Health care is a very often talked about topic in the American social sphere. The number of people who cannot access health care services due to an inability to afford insurance is at unprecedented numbers, and the government is gradually taking action to change this. The Affordable Care Act was proposed as a means of allowing low-income families to access health insurance more easily. This is what you need to know about this revolutionary program.
The Affordable Care Act
The Affordable Care Act (ACA) is a comprehensive health care reform bill that was signed into law by President Barack Obama in March 2010. At one point, the law was known as the Patient Protection and Affordable Care Act, and others have also referred to it as Obamacare. The ACA includes a number of laws that are intended to extend access to health-insurance coverage for Americans.
One component of the ACA expanded Medicaid eligibility, allowing more people to access the program. It also created health insurance exchanges and made efforts to prevent insurance companies from individuals due to their existing health conditions. The ACA also increased the age children are allowed to stay covered up to 26.
The Affordable Care Act also exists to reduce the cost of health care coverage for qualified individuals. It also incorporates premium tax credits and reductions on cost-sharing that help disenfranchised and low income individuals and families. The premium tax credits lower the cost of your health insurance each month, while cost-sharing reductions lower the amount you pay for deductibles, copayments, and coinsurance.
Affordable Care Act Benefits
The Affordable Care Act requires insurance policies to include at least a minimum of ten specified benefits in order to be ACA compliant. All ACA-compliant health insurance plans must include the following benefits:
Ambulatory patient services
- Emergency services
- Preventive and wellness services and chronic disease management
- Pediatric services
- Rehabilitative and habilitative services
- Family planning
- Laboratory services
- Mental health and substance use disorder services
- Pregnancy, maternity, and newborn care
- Prescription medications
Affordable Care Act Enrollment
In order to enroll in an ACA policy, you must have an income lower than 400% of the poverty level. You must also submit your application during an open enrollment period. If you are unable to apply during an open enrollment period and need benefits quickly, you may qualify for a special enrollment period. These periods apply to individuals who have experienced specific life events around the time they are applying for an ACA policy. Check with an insurance specialist to determine if you qualify for a special enrollment period.
Find ACA Coverage
If you need ACA health coverage, work with an insurance agent to find the appropriate policy. You don’t want to make any mistakes when it comes to your health care, so get in touch with one of our knowledgeable experts now. Schedule a consultation with Trusted Senior Specialists to get started.