The Affordable Care Act (ACA) has been a huge success, making health care accessible and affordable for millions of Americans. It also made an immense difference in the lives of individuals with disabilities, LGBTQI+ people, and communities of color.
Despite the efforts of the Trump administration and their allies to repeal and replace the law, it remains in force. This means that millions of Americans have had access to quality health coverage, improved their wellbeing, and even saved lives thanks to this law.
Costs
The Affordable Care Act has drastically decreased the cost of health insurance, with premiums now on average 10 percent below predictions made in 2010. Furthermore, it has kept overall healthcare expenditures at 18 percent of GDP – down from 21 percent before ACA passage in 2010).
More importantly, this increased income for families and consumers, strengthening the economy today while creating a solid foundation for future expansion.
The Affordable Care Act (ACA) offers value for your premium dollars by mandating insurers to spend at least 80 percent of their health care costs on medical care and quality improvements, rather than advertising, overhead or bonuses for executives. This encourages them to compete for your business and lower rates accordingly. Moreover, millions of people without access to work-based health coverage are receiving tax credits so their coverage becomes more accessible.
Coverage
The Affordable Care Act (ACA) attempts to modernize the healthcare system by mandating health insurance cover certain services and providing tax credits to small businesses so they can cover certain employee health costs. Furthermore, it creates state-based insurance exchanges so individuals and small businesses alike can easily purchase coverage.
Under this legislation, plans must offer essential health benefits in a minimum set of categories such as prevention and wellness services, prescription drugs, maternity/newborn care, mental/behavioral health and more. Furthermore, insurers are required to cover preventive services without cost sharing and provide free access to FDA-approved contraceptives.
The Affordable Care Act also includes provisions that directly influence public health, such as the creation of the Prevention and Public Health Fund and first National Prevention Strategy, both focused on prevention efforts and social determinants of health. Unfortunately, it’s too early to tell how these policies may impact American citizens’ overall wellbeing.
Quality
Under the Affordable Care Act (ACA), insurance companies must devote at least 80 percent of your premium money towards medical care and quality. If they don’t, you are entitled to a rebate.
Furthermore, the Affordable Care Act (ACA) makes it simpler to access preventive services like cancer screenings, diabetes tests and other conditions; contraception; and vaccinations without having to pay out-of-pocket. Furthermore, it limits how much copayments you must pay for these items – an enormous relief for low income individuals.
Due to the Affordable Care Act’s expansion of healthcare coverage to more people, FQHC administrators in Arizona and California anticipated an uptick in demand for their services as they served newly insured patients with various untreated health conditions. These patients needed extensive treatment as well as multiple primary and secondary referrals.
Access
The Affordable Care Act offers a range of protections and rights that enhance health care quality for all Americans. Furthermore, it guarantees consumers control over their own insurance, shielding them from insurance company abuses.
In 2019, nearly 9 out of 10 individuals who purchased plans through ACA-approved marketplaces qualified for premium tax credits and reduced cost sharing.
Furthermore, the Affordable Care Act’s Medical Loss Ratio (MLR) rules require insurers to reimburse policyholders and employers when they spend less than 80 percent of their premiums on health care. This helps reduce high costs that insurers bear, encouraging comparison shopping and increased competition within the individual market.
Despite these gains, many still lack access to affordable coverage due to a lack of awareness about available options, uncertainty regarding the status of the ACA, or limited resources for outreach and enrollment assistance.
