Benefits of the Affordable Care Act
- Better Coverage. Prior to Obamacare, there were few standards for what a health insurance company could and could not cover.
- Expanded Medicare and Medicaid. The ACA has also expanded Medicare coverage. ...
- Improved Health Outcomes. There are also signs of improved health outcomes because of the ACA. ...
Full Answer
What are the pros and cons of the Affordable Care Act?
Pros of the ACA 1. Health insurance being available to larger segment of population Within the first five years of the ACA, More than 16 million Americans obtained health insurance coverage. Young adults make up a large percentage of these newly insured people. 2. Affordable for many people
What are the major problems with the Affordable Care Act?
- It is very controversial, and has failed to achieve support from a significant chunk of the electorate.
- It has further divided this county, due to the left and right fighting over whether this is a good plan or not.
- The affordable part never kicked in, with a majority of people paying more for insurance, not less.
Does the Affordable Care Act really benefit all?
The Affordable Care Act (ACA), or Obamacare, was principally intended to improve health insurance markets for individuals and small businesses, lower health costs, and increase the number of people with insurance. It largely failed.
What is the main goal of the Affordable Care Act?
The primary goals of the Affordable Care Act were to make health insurance more affordable, to institute consumer protections, and to increase the number of people covered by health insurance. One significant product of the ACA was a health insurance marketplace (also called an exchange) run by the federal government.
What benefits does the Affordable Care Act provide?
A set of 10 categories of services health insurance plans must cover under the Affordable Care Act. These include doctors' services, inpatient and outpatient hospital care, prescription drug coverage, pregnancy and childbirth, mental health services, and more. Some plans cover more services.
What are the 10 essential benefits of the Affordable Care Act?
The Affordable Care Act requires non-grandfathered health plans in the individual and small group markets to cover essential health benefits (EHB), which include items and services in the following ten benefit categories: (1) ambulatory patient services; (2) emergency services; (3) hospitalization; (4) maternity and ...
Who benefits the most from the Affordable Care Act?
More than 20 million Americans gained health insurance under the ACA. Black Americans, children and small-business owners have especially benefited. Thirty-seven states have expanded Medicaid, deepening their pool of eligible residents to those who live at or below 138% of the federal poverty level.
What are at least two benefits of the Affordable Care Act?
These benefits include preventive care and wellness visits with no copay, deductible, or coinsurance. Insurance companies also cannot deny coverage for a pre-existing condition (unless your plan is grandfathered).
What does the care Act cover?
What does the Care Act do? The Act sets out when the local authority has a responsibility to meet someone's care and support needs. It also sets out how it can do so even if it does not have to. The Act also says what must happen next to help the person make decisions about how their needs should be met.
Who is covered under the Affordable Care Act?
Individuals at all income levels can sign up for health insurance under Obamacare. If you have a household income between 100% and 400% of the federal poverty level (FPL), you may qualify for a premium tax credit or special subsidies that will reduce health insurance costs.
How effective is the Affordable Care Act?
More than 20 million people have gained coverage as a result of the ACA. It has dramatically reduced the uninsured rate. On the day President Obama signed the ACA, 16 percent of Americans were uninsured; in March 2020, it was nine percent.
What are the 4 key elements of the Affordable Care Act?
The Affordable Care Act: A Brief Summary - March 2011Expand Access to Insurance Coverage. ... Increase Consumer Insurance Protections. ... Emphasize Prevention and Wellness. ... Improve Health Quality and System Performance. ... Curb Rising Health Costs.
What was the intent of the ACA's 10 essential benefits requirement quizlet?
An act intended to increase health insurance quality and affordability, lower the uninsured rate by expanding insurance coverage, and reduce the costs of healthcare.
Which of the following are goals of the Affordable Care Act ACA of 2010?
The Patient Protection and Affordable Care Act (ACA) has 3 main objectives: (1) to reform the private insurance market—especially for individuals and small-group purchasers, (2) to expand Medicaid to the working poor with income up to 133% of the federal poverty level, and (3) to change the way that medical decisions ...
Which of the following is a benefit of the Affordable Care Act quizlet?
Increases benefits and lower costs for consumers, bolster our health care and public health workforce and infrastructure, foster innovation and quality in our system. Covers preventative care at no cost to you, protects your choice of doctors, removes insurance company barriers to emergency services.
What are the benefits of healthcare?
