The Affordable Care Act (ACA) has significantly decreased uninsurance levels to historically low levels and helped people access health care when they need it. It does this through eliminating lifetime and annual dollar limits on coverage; restricting preexisting condition exclusions; and permitting young adults to remain on their parent’s plan until age 26.
Increased access to care
The Affordable Care Act makes accessing health care easier for Americans by expanding coverage options, improving affordability and strengthening consumer protections. Furthermore, the law encourages innovation as new approaches emerge for lowering costs while simultaneously improving quality.
The new law helps ensure you receive value for your premium dollar by mandating that insurance companies spend at least 80% of your premium dollars on medical care and quality improvement activities, or provide a rebate. Furthermore, state reviews of rate increases have been strengthened.
The Affordable Care Act created health insurance marketplaces (also called exchanges) where you can shop for affordable private coverage. Millions of Americans who don’t receive health coverage through work are now eligible to obtain financial aid to assist with paying monthly premiums; young adults can stay on their parents’ health plan until age 26 – something which has greatly benefitted many young adults. Furthermore, Medicaid was expanded in order to reduce uncompensated health care costs for low-income people.
Better health outcomes
The Affordable Care Act prohibits insurance companies from discriminating against those with preexisting conditions and canceling or limiting policies as a result. Additionally, this Act bans lifetime and annual limits for coverage as well as requires states to review rate increases by insurers.
RAND analysis indicates that this has resulted in greater coverage among workers.
Additionally, the Affordable Care Act mandated that insurers cover a range of preventive services without charging copays or deductibles – and most private policyholders now enjoy these benefits as a result of this law. This allows Americans to stay healthy and prevent costly medical interventions down the road.
Even with its successes, however, the Affordable Care Act (ACA) has fallen short of its ultimate goal of universal coverage due to many individuals not earning enough or having access to health insurance through their employers. Still, the ACA remains beneficial by expanding access to coverage, encouraging innovation and shifting incentives in the market – thus improving health outcomes overall.
More affordable health care
The Affordable Care Act offers subsidies that lower the costs associated with health insurance for millions of Americans, such as families of four at the lower income end of eligibility criteria who receive nearly $13,000 a year in premium support, enough for substantial coverage and thus decreasing the likelihood that illness will lead to financial ruin.
Law also ensures that your premium dollar is well spent, by mandating that at least 80% of premium spending goes toward medical care and quality improvements rather than overhead, bonuses for executives or advertising costs.
These provisions, combined with other consumer protections, have made health insurance available and affordable to millions of people who do not access it through an employer or governmental program. This will make it easier for families to start businesses, take time off work to raise children or retire when the time is right – helping strengthen labor markets and paving the way for economic expansion.
A stronger economy
Ten years since its passage, the Affordable Care Act (ACA) has had an immense effect on many lives. It has increased coverage, saved many lives and strengthened the health care system overall.
The Affordable Care Act’s consumer protections and financial security tools ensure that getting sick no longer means financial ruin. Insurers cannot set arbitrary annual and lifetime coverage limits that would leave people vulnerable against catastrophic medical episodes.
The Affordable Care Act created health insurance marketplaces where consumers could compare options and receive financial assistance with premium payments. Furthermore, this act requires insurance companies to offer value for premiums collected: If their costs fall short of revenue collected from customers, rebates must be given back in return.
The Affordable Care Act’s tax provisions helped us reduce our long-term deficit, encouraging national saving and foreign borrowing and strengthening America’s economy over time. Furthermore, the law invested in vital research such as supporting biosimilar drugs – more cost-effective versions of more expensive biologic medications.