Health Insurance
AFFORDABLE CARE ACT (ACA) “Obamacare”
The Affordable Care Act (ACA) is the comprehensive health care reform signed into law by President Barack Obama in March 2010.
The ACA was designed to reform the health insurance industry and help reduce the cost of health insurance coverage for individuals who qualify. Every year (November 1st-December 15th), there is an open enrollment period on the Health Insurance Marketplace during which people can buy or switch insurance plans. Enrollment outside of the open season is allowed only for those whose circumstances change, such as marrying, divorcing, becoming a parent, or losing a job that provided health insurance coverage.
How to qualify for Obamacare?
Requirements
- You live in the U.S.
- You are a U.S. citizen, U.S. national, or are lawfully present in the U.S.
- You are not incarcerated.
- You are not covered by Medicare.
ACA Cons
- Those already insured saw an increase in premiums.
- Taxes were created to help supplement the ACA, including taxes on medical equipment and pharmaceutical sales.
- The enrollment period is limited for new enrollees.
- Many businesses curtailed employee hours to avoid providing medical insurance.
ACA Pros
- Expands health care availability to more citizens.
- Prevents insurers from making unreasonable rate increases.
- Individuals with pre-existing health conditions cannot be denied.
- Coverage for additional screenings, immunizations, and preventative care.
