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The Patient Protection and Affordable Care Act (PPACA) is the law by the United States Government to bring health care insurance affordable to all. The law was signed on March 23, 2010. The law requires US citizens and legal residents to have health insurance. The main goal is to improve the health care access to individuals and reduce costs. The ACA provides Exchanges from which health insurance can be purchased according to the individual needs. Employers can buy insurance to their employees using the exchanges. The law expands Medicaid to 133 percent of the federal poverty level.
Affordable Care Act mandates that businesses provide their employees with health insurance for minimum effective coverage. Small Business Health Options Plan (SHOP) is available for businesses with 50 or fewer employees and the average salaries are $50, 000 or less. If small businesses buy health insurance for their full time employees using the SHOP marketplace, they may be eligible for tax credits up to 50% of the premiums. Create an account or find an agent to get started.
Affordable Care Act is in its sixth year of implementation and has brought millions of consumers under the health insurance coverage. Some states have expanded the Medicare program as part of the Affordable Care Act and the number of insured has increased in all the states. As of March 2016, 20 million people have insured since the ACA was introduced in 2010. The young generation and minorities have seen an increase in the enrollment. The individual mandate and the employer mandate has forced many to take up health insurance as per the ACA. Here are some pros of Affordable Care Act:
The Affordable Care Act has faced many backlashes in terms of technology, insurance coverage loop holes, mandate rules, and so on. The law forced millions to buy health insurance but has not provided detailed information to the general public. The agents and brokers act as a barrier between the benefits and the common people. Consumer is still not able to decide which plan works best for them and how can they minimize the premiums without paying the penalties. Many faced penalties just because of the system crashes during the peak signing period. Businesses are confused as well as how to claim the tax credits and which plans to offer to its employees. The enormous documentation and conditions confuse the general public everyday. Here are some cons of the ACA:
ACA has been a revolutionary law in the US health care history. There have been many stories of how ACA was helpful or not helpful at all.
Here are the common questions in the ACA debate:
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