Affordable Care Act
The Affordable Care Act is a health care reform law that was enacted in March 2010. The goal of this law was to make health insurance more affordable for consumers who need it and to expand the Medicaid program. It also supports innovative medical care delivery methods that help lower the cost of healthcare in the U.S. This is what you need to know about the Affordable Care Act.
What Is The Affordable Care Act
The Affordable Care Act, which is sometimes called “Obamacare”, exists to make health insurance more accessible to low income households. The law lowers the cost of insurance and forces insurance companies to provide coverage to individuals with pre-existing conditions. Originally there was a tax penalty, called the individual mandate, that required people to pay an additional fee if they did not purchase health insurance. In December 2017, this requirement was repealed, meaning there are no individual mandates being charged as of 2020. Though, some states do have individual mandates in place. The list of those states includes California, Connecticut, Hawaii, Maryland, Minnesota, Rhode Island, and Washington.
Cost Of Obamacare
If you wish to enroll in a health insurance plan through Obamacare, you will need to pay monthly premiums to keep the plan in place. Obamacare offers low income individuals subsidies that help make health insurance more affordable; these subsidies are often referred to as tax credits. To keep insurance prices low, Obamacare also subsidizes the insurance companies themselves. Although, the Trump Administration has recently cut many of the payments that were going to insurance companies.