The Affordable Care Act, or Obamacare, became law in 2010 and continues to impact millions of Americans. It is a landmark health care reform law that helps people obtain insurance coverage for themselves and their families.
The ACA makes health insurance more affordable, reduces healthcare costs and improves access to care. It also fosters comparison shopping in insurance exchanges to encourage competition and price transparency, and reduces health care fraud.
It is still the law of the land
The Affordable Care Act, commonly referred to as Obamacare, has been the law of the land since 2010. It is designed to improve access to health insurance and provide consumer protections.
The law will help lower costs through tax credits and exchanges where insurers can compete for your business. It also protects consumers from abusive practices by the insurance industry.
It will help you avoid high premiums and ensure that your medical care is worth the price you pay for it. It also requires insurance companies to spend at least 80 percent of your premium dollar on your health care rather than on advertising, bonuses and overhead.
In the short time that the ACA has been in effect, a lot of changes have happened and it is still a moving target for both the government and the private sector. In addition, the Obama Administration made a series of decisions to delay enforcement of key ACA provisions for a combination of practical and political reasons.
It is still available
The American Rescue Plan Act signed by President Biden in March dramatically expanded premium assistance, making it more affordable for millions of Americans. For this year and next, no one has to pay more than 8.5% of their income for the benchmark plan (an ACA-specific calculation).
People earning more than 400% of the federal poverty level, or about $51,000 for an individual or $104,800 for a family, can get help paying their health insurance premiums. And the Obamacare exchanges are registering record numbers of enrollments for 2021.
The subsidies are available through the health insurance marketplaces in every state. Open enrollment runs from November 1 to January 15 in most states.
It is still affordable
The ACA created marketplaces where individuals can purchase health insurance and receive a subsidy for premiums and cost-sharing (deductibles, co-payments and out-of-pocket maximums) depending on their income. It also established basic consumer protections, including no lifetime or annual dollar limits on coverage and no discrimination against people with preexisting conditions.
The law also expanded Medicaid and allowed states to expand their own programs. In addition, it created the individual mandate, requiring most Americans to have health insurance or pay a tax penalty.
Despite these changes, millions of uninsured Americans remain out of the insurance market and are struggling to afford coverage that provides the essential benefits they need. Those who are uninsured often have low incomes, are in the workforce or live in high-cost areas.
The Biden administration quickly implemented enhanced income-based subsidies for new and current enrollees in 2021 and 2022, which will make affordable coverage more widely available to millions of uninsured Americans. This includes addressing the so-called “family glitch” that prevented families with job-based coverage from getting marketplace subsidies.
It is still popular
The Affordable Care Act, commonly known as Obamacare, is still popular with most Americans. In fact, a Morning Consult/Politico survey shows that 52% of registered voters approve of the law.
In terms of overall popularity, the ACA is more popular than it was during President Barack Obama’s presidency or even during the early days of the Obama administration. This is despite the fact that the ACA has been challenged three times by courts and by Congress in the last decade.
This is largely because of the ACA’s success in reducing uncompensated health care costs and its protections against insurance companies. For example, insurance companies can’t deny or charge more for coverage based on pre-existing medical conditions. Moreover, the ACA also provides tax credits that make it easier for low-income families to afford a policy.
