The Affordable Care Act is a healthcare reform law and is often call by its nickname Obamacare. It was signed into law by President Barack Obama on March 23, 2010 and upheld in the Supreme Court on June 28, 2012. (www.obamacarefacts.com, n.d.). The goal of Obamacare is to give more Americans access to affordable, quality health insurance and to reduce the growth in United States health care spending.
As of 2014, everyone either needed to keep their current insurance plan or obtain health insurance, which is called minimum essential coverage (minimum-essential-coverage, n.d.) and maintain the coverage throughout each year. If a person does not, they would need to get an exemption or pay what is called a called a shared responsibility fee on year-end federal taxes for each month without coverage (minimum-essential-coverage, n.d.).
There are many ways to get a health plan that counts as minimum essential coverage. Health plans can be purchased though a broker, direct from a provider obtained through work, obtained through government healthcare programs like Medicare and Medicaid, or it can be bought on a state’s online health insurance marketplace. The health insurance marketplace is also known as the health insurance exchange. (www.obamacarefacts.com, n.d.)
Since the 2010 passing of the Affordable Care Act, it has been illegal for insurance companies to deny any eligible US citizen health coverage for any reason. This means you cannot be denied due to health status, age, gender or other factors. This prevents insurers from picking and choosing customers based on factors that would determine how often they’d use their insurance. However, you can be charged more for certain things, although the Affordable ...
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...ployees, average wages beneath $25,000, and that provide insurance for their workers will get a 50 percent tax credit on their contribution. The tax credit reaches up to small businesses with up to 50 employees and average wages of $50,000, though it gets smaller as the business get bigger and richer. The credit lasts for two years, though many think Congress will be pressured to extend it, which would raise the long-term cost of the legislation. (Klein, 2012). One of the cons of ObamaCare is that, since many Americans work for larger employers, some employees may have the new costs involved with insuring their workforce passed onto them. Other workers will see a decrease in the quality of plans offered by employers, who are trying to avoid paying an excise tax on high-end health insurance plans. These negative outcomes affect less than 1% of businesses.
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