Accessible, affordable health insurance coverage for individuals and families.
Formally known as the Patient Protection and Affordable Care Act or commonly known by its abbreviation “Obamacare,” this comprehensive reform law was signed into law in March 2010.
Amends the Internal Revenue Code to allow individual taxpayers whose household income falls within 400% of poverty line a refundable premium tax credit when purchasing qualified health plans through an Exchange.
What is the Affordable Care Act?
The Affordable Care Act, also referred to as Obamacare or the Patient Protection and Affordable Care Act, was signed into law in March 2010 to expand health coverage and implement significant changes in the U.S. healthcare insurance market. It includes many of AMA policy priorities and holds promise for meaningful healthcare system reform; millions of Americans qualify for free or low-cost healthcare through its marketplaces and the AMA remains committed to educating physicians on its implementation as well as seeking continuous improvements; open enrollment periods begin Nov 1 2022 and run until Jan 15, 2023 respectively.
Who is eligible for the ACA?
In addition to private health insurance options, the Affordable Care Act establishes health insurance exchanges or “marketplaces”, where individuals can shop for plans that fit within their budgets. Marketplace participants may even qualify for financial aid to help cover monthly premiums or reduce out-of-pocket expenses.
Families whose income falls between 100% and 400% of the federal poverty line qualify for premium tax credits to assist with costs. These subsidies can only be utilized if ACA-compliant plans purchased through the marketplace, with silver level plans as their priority choice.
Millions of individuals and families have also gained coverage through Medicaid, now available in every state, the District of Columbia, American Samoa, Guam, Northern Mariana Islands and Puerto Rico. New York residents can apply for Medicaid or marketplace plans through New York State of Health during open enrollment – which has been extended due to COVID-19’s public health emergency status – through New York State of Health during open enrollment periods.
What is the ACA’s impact?
The Affordable Care Act is making it possible for millions of Americans to afford health insurance coverage, providing access to care that helps people stay healthy, avoid medical complications and recover more quickly from illness. People with health insurance also spend more years in the workforce contributing to our economy’s growth while creating jobs.
The Affordable Care Act has increased financial security for those already covered by providing limits to annual and lifetime limits, prohibiting discrimination based on preexisting conditions, and closing out Medicare Part D “donut holes”. Furthermore, all plans cover essential health benefits including preventive services, maternity care, mental health treatment and addiction recovery treatment.
And the Affordable Care Act is providing coverage to millions of Americans through Medicaid expansion, marketplace subsidies and the dependent-coverage provision – helping bring down uninsured rates to an all-time low and improving the overall quality of health.
How does the ACA work?
The Affordable Care Act created state or multistate-based health insurance exchanges to assist individuals and small businesses find affordable health care options. It prohibited insurers from setting arbitrary annual or lifetime coverage limits or denying or raising prices for people with preexisting conditions, while mandating most adults have health coverage or pay a fine; additionally it invested in Medicare improvements including new approaches for payment and delivery of care, while expanding Medicaid to reduce uncompensated care covered by state budgets.
The Affordable Care Act provides important consumer protections, including access to your medical records and guaranteeing you get maximum value from your health plan by mandating coverage of essential benefits across plans. In addition, copayments or cost sharing for preventive services like immunizations; cancer screenings (high blood pressure, cholesterol screenings etc); well-woman visits etc are no longer applicable and cost sharing for preventive services are eliminated altogether; also supporting breastfeeding mothers by offering break time and an area for them to express milk during workdays is provided by employers providing break time and private spaces during working days to express milk!
