Didn’t we just love Barack Obama for all the good he did for the United States Of America?
And the Affordable Care Act aka Obamacare is just one of the many things that we can add up to his list of achievements.
Health Care! That’s something that everyone should be able to afford. However, some of the Americans just can’t buy health insurance for themselves.
Why?
That’s because they aren’t quite able to afford it. And that’s a problem Obama wanted to solve.
And that’s when he came up with a solution in the year 2010.
That’s the year when President Obama & Congress introduced The Affordable Care Act aka “Obamacare.”
Can you tell us how much would a visit to the emergency room cost you on an average basis?
That price can be over $23,000! And that’s the money not everyone can afford. And this alone proves that healthcare can break you financially. And that’s not it.
According to research, healthcare’s #1 reason for bankruptcy in the United States. See the chart below for more information.
And that’s where cheap health insurance comes in to help you out financially. You don’t need to worry much now as most of the costs will be covered by the health insurance companies.
All you need to worry about is your co-payment. That’s the small amount of fee that you pay during the visit. If you are currently working in a company, the chances are that you already have health insurance provided by your employer. Most of the times, the company deducts the premium from your salary.
What if your company doesn’t quite provide you with health insurance benefits? What if you don’t have a job?
Would you be able to afford health insurance? Quite, not!
Did you know that about 32 million to 50 million people in the United States didn’t even have healthcare insurance before Obamacare was introduced?
In case of emergency, they had to pay from their own pockets. And if they couldn’t pay for it, hospitals simply charged it to an emergency Medicaid plan.
And that’s where Obamacare comes in.
It’s quite complicated to understand. And that’s the reason it took about five years to bring it in effect, and is constantly undergoing changes.
Let’s take a look at how it affects you and your family.
You can easily compare the plans on the exchanges. These are simply the websites that the State or the federal government-run. You can even know if you are qualifying for tax credits.
And Obamacare pays for most of these tax credits.
People With Health Insurance
Obamacare can vastly impact your family’s health insurance. Let’s take a look at how:
- If you are a parent, then you can add your children to the plans. The age of the children can be up to 26 years.
- If you are chronically ill, then an insurance company that’s new can’t deny you coverage.
- No more raise in Premium Payments. Insurance companies just can’t do that without the state government’s approval.
- Pregnancy and wellness exams are simply FREE! And by FREE, you can include the Copayments as well.
- Previously when people used to get sick, insurance companies simply used to drop them from the plan. In some cases, they just used to put a limit to the insurance that your family can use. And that’s not the case anymore. Insurance companies are restricted to take such actions.
- And the best thing is, insurance companies provided some families with a cheque. Why? That’s because according to Obamacare, it’s mandatory for the companies to spend at least 80% of the premium on medical services. What if they just spent it on executive salaries or advertising? In this case, the policyholders get their money back. Hurrah!
Sometimes insurance companies just cancel the existing plans due to one reason or another.
And that’s what most people are worried about.
If you are an employee of a company, then the company will find it more efficient to offer good health insurance rather than just increasing your wage.
And that’s because they don’t have to pay taxes in case of health insurance.
Let’s talk about the cases in which people don’t have health insurance.
People Without Health Insurance
Open Enrollment!
The dates for open enrolment on the health care exchanges are usually between November 1st and December 15th of every year.
Missed the enrollment period?
Don’t worry! You can still get short-term insurance. Read more about short-term Insurance HERE!
Initially, Obamacare required you to enroll by January 31st of every year. And the thing is many people just tricked into not paying taxes by simply qualifying for exemptions.
If you have a pre-existing condition, then insurance companies can’t just deny you coverage as per the rules of Obamacare.
Obamacare makes sure that more people are able to get Medicaid. 138% of the federal poverty level is the eligible income. However, the income level for different states is different. For the initial three years, the additional cost was paid by the federal Government. However, not all states , including Florida decided to expand Medicaid.
What if you are someone who just makes too much for a Medicaid?
Well, don’t worry! You will get help. You’ll get subsidies each and every month. Or maybe even reduced deductibles and co-payments.
What makes you think that the Federal Government shouldn’t force people to get insurance?
However, they think of the big picture.
The Federal government doesn’t want you just to wait until the illness takes over completely. They want you to visit your doctor and get yourself cured instantly. They don’t want the illness turned into an emergency case, which is more expensive.
And that’s what a win-win situation is for everyone.
People on Medicare
Senior Citizens!
Obamacare ensures that if you are a senior citizen with Medicare, then you will receive preventive and wellness care visits at just no cost at all. You’ll be able to check out the list of every preventive service covered under Medicare.
Do you have Medicare Part D.?
Well, the good news is that if you are a senior citizen who has Medicare Part D, then some part of the cost of the prescription drugs will be covered for you.
In 2010, $250 was the limit.
In 2011, the scheme changed a bit.
You’d be able to get a 50% discount on the brand-name prescription drugs. In the case of generic medicines, the discount was about 7%.
And if you ask us, Obamacare will just cover all of the costs for prescription drugs by the year 2020.
Small Business Owners
By small business, we are referring to businesses that have no more than 25 employees.
And if you are a small business owner and if you do provide health insurance to your employees, you can get a 50% tax credit for Obamacare.
And that’s not it!
You’ll also be getting financial assistance in case you offer health insurance to the people who retire early at the age of 55-64.
Do You Earn More Than $200,000?
If you are an individual that earns more than $200,000, then the tax is applicable for you. For families, the initial point at which Obamacare taxes you is $250,000.
Staff & Members Of Congress
Are you a member or staff of the Congress?
Well, then you can get yourself health insurance from the same exchanges. Don’t rely on the Government provided health insurance.
However, you will continue to receive subsidies so that you can pay for the insurance.
For individuals, it’s $4,900, whereas, in the case of family, it’s $10,000.
What did we cover in the above points?
We took a look at the impact of Obamacare for individuals in different sectors.
Now that we are successfully done with it, let’s take a look at the benefits in short:
- If you have a pre-existing condition, then insurance companies just can’t deny you the coverage. They can’t drop the policy or even increase the premiums.
- It decreases the health care costs’ rising level. How? It’s possible as millions of people provided with insurance. Plus, the preventive care’s absolutely free.
- Elimination of annual and lifetime coverage limits! And that’s what the insurance companies used to contain the costs up to a million in a single year. And if you are a beneficiary who exceeded the limit, then you would have had to pay 100% of the costs.
- Insurance exchanges must be set up by the State. Or it’s also possible to use the federal Government’s exchange.
- You can include your children up to the age of 26 under your health insurance.
- If you are a business with more than 50 employees, then it’s really crucial for you to offer your employees health insurance. Tax credits are offered to help with the costs.
- If you are a middle-class person, then you will receive tax credits on your premium.
Conclusion
Obamacare is one of the boldest moves taken by President Obama!
Innumerable benefits! That’s what it has to offer.
This Affordable Care Act has made sure that maximum people in the United States buy health insurance for themselves.
After all, we know how important it is to get Health Insurance, right?
Call Star Nsurance at 813-563-5577 for a FREE Cheap Health Insurance quote.