Health insurance protects you from unexpected, high medical costs. You pay less for covered in-network health care, even before you meet your deductible. You get free preventive care, like vaccines, screenings, and some check-ups, even before you meet your deductible.
How does the Affordable Care Act benefit the economy?
The Affordable Care Act is generating major benefits for our economy by expanding access to affordable insurance coverage and reforming our health care delivery system to reduce costs and improve quality. Earlier today, I spoke at the Center for American Progress about the major benefits that the Affordable Care Act is generating ...
What is the goal of the Affordable Care Act?
While one important goal of the Affordable Care Act is expanding access to health insurance coverage, another important goal is addressing long-standing shortcomings of our health care delivery system that have increased costs while undermining health care quality.
How does the Affordable Care Act affect healthcare?
Although these reductions in health care cost growth and improvements in health care quality have many causes, there is no doubt that the Affordable Care Act is playing a role by reducing excessive payments to medical providers and insurers, reforming provider payments to reward efficient, high-quality care, and helping hospitals to identify and spread best practices.
How many jobs have been created under the Affordable Care Act?
And over the last 12 months as the Affordable Care Act’s main coverage provisions have begun to have their full effect, we have created 3.2 million private-sector jobs, the strongest 12-month period of private-sector job growth since 1998. And, from 2013 to 2014, the unemployment rate declined by 1.2 percentage points, the largest annual decline since 1984.
Is the Affordable Care Act a part time job?
Since the Affordable Care Act became law, 101 percent of overall increase in employment has been in full-time jobs. In other words, part- time employment has actually declined slightly, even as overall employment has grown steadily.
Is expanding coverage good for the labor market?
But, as I discussed this morning, expanding coverage also has important benefits for the labor market and the macroeconomy: Healthier, more productive workers: By improving access to care, the Affordable Care Act is helping people live longer, healthier lives. That means they will miss fewer days of work, be less likely to become disabled, ...
What was the ACA?
ACA also targeted the reduction of fraudulent doctor/supplier relationships. It provided guidance to states reviewing excessive insurance rate hikes and required background checks of all nursing home staff to prevent abuse of seniors. Overall, the Affordable Care Act, or Obamacare, provided significant advantages to the healthcare industry.
What are the benefits of health insurance?
The ACA enacted a list of 10 essential benefits that all insurance plans must cover. They include: 1 Preventive and wellness visits, including chronic disease management 2 Maternity and newborn care 3 Mental and behavioral health treatment 4 Services and devices to help people with injuries, disabilities, or chronic conditions 5 Diagnostic lab tests 6 Pediatric dental and vision care 7 Prescription drugs 8 Outpatient care 9 Emergency room services 10 Hospitalization
How did the ACA change the way insurers spend premium dollars?
It declared that 85% of premium dollars paid by insured members must be spent on healthcare services and quality improvement. If these requirements are not met, insurers are required to provide covered members with a rebate.
What was the first strategy Obamacare aimed to accomplish?
The first of the strategies that Obamacare aimed to accomplish was to make health insurance affordable for all Americans.
What is the Affordable Care Act?
Overall, the Affordable Care Act aimed to accomplish 3 main strategies: make insurance affordable, emphasize prevention, and improve how health care is delivered.
How did the ACA help Americans?
ACA was able to lower insurance costs for Americans in a variety of ways. The first of which was the provision of tax credits for insurance to middle-class Americans. By limiting out-of-pocket expenses to a maximum of $8,150 for individuals and $17,100 for families, in addition to extending the accessibility of Medicaid beyond 100% poverty level, ...
What are the benefits of the ACA?
They include: Preventive and wellness visits, including chronic disease management. Maternity and newborn care. Mental and behavioral health treatment. Services and devices to help people with injuries, disabilities, or chronic conditions.
How many people received health insurance under the Affordable Care Act?
For example: 1. Covered health insurance to more Americans. Within the first five years of carrying out ACA, more than 16 million Americans received health insurance coverage.
What is the role of the ACA?
Role of ACA, Premium Tax Credits, and Cost-Sharing Reductions. The Affordable Care Act is meant to reduce the cost of health insurance coverage for qualified, but lower-income, Americans by providing premium tax credits and cost-sharing reductions. Premium tax credits are a federal tax credit that lowers the premium amount ...
What is premium tax credit?
Premium tax credits are a federal tax credit that lowers the premium amount that individuals must pay on monthly health insurance when purchased from the marketplace.
Why did the ACA end?
However, on January 20, 2017, President Donald Trump signaled the removal of the ACA to reduce the fiscal burden on the United States and to decrease its national debt.
