The Affordable Care Act (ACA), also known as Obamacare, was enacted in 2010 with the goal of making healthcare more affordable and accessible for all Americans. Since its implementation, the ACA has had a significant impact on the healthcare industry and on individual Americans.
One of the biggest changes brought about by the ACA was the availability of health insurance coverage. Prior to the ACA’s passage, many Americans were uninsured, either because they couldn’t afford coverage, or because they were denied coverage due to pre-existing conditions. The ACA addressed both of these issues by creating healthcare marketplaces where individuals could purchase coverage and by prohibiting insurers from denying coverage based on pre-existing conditions.
The ACA also expanded Medicaid, the government-funded health insurance program for low-income Americans. Prior to the ACA, Medicaid eligibility requirements varied by state and many Americans fell into the “Medicaid gap,” meaning they earned too much to qualify for Medicaid but not enough to afford private insurance. The ACA expanded Medicaid coverage to include all individuals earning up to 138% of the federal poverty level.
These changes have had a profound impact on the healthcare industry, with millions of Americans gaining access to health insurance coverage. In fact, according to a report by the Commonwealth Fund, the ACA reduced the percentage of uninsured Americans from 20% in 2010 to 12.7% in 2016.
However, the ACA has not been without its controversies. One of the most contentious aspects of the law is the individual mandate, which requires all Americans to have health insurance or pay a penalty. While the mandate was designed to ensure that everyone contributes to the cost of healthcare, many Americans have objected to being forced to purchase insurance.
In 2017, the individual mandate was eliminated under the Tax Cuts and Jobs Act. While this has resulted in lower insurance premiums for some Americans, it has also led to concerns about the stability of the individual insurance market as healthier individuals may no longer feel obligated to purchase insurance.
Despite these challenges, the ACA has made significant progress in improving access to healthcare for Americans. However, it’s important for individuals to understand how the law affects their health insurance coverage.
If you are uninsured, you can enroll in a healthcare plan through the healthcare marketplace during open enrollment, which is usually held from November through December each year. Individuals who experience a qualifying life event, such as losing their job or getting married, may be eligible for a special enrollment period.
For those who have insurance through their employer, the ACA requires that all health plans cover certain essential health benefits, such as preventative care, prescription drugs, and maternity care.
While the ACA has had a major impact on the healthcare industry, its future remains uncertain. It’s important for all Americans to stay informed about changes to healthcare legislation and how they may impact their access to medical care.