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What does Obamacare mean? Are you sure you want to ruin your day? Sorry...Just a little joke there.
Obamacare is the new "Affordable Care Act," that was designed to lower healthcare costs and health insurance rates. You were supposed to be able to keep your existing policy and save thousands of dollars per year in premiums.
That's what it was supposed to be. It isn't.
So what is it? In 2014 we'll get a better idea of the effectiveness of the legislation. Americans will have to buy health insurance or pay a tax. Federal tax subsidies will help many consumers pay lower premiums. But many others will face skyrocketing prices. It should be very interesting.
Obamacare is the signature legislation of President Obama to deliver health care to all Americans. The legislation is entitled the Patient Protection and Affordable Care Act (PPACA). Interestingly, not one Republican voted for the act, an anomaly in American politics. 30-40 million Americans will be added to the existing health care system. It remains to be seen if the PPACA will deliver on its promise to reduce health care costs.
Insurance Broker | Financial Consultant, Lawrence Insurance Consulting, Southern New Jersey
The official name for "ObamaCare" is the Patient Protection and Affordable Care Act (PPACA). It is also commonly referred to as Obama care, health care reform and the Affordable Care Act (ACA).
The Affordable Care Act (ACA) was signed into law to reform the health care industry by President Barack Obama on March 23, 2010 and upheld by the supreme court on On June 28, 2012.
The goal of healthcare reform is to give more Americans access to affordable, quality health insurance and to reduce the growth in health care spending in the U.S. The fact is healthcare reform and the newly opened exchanges do not replace private insurance, Medicare, or Medicaid. If you have health coverage you like, you can keep it.
Many of the ACA's numerous provisions have already been enacted. The rest of the program starts in 2013-2014 and continues to roll out until 2022.
Healthcare reform offers a number of new benefits, rights and protections including the requirement that all new health insurance plans cover preventive services and provide new essential health benefits, this includes everything from yearly check-ups, to maternity care, to mental health, to mammograms and colonoscopies, at no out-of-pocket costs.
In addition the ACA includes provisions that let young adults stay on their plan until 26, stop insurance companies from dropping you when you are sick or if you make an honest mistake on your application, prevent against gender discrimination, stop insurance companies from making unjustified rate hikes, do away with life-time and annual limits, and require all insurers to cover people with pre-existing conditions.
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Obamacare is the new "Affordable Care Act," that was designed to lower healthcare costs and health insurance rates. You were supposed to be able to keep your existing policy and save thousands of dollars per year in premiums.
That's what it was supposed to be. It isn't.
So what is it? In 2014 we'll get a better idea of the effectiveness of the legislation. Americans will have to buy health insurance or pay a tax. Federal tax subsidies will help many consumers pay lower premiums. But many others will face skyrocketing prices. It should be very interesting.
The Affordable Care Act (ACA) was signed into law to reform the health care industry by President Barack Obama on March 23, 2010 and upheld by the supreme court on On June 28, 2012.
The goal of healthcare reform is to give more Americans access to affordable, quality health insurance and to reduce the growth in health care spending in the U.S. The fact is healthcare reform and the newly opened exchanges do not replace private insurance, Medicare, or Medicaid. If you have health coverage you like, you can keep it.
Many of the ACA's numerous provisions have already been enacted. The rest of the program starts in 2013-2014 and continues to roll out until 2022.
Healthcare reform offers a number of new benefits, rights and protections including the requirement that all new health insurance plans cover preventive services and provide new essential health benefits, this includes everything from yearly check-ups, to maternity care, to mental health, to mammograms and colonoscopies, at no out-of-pocket costs.
In addition the ACA includes provisions that let young adults stay on their plan until 26, stop insurance companies from dropping you when you are sick or if you make an honest mistake on your application, prevent against gender discrimination, stop insurance companies from making unjustified rate hikes, do away with life-time and annual limits, and require all insurers to cover people with pre-existing conditions.