What are the benefits of health insurance?
Health insurance plans that comply with the Affordable Care Act cover the following health benefits (in addition to other benefits): 1 Hospitalization 2 Pediatric services 3 Pregnancy 4 Emergency services 5 Rehabilitative care/services 6 Prescription medication
How much of insurance premiums are paid under the ACA?
Although insurance coverage wasn’t free under the ACA, insurance companies needed to contribute at least 80% of insurance premiums. Insurance Expense Insurance expense is the amount that a company pays to get an insurance contract and any additional premium payments.
What is the purpose of Social Security?
Social Security Social Security is a US federal government program that provides social insurance and benefits to people with inadequate or no income. The first Social
How much does a prostate screening cost?
Costs can range from $20 for a lab test to 30 percent of a magnetic resonance imaging scan (MRI).
What are habilitative services?
Few plans, however, address the reform law's essential requirement for "habilitative" services, which are therapies to help overcome long-term disabilities, such as those that accompany a disease like multiple sclerosis. Physicals, vaccines and well visits. 7. Preventive and Wellness Services.
How often do you have to get your teeth cleaned?
Under the law, children under age 19 will be able to get their teeth cleaned twice a year, as well as receive X-rays, fillings and medically necessary orthodontia. In addition, children under age 19 will be entitled to an eye exam and one pair of glasses or set of contact lenses a year.
What is a rehabilitation plan?
The plans often cover medical equipment , too, including canes, knee braces, walkers and wheelchairs.
What is outpatient care?
Outpatient care. 1. Ambulatory Patient Services. This is the most common form of health care, often called outpatient care. You walk into a doctor's office, get treated and then walk out. Nearly all health insurance plans already provide this coverage.
How much does an insurance company charge for hospitalization?
Under the law, your insurer must cover your hospitalization, though you may have to pay 20 percent of the bill or more if you haven't reached your out-of-pocket limit. Some hospitals charge $2,000 a day for room and board alone, and $20,000 with medical services, so those bills can soar.
What is the Affordable Care Act?
The Affordable Care Act ensures you’ll have access to these medical and wellness services. En español l On Jan. 1, 2014, President Obama's Affordable Care Act will greatly expand the health care benefits being offered to the 55 million Americans with no health coverage, as well as millions more who are underinsured.
What preventive health services does the ACA mandate?
One category of essential health benefits that applies to almost everyone is preventive care.
How much do you pay out of pocket for essential health benefits?
An ACA health insurance plan requires a monthly premium and may have more out-of-pocket costs when you receive care.
Do ACA insurance plans cover other health benefits?
In addition to the essential health benefits, which are a minimum requirement, some plans may offer other benefits for adults, including:
What Are the Pros and Cons of the Affordable Care Act?
To weigh both sides of the ongoing debate, here are a few of the often-debated Affordable Care Act pros and cons.
When did the Affordable Care Act start?
Print December 19, 2020 Blog. The Affordable Care Act (ACA) has garnered a lot of debate since its implementation in 2010. The market continues to change as the healthcare reform debate continues. Initially, many health insurance companies—lacking the information they needed to ensure their financial stability—left the ACA’s marketplaces.
Why are insurance companies making their networks smaller?
Many insurance companies made their provider networks smaller to cut costs while implementing ACA requirements. This left customers with fewer providers that are “in network.”. Shopping for coverage can be complicated with limited enrollment periods, difficulties with the websites, and more coverage options.
What are the benefits of the Affordable Care Act?
The Affordable Care Act has both increased the number of insured Americans and improved the coverage offered by health insurance companies. Millions of previously uninsured Americans have been able to obtain health insurance because of the ACA.
How can low income people afford health insurance?
Help low-income people afford health insurance through subsidies and a Medicaid expansion
Why did Americans not have health insurance after the ACA?
Particularly shortly after the ACA was enacted, Americans could not always keep their existing doctors. Some health providers were not covered by insurers under the ACA. After the ACA was first passed, it was difficult for some Americans to find insurance in a marketplace. There were also fewer insurers offering plans due to concerns over whether insurance companies could make money from offering plans. While still a concern, now most Americans can find a health insurance plan in their area.
What are the three pillars of the ACA?
