The Affordable Care Act, passed in 2010, was a landmark piece of legislation aimed at expanding access to healthcare, improving quality, and reducing costs. Whether you are a first-time insurance shopper or just want to understand its core impact, there are some things you should know.
Here are a few things you should know about the Affordable Care Act:
- The ACA provides affordable healthcare to more Americans, especially those without employer-sponsored plans. It also introduced the Health Insurance Marketplace, where you can compare and purchase insurance plans, often with the help of subsidies. Low-income families can qualify for Medicaid expansion, ensuring broader coverage for those in need.
- One of the ACA’s most important provisions is the protection of people with preexisting conditions. Prior to the ACA, those with chronic illnesses or prior health issues could be denied coverage or charged higher premiums. Under the ACA, insurance companies are required to cover people with preexisting conditions at the same rate as healthy individuals.
- The individual mandate required all Americans to have health insurance, but this was effectively eliminated in 2019 for most states. However, some states have put in their own individual mandates. This component encouraged healthy individuals to buy insurance, helping balance out the insurance pool by ensuring a mix of healthy and sick enrollees.
If you have any questions about the Affordable Care Act and how it impacts your healthcare coverage, we would be happy to provide information. Contact us today to learn more.