The Affordable Care Act (ACA) and its Benefits
Providing comprehensive and affordable public healthcare is a huge challenge for any government.
Surprisingly, the largest economy in the world is yet to solve all the problems involved, even though many other developed countries have successfully overcome their public healthcare issues.
The American healthcare industry is one of the most expensive in the world; this creates one of the biggest public healthcare challenges for any presidential administration in the U.S.
Many administrations have come up with acts and laws to provide better, affordable solutions to the American public. One such act is the Affordable Care Act (ACA), better known as Obamacare, and today we will discuss what it is and some of its benefits.
Always remember to consult Compass Health for all your ACA health insurance solutions and life and health insurance coverage needs in Florida.
What Is the Affordable Care Act (ACA)?
The Affordable Care Act (ACA) is a piece of legislation approved and signed in 2010. It primarily aims to provide affordable health insurance coverage for the American public.
Widely known as Obamacare, the ACA was designed to protect Americans from the money-grabbing tactics of insurance companies that may restrict care or increase consumer costs to benefit from policyholders.
ACA health insurance has proven beneficial for many Americans who received insurance coverage due to the act. Many of these people were jobless or had low-paying jobs, which did not afford them health insurance.
Some people could not afford health insurance due to pre-existing health conditions, while many could not earn a living because of family obligations or disabilities. Despite such positive results, the ACA has met a lot of resistance and has been deemed controversial.
Some healthcare workers and companies blame ACA for the increased expenses and higher workloads of their industry. They also believe that the ACA decreased the quality of care provided by the healthcare industry.
Many others object to the ACA because of the higher tax rates and increased insurance premiums needed to sustain the act.
Regardless of the pushback, there are plenty of benefits of Obamacare and ACA health insurance.
Benefits of the Affordable Care Act (ACA)
Here are a few of the main benefits of the ACA.
Increase in Public Health Insurance
Obamacare resulted in over 16 million people acquiring health insurance coverage in the first five years, which is a huge increase in public health insurance. Most of these newly insured Americans are young adults who never had any health insurance coverage until the ACA.
80/20 Rule Makes Health Insurance Affordable
The ACA ensures that health insurance companies spend a minimum of 80 percent of their premiums on medical care, which means more spending on the actual healthcare needs of the insured. Moreover, ACA health insurance prevents insurance companies from making unreasonable price increases to their insurance rates.
This has resulted in more people being able to afford a wider range of health insurance coverage.
No Denial of Coverage
Before ACA, people with pre-existing health conditions and chronic diseases like cancer were mostly denied coverage for their conditions. Health insurance companies would not cover these people because they were not insured for their health conditions.
A huge benefit of the ACA is that insurance companies can no longer deny coverage to people based on pre-existing health conditions. People with cancer or heart disease can now easily get health insurance to cover their health problems.
No Limits on Care
Health insurance coverage had a limit on the money they would spend on people, which that people with chronic health problems had limits to their coverage. The ACA eliminates this and ensures that insurance companies cannot set spending limits on their customers.
Inexpensive Medication
Retired, elderly, or out-of-job citizens could not always afford their prescription medication. The ACA makes prescription drugs more affordable for everyone, and the number of medications covered by the ACA is constantly growing.
ACA allows more people to afford medication than ever before; this is especially beneficial for citizens because medication prices in the U.S. are the highest in the world.
We Can Help
Despite the economic negativity that surrounds the Affordable Care Act, health care for those who need it but cannot afford it is priceless. ACA health insurance allows widespread coverage to millions of Americans, many of whom never had any coverage before the ACA.
The ACA limits the cost of health insurance and increases coverage and care for all Americans. It does not allow the health insurance industry to take advantage of its customers and is helping to curb their money-grabbing tactics.
If you want to learn more about the ACA, its benefits, or if you want the best life and health insurance solutions in Florida, please visit our website today.
