The Economic Benefits Of The Affordable Care Act

The Affordable Care Act is President Obama’s new solution to provide healthcare coverage to uninsured Americans. The theory is that millions of uninsured Americans will get access to affordable health insurance through the government. The Affordable Care Act reforms Medicare. You cannot be dropped from coverage when you get sick. You cannot be denied coverage or treatment for being sick. You also cannot be charged more for being sick. Although these are all mostly the positive sides to the Affordable Care Act there are many negative. Since you cannot be dropped for being sick, it will make the prices for everyone’s insurance go up. Also, since so few young and healthy Americans have signed up, the math used to create the program is not adding up. Because there is so much confusion surrounding the specifics of the ACA, the Affordable Care Act keeps getting delayed. The Obama administration announced another delay on

Understanding the Affordable Care Act (ACA) can be problematic, the goal of the ACA is to address the fact that millions of Americans do not have health insurance, yet they are contributors to the health care market, consuming health care services for which they do not pay. While this may seem to be a great idea, many Americans are not really sure how they are affected by this Health Care Reform. The goal is to make health insurance affordable, secure, and reliable for all. The ACA is a minimum coverage provision, individuals are given health insurance by amending the tax code. There is an individual mandate which stipulates all non-exempt individuals must maintain a minimum level of insurance or pay a tax penalty. ACA extends Medicaid, states have to accept or they will not receive Federal funding. The act also includes an employer mandate to obtain health coverage for employees. The Affordable Care Act has changed the way health care is provided and the way individuals will participate (The Affordable Care Act Cases. (n.d.). Retrieved September 3, 2015)

The Affordable Care Act has brought many changes to healthcare in the United States. Some of the changes brought on by the Affordable Care Act have had a positive impact on society and some have had a negative impact. Some of the positive effects of the Affordable Care Act include better consumer protection and equality, and healthcare coverage for more Americans. Some of the negative effects include rising insurance premiums and a shortage of doctors. There is also a new set of rules under the Affordable Care Act regarding the billing of medical claims.

The Affordable Care Act, in its time, has helped many uninsured Americans to obtain health insurance by giving them guaranteed coverage. About 20 million Americans, based on the statistics from the New York Times’s article titled “Fact Check: Trump’s Critiques of the Affordable Care Act.”, have obtained health insurance through the ACA. Dropping the uninsured rate to 11 percent by 2013 (Qiu 2017). Americans, through the ACA, were able to get health insurance even if they got sick, which inevitably happens to many. This put insurers in a place where they cannot deny coverage to people who have preexisting conditions, or their health history. Other main points that are included in Former President Obama’s Affordable Care Act is that one, it was given as an individual mandate that all U.S. Citizens and legal residents must enroll for qualifying health care or get penalized for not signing up for insurance at all. Making the fact that getting health care is mandatory is a good way to lower the insured rates and save many Americans money when the next unexpected hospital visits or illnesses come up. Another thing is that the ACA has also expanded medicaid to all non-Medicaid eligible individuals that are under the age 65 and making medicaid more federal funded based rather than a state issue. Thus helping those who could not afford

In 2010 President Barack Obama signed the Affordable Care Act (ACA) into law. ACA is pivotal legislation that had rippling effects throughout the healthcare system. The Affordable Care Act was drafted with the sole intention of expanding healthcare access across the country. Under the ACA, Americans are now mandated to purchase health insurance or face a penalty. Americans without insurance are able to get coverage by purchasing through the insurance exchange or by qualifying for Medicaid. The poverty level was raised for Medicaid and new provisions allowed single men to also qualify. Anyone that does not qualify for Medicaid would need to purchase a plan on the insurance exchange and various subsidies are available based on income level.

The Affordable Care Act (ACA) 2010 is one of the most radical healthcare moves in legislation of United States after Medicare and Medicaid. The main goals of ACA were to decrease the number of uninsured and provide cost-effective high-quality care to all in US. According to Kaiser Family Foundation, the potential plan of ACA was to expand coverage to 47 million nonelderly uninsured in the nation, which included 1.6 million

Under the ACA for individuals, they are able to select their health care coverage either through their employer, through the government, by finding a plan on their own, or have no insurance coverage at all and face the tax penalty, year after year that the taxpayer goes without coverage. There are actually ways that the individual can benefit from when filing their taxes. An option for selecting health care coverage is through the government’s website exchange, this is referenced to the Premium tax credit. Under this credit as defined in 26 C.F.R. § 1.36B-1 , individuals are able to select their own health care coverage with the plans being labeled as on silver, bronze, gold, or platinum plans, and gives the taxpayer a refund on the premium amount. If a taxpayer plans on selecting one of these, the government will give you a tax break if your income places you under the 400% of the poverty level (Obamacare, 2015). Under ACA, employers are now faced with a challenge of their own, if they have 50 or more employees they are now required to offer healthcare coverage to their full-time employees, and if they do not they will be faced to pay a tax penalty. With smaller employers they would be offered a tax break on offering their employees coverage through the government marketplace. Another way that the ACA changed the tax on other companies is

Affordable care act is a law reform for healthcare. It is also known as Obamacare. The goal of this reform was to give access healthcare to uninsured and the people who can’t afford health insurance. There are benefits for the program more people have health insurance and it is affordable. People who are uninsured now have access to health insurance (Kinzer, 2017). The program is teaming up with Medicaid. Medicaid has expanded to help 15 million people that fall under the poverty rate and there is no lifeline on healthcare (Media solutions, 2016).

