The Affordable Care Act was signed into law in 2010 aimed at reforming the American health care system. It's main focus is on providing more Americans access to affordable health insurance, improving the overall quality of health care and health insurance, reducing health care expenses, and regulating the health insurance industry. In other words, granting Americans new rights, protections, and benefits.
Why was it passed?
The State's progressive vision of universal coverage and the idea of market competition are what initially formed the idea for Obamacare: that everyone should have access to quality, affordable health insurance, and that no one should be denied medical services or go broke trying to afford them.
What are its goals?
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Premiums are likely to trend higher, depending on enrollment. Tho who previously were unable to obtain insurance should now be eligible for coverage.
• Minimum Standards: Each policy must meet certain minimum coverage standards called essential health benefits (EHB). Children are now able to remain on their parents' health coverage until the age of 26.
• Individual Mandate: Unless you qualify for an exemption, you are now requ9ired to purchase health insurance or you will have to pay a non-compliance penalty.
• Health Insurance Exchanges: If you do not have insurance through your employer or the government, you will either purchase it through the federal exchange or your state's exchange.
• Low Income Subsidies: Individuals and families with a low income who purchase health insurance through an exchange will be eligible for a subsidy (end note) from the government.
• Medicaid Expansion: Medicaid is a state-administered program that was created in 1965 to provide healthcare services to the poor. One of the major provisions of Obamacare was an increase in the Medicaid income, which is used to determine if an individual qualifies for the