What is ObamaCare?
ObamaCare is officially named as
The Affordable Care Act (ACA) or The Patient Protection and Affordable Care Act
(PPACA) for the US citizens signed into law on 23rd March, 2010 by
President Barack Obama.
Main focus: To increase
quality, availability and affordability of private and public health insurance
to the people through its various provisions.
ACA betters the health insurance
industries and healthcare Industry in America. ACA has made innumerable changes;
Acceptable as well as controversial!
ADVANTAGES OF OBAMACARE:
ObamaCare (the Affordable Care
Act) provides many benefits, especially for low and middle income families and
businesses. Certain insurance market reforms have already taken effect.
1. AFFORDABLE
HEALTHCARE:
ACA has executed
the 80/20 principle, which states health insurance companies must spend 80% of
premium dollars on patient care, keeping profits and other costs limited to
20%. ObamaCare brings health care to people who cannot afford it.
2. OVERALL
COST REDUCTION:
ACA lowers
overall health care costs by providing insurance for millions of citizens. This
service helps the people before they need expensive emergency services.
3. COVERAGE:
a)
ObamaCare Act compels all insurance plans to
cover principal health benefits including treatment for mental health,
addiction and chronic diseases. Screenings for diseases like diabetes and blood
pressure are included. Benefits to women, annual well-women visits including
gynaecological exams are wholly covered.
b)
There will no more be coverage discrimination
due to gender bias.
c)
Any insurance company cannot deny anyone
coverage for any pre-existing conditions, drop or raise premiums once a citizen
fall sick.
d)
Lifetime and annual limits on coverage are
eliminated.
4. Children’s
Insurance:
Added benefit is
the child’s insurance. Parents can include their children up to the age of 26 in
their own plan. Companies collect more premiums and hence receive more profit
without higher costs for healthier individuals.
5. Tax
credit:
ACA provides tax
credits for insurance to middle class. To make it easier, all states are
required to set up insurance exchanges or use Federal government’s exchange.
6. Medicaid:
ACA also expands
Medicaid in 26 states to 138% of the Federal Poverty level, providing coverage
to adults without children and giving Americans access to health care.
7. Business
Organisations:
a)
Businesses’ with over 50 employees must offer
health coverage to its employees, but receive tax credits to help with the
costs.
b)
Small businesses with less than 25 full time
employees can get tax credits for up to 50% of their employees’ health
insurance premium costs.
Each benefit, right and protection
is a part of ObamaCare’s provisions. Changes are gradually falling in place. Everyone
will benefit from this system. ObamaCare is helping millions of Americans
without the health insurance access to affordable health coverage.
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