programs and setting regulations on health insurers.
One of the key changes made by the Affordable Care Act (ACA) is that health insurers cannot deny or increase premium costs based on preexisting conditions, while at least 80 percent of premium dollars must go toward medical care and quality improvements instead of advertising or bonuses for executives.
What is Obamacare?
The Affordable Care Act, commonly known as Obamacare, was passed as part of a national health reform law in 2010. It provides universal health coverage while simultaneously lowering healthcare costs.
ACA also seeks to prevent insurers from raising rates and charging more for those with preexisting conditions – this is an essential step towards its goal of providing access to quality health care for all.
The Affordable Care Act also offers subsidies to help lower-income individuals purchase health insurance through state-operated exchanges, where individuals and families can shop from various providers for coverage.
Who is eligible for Obamacare?
Obamacare is an affordable health insurance program that has helped provide coverage to millions of previously uninsured Americans in the US.
The law includes subsidies and other financial assistance to help lower premiums for households whose income falls between 100-400% of the federal poverty level. Such households qualify for assistance.
Individuals and families earning over this threshold can still access assistance for their insurance costs through Medicaid.
Young adults living with parents or grandparents with existing coverage can also purchase family coverage through the Marketplace.
Under the Affordable Care Act (ACA), plans and issuers that offer dependent child coverage must extend it until an adult child reaches age 26. This rule applies equally to married and unmarried children alike.
What are the requirements to qualify for Obamacare?
Obamacare eligibility requirements depend on your state and may differ if you reside in Alaska or Hawaii. To determine eligibility, complete an application and submit any necessary documentation.
The Affordable Care Act offers subsidies to help individuals afford health insurance premiums; your subsidy amount depends on your income level.
Example: If your income falls within 400% of the federal poverty threshold, then you could qualify for a premium tax credit.
There are other strategies that could reduce or even eliminate premium costs altogether, including cost-sharing reductions that lower out-of-pocket expenses.
The Affordable Care Act has enabled millions of Americans to gain access to more affordable coverage and decrease medical costs; yet it isn’t without its challenges.
How does Obamacare work?
The Patient Protection and Affordable Care Act, commonly known by its acronym Obamacare, was signed into law in 2010. This sweeping health reform bill mandates most citizens and legal residents have health insurance or pay a fine; state-based American Health Benefit Exchanges were also created as tools to assist individuals and small businesses purchase coverage.
The Affordable Care Act includes subsidies designed to assist lower income Americans cover the costs associated with their plans. These tax credits, also known as subsidies, remain active until 2021 and can be used to lower monthly premiums of any health plan purchased through the Marketplace (excluding catastrophic coverage plans).
The Affordable Care Act also expanded Medicaid eligibility, giving millions of Americans access to free or low-cost health coverage via state-run Medicaid programs.