The Affordable Healthcare Act is has improved our health care system in many ways. One of the most obvious improvements is in America today we have more people with healthcare coverage than ever before. Per the video we have 90% of Americans have health care today, which is an increase in 20 million Americans with health insurance. Per Health and Humana services (March 2016). That part of this increase can be contributed to ACA many changes. One change in particular is allowing young adults under the age of 26 to stay on their parent’s health insurance plans. This change alone enabled 2.3 million young adults to now have affordable insurance though their parents. This change resulted in reduction of 46.5% of young adults from 2013 to 2016. In addition, Health and Humana Services statists point out that the uninsured rate for Blacks dropped more than 50% which equals 3 million black Americans now have health coverage. Health and Humana service also noted that with the Hispanic population there was also an increase of 4 million Hispanic adults obtaining coverage and an increase of 8.9 white adults obtaining health care coverage. In addition to the increased numbers of Americans obtaining insurance those who utilized their health insurance also experienced that additional preventative health service were now covered at 100% and would not go towards one’s deductible, thus forcing and individual to pay out of pocket for said services. One item that I have benefited from is

The Affordable Care Act (ACA) was signed into law on March 23rd, 2010 by President Barack Obama. This radical health care law was a much-needed step in comprehensive health insurance reform. Three important features of the Affordable Care Act are 1. Improving quality and lowering health care costs 2. New consumer protections and 3. Increased access to healthcare. (Key Features. 2014). Under the umbrella of these three key features additional benefits include free preventive care, drug discounts for senior citizens, increased protection against health care fraud, small business tax credits, increased access to health care through the health insurance marketplace, consumer assistance, and non-discrimination based on pre-existing conditions.

There are many benefits that come from the Affordable Care Act. According to the U.S. Department of Health & Human Services, “health insurance companies now have to pay at least eight cents of your premium dollar…or provide you a refund” (“About the Law”). Consumers can now save more money or look for a return after treatment. Insurance companies are hit hard with this Act due to having to pay the majority of your health care bill. Insurance companies now have to display and justify rate increases publicly. This new regulation has lessened the amount of issuers demand for premium increases and saved Americans millions of dollars (“About the Law”). With the Affordable Care Act, insurers can longer deny consumers with pre-existing health care issues. No longer will people be discriminated on due to prior health problems. This new rule helps millions of Americans that have never been insured due to this; finally have coverage to help pay the expenses of their condition.

The Benefits of the Affordable Care Act to Our People and Our Health Care System

Some benefits of having a national insurance system, such as the Affordable Care Act (ACA) include: Ending the long-time discrimination by most insurance companies based upon a pre-existing condition and your current health status. Under the Affordable Care Act (ACA), persons seeking health insurance, while they already have a pre- existing condition, and could not get health insurance previously will have access. The ACA will give choices of health insurance that are affordable. Under this national insurance system, a large number of Americans will be able to obtain affordable insurance because of the creation of health insurance exchanges, which will allow families to compare health plans and then be able to choose a plan that fit their needs. These exchanges will guarantee families or persons that quality

Bronze Plans have the lowest premium of all the health insurance plans. Then comes the Silver Plans, which is the second lowest quality, it covers 70% of your expenses, it has a low monthly premium, but that means higher the money paid out of pocket. Gold Plans qualify for Tax Credits; have high premiums, and good cost sharing. Getting a Gold Plan would be beneficial to a family that uses a lot Medical services. For a person who rarely visits a doctor or needs Medical services, getting a Gold Plan would not be a smart choice. Platinum Plans have the highest premiums and the lowest cost sharing. They only make sense for those who know they will use medical services that will result in a net savings due to greater cost sharing. Obama Care subsidies can save you money on your premium and out-of-pocket expenses. Obama Care subsidies are only available through the marketplace. Subsidies are based on income. In most states, anyone making less than 400% of the Federal Poverty Level can get some type of subsidy on Marketplace plans. The type of income used to determine subsidies is household Modified Adjusted Gross Income, or MAGI, which is a figure based on income after most deductions have been taken.

The Affordable Care Act (ACA) was signed into law March 23, 2010, and aims to increase the quality and affordability of health insurance, lower the uninsured rate by expanding public and private insurance, and contain the rising costs of health care for individuals and the government( APTA ,2013).