The Affordable Care Act, or ObamaCare, is the reform law that improves and significantly expands access to curbs and care spending through taxes and regulations. The main focus of the Affordable Act is to improve the quality of health insurance and health care, provide more Americans with access to affordable insurance, regulate the whole industry, and reduce health care spending in the country. There are hundreds of different provisions in the law that addresses multiple aspects of the healthcare crisis. It's understandable that you may not want to read the entire law, so below you can find the most important facts you need to know about ObamaCare to ensure you don't pay additional fees and get affordable coverage.
According to the Act, Americans who make less than 400% of the FPL (federal poverty level) will qualify assistance subsidies. There are three forms in which the assistance comes: cost sharing for reduced out-of-pockets costs, premium tax credits for reduced premium costs, and both CHIP and Medicaid. All in all, the Act contains more than thousand pages about new reforms for health care and insurance industries in order to reduce health care costs and provide affordable insurance for Americans. However, even though the law is long and complex, first 200 pages contain the most interesting information.
Before the Affordable Care Act, anybody who had been sick in the past (a pre-existing condition) could be simply denied treatment or coverage, or be charged much more because of the gender, or be dropped somewhere in the middle of the treatment because of a small mistake in the application. Moreover, you had literally no way to appeal insurance company rules. Now, Americans have a larger number of benefits, protections, and rights concerning their insurances.
In 2013, almost 45 million Americans didn't have a health insurance, which is 16% of the population. Those were working families who just couldn't allow the insurance. ObamaCare's main aim is to help those individuals to get insurances by offering cost assistance and expanding Medicaid eligibility. As a result, at the end of 2014 only 13% of Americans couldn't obtain the insurance. By 2015, the rate was below 10%.
The Act dramatically reforms Medicare. For instance, one of the changes is offering Medicare recipients the same rights, protections, and benefits as others, and reforming its system such as cut off redundant aspects. Remember that Medicare is not the part of the marketplace, and if you have Part A or C you're covered.
The Affordable Care Act requires large employers to provide their full-time workers with health coverage. Non-exempt Americans have to keep essential coverage the whole year or pay fees every month they go uninsured. The minimal coverage you need to have to avoid fees is the minimum essential coverage that can be obtained during the enrollment period.
Simply put, now everybody can get insurance regardless of previous health conditions. However, there is one exception: individuals with those health plans that were purchased before March 23, 2010, and have a pre-existing health condition don't have to cover costs related to their illness.
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