The Affordable Care Act, also referred to as the Patient Protection and Affordable Care Act (ACA) or Obamacare), was passed by Congress and signed into law by President Barack Obama in 2010.
This legislation expands access to quality, affordable health insurance and prevents discrimination against those with pre-existing conditions, ushering us forward on our path toward solving America’s healthcare crisis.
What is the Affordable Care Act?
The Affordable Care Act (ACA) is a landmark federal statute passed by the 111th Congress and signed into law by President Barack Obama on March 23, 2010. It has completely revolutionized our approach to health insurance – it’s truly transformative!
The Affordable Care Act (ACA) seeks to reform the US healthcare system by improving how people receive and pay for medical care. It has three primary goals: reforming private insurance markets, expanding Medicaid coverage to the poor, and revolutionizing how medical decisions are made.
The Affordable Care Act has revolutionized healthcare and holds great promise for Americans’ wellbeing. At The American Medical Association (AMA), we are proud to support this legislation and will keep working for improvements. For instance, we’re dedicated to educating physicians and patients about the ACA so they can get the most suitable insurance plan possible. We hope you will join us on our quest towards a more accessible, high-quality health system for all.
How does the Affordable Care Act work?
The Affordable Care Act was designed to make obtaining and maintaining health insurance easier, including through premium tax credits and cost-sharing reductions as well as marketplaces where you can compare plans.
Additionally, it provides protections against discrimination by insurers, such as bans on lifetime and annual dollar coverage limits and preexisting condition exclusions. Furthermore, insurance companies must cover a list of essential health benefits.
These changes, combined with Medicare reforms that reduce payments to providers, are helping Americans reduce their healthcare costs.
Additionally, the Affordable Care Act (ACA) offers subsidies to lower-income individuals who purchase insurance on the individual market. These subsidies, known as tax credits, remain in effect through 2021.
Although Republicans have opposed the Affordable Care Act for most of its 10-year existence, it remains an impressive accomplishment that has enabled millions of people to obtain health insurance. Furthermore, it helps control healthcare costs by restricting how much insurance companies can raise prices and spend on advertising, overhead expenses and bonuses for executives.
What can I do to get health insurance under the Affordable Care Act?
The Affordable Care Act offers several consumer safeguards, such as making it illegal for insurance companies to deny coverage or charge more because of a pre-existing condition. Furthermore, health plans must provide free preventive services without charging patients out-of-pocket expenses.
To make finding health insurance simpler, the Affordable Care Act created the Health Insurance Marketplace or Exchange. This Marketplace can inform you if you qualify for a premium tax credit or other special subsidies to reduce cost sharing like deductibles and copays.
What can I do to keep my health insurance under the Affordable Care Act?
Health insurance is an integral component of both your physical health and financial security. The Affordable Care Act shields you from spiraling costs and provides access to coverage for everyone in America.
Open Enrollment provides you with a wide range of health plans to fit your needs and budget. Additionally, you have the option to change coverage outside of Open Enrollment if you qualify for an exception due to a qualifying event.
If you’re struggling to afford your health coverage, the Affordable Care Act (ACA) offers assistance with premiums and cost-sharing reductions. These financial assistance programs are accessible to all qualified individuals, families, and small businesses.
Under the Affordable Care Act (ACA), all health insurance plans must provide essential benefits like preventive services like screenings and wellness exams. Most plans must also cover maternity/newborn care, prescriptions, mental health treatment for children, as well as Medicaid expansion to assist millions more people gain access to coverage.