The ACA first centered around the idea of a so-called “three-legged stool" that allows insurers to still make money while providing more comprehensive insurance coverage. The three pillars of the ACA as originally designed are: 1 Regulate insurers so they provide better coverage for more Americans, including those with preexisting conditions 2 Require everyone — especially healthy Americans — to purchase health insurance to spread out costs (this is known as the “individual mandate") 3 Help low-income people afford health insurance through subsidies and a Medicaid expansion
Why should insurers regulate?
Regulate insurers so they provide better coverage for more Americans, including those with preexisting conditions
How many pages is the ACA?
The ACA is a large and unprecedented act of Congress, and it would take entire books to thoroughly review all of the impacts of the 900-page law, which has indisputably transformed America's healthcare system. Fortunately, however, the largest and most controversial aspects of the law can be summed up relatively briefly.
Is there a discussion about the pros and cons of Obamacare?
No discussion of the pros and cons of Obamacare can avoid disagreement. Your own priorities will likely play a large role in how you weigh the benefits and drawbacks of the ACA. However, when asked about specific provisions, most Americans prefer certain aspects of the ACA over others. Below is a nonpartisan summary of those pros and cons.
What is the Advisory Committee on Immunization Practices?
In addition to USPSTF guidelines, the CDC's Advisory Committee on Immunization Practices (ACIP) provides vaccine recommendations, and the Health Resources and Services Administration (HRSA) provides additional recommendations for preventive care for women , infants, and children. 6.
What is mental health parity?
Mental Health and Substance Abuse Treatment. This includes inpatient and outpatient treatment for mental health and substance abuse treatment. Mental health parity requirements predate the ACA, although the ACA expanded the parity law to apply to individual market plans as well as employer-sponsored coverage.
What was the scope of coverage before the Affordable Care Act?
Before the Affordable Care Act (ACA, also known as Obamacare) took effect, the scope of coverage offered by health insurance plans varied considerably from one state to another. Consumer protections amounted to a patchwork of state-based regulations that were robust in some states and minimal in others.
Is preventive care covered by insurance?
Preventive care is covered with no cost-sharing for the patient (ie, the insurance company pays the full cost), but only if the preventive service in question is on the list of covered preventive care. 5
Does the ACA have a parity requirement for mental health?
Under the parity requirement, a health plan cannot have more restrictive coverage limits for mental health treatment than it has for medical/surgical treatment. 15
Do insurance plans require step therapy?
For other drugs, the plan's cost-sharing rules apply, and plans can require step therapy (a requirement that the insured start with the most cost-effective and least-risky drugs to see if they work, before trying more expensive, riskier medications). Most health insurers place covered drugs into four or five tiers.
Is contraception covered by insurance?
As is the case with all required preventive care benefits, this applies to large group and self-insured plans as well as individual and small group plans. Contraception is covered under preventive care, which means it's available at no cost to the insured. But health insurance plans are only required to cover at least one version of each ...
Make Insurance Affordable
Emphasis on Preventive Care
- The second strategy that ACA addressed was putting emphasis on preventive care. Prevention focuses on the promotion of a healthy lifestyle and frequent check-ups to attempt to identify and target potential health issues before they escalate. The ACA enacted a list of 10 essential benefits that all insurance plans must cover. They include: 1. Preven...
Improve Health Care Delivery
- The final strategy that Obamacare aimed to tackle was improving how health care is delivered by doctors and hospitals. One example of such was the establishment of Accountable Care Organizations. Rather than ACA paying for each individual test, procedure, and visit, these organizations were designed to receive coverage payments based on the care and well-being of …
Role of ACA, Premium Tax Credits, and Cost-Sharing Reductions
- The Affordable Care Act is meant to reduce the cost of health insurance coverage for qualified, but lower-income, Americans by providing premium tax credits and cost-sharing reductions. Premium tax credits are a federal tax credit that lowers the premium amount that individuals must pay on monthly health insurance when purchased from the marketplace. Unlike regular tax credi…
Outlining The Health Insurance Plan Benefits
- Health insurance plans that comply with the Affordable Care Act cover the following health benefits (in addition to other benefits): 1. Hospitalization 2. Pediatric services 3. Pregnancy 4. Emergency services 5. Rehabilitative care/services 6. Prescription medication
The Individual Mandate and Current Status of The ACA
- The ACA set the rule that all Americans are entitled to receive healthcare coverage through their employer, ACA, or other sources. It was meant to support health insurance payouts to uninsured Americans. However, on January 20, 2017, President Donald Trump signaled the removal of the ACA to reduce the fiscal burden on the United States and to decrease its national debt. The over…
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