Obama Care

Understanding Obamacare

The Affordable Care Act (ACA), commonly referred to as Obamacare, was signed into law by President Barack Obama in March 2010. Its primary goal was to improve the accessibility, affordability, and quality of healthcare in the United States. Here are some researches about The Affordable Care Act.

1. Health Insurance Marketplaces

Obamacare established Health Insurance Marketplaces where individuals and families can shop for and purchase health insurance plans. These marketplaces offer a range of options, and some individuals may qualify for subsidies to help lower the cost of their insurance. For Example, a family with a moderate income can use the Health Insurance Marketplace to find a suitable plan and receive financial assistance based on their income.

2. Medicaid Expansion

The ACA expanded Medicaid eligibility in participating states, providing coverage to low-income individuals and families. This expansion aimed to increase the number of people with access to essential healthcare services. To illustrate, previously ineligible individual with low income may now qualify for Medicaid, ensuring they have access to necessary medical care.

3. Individual Mandate

The individual mandate required most Americans to have health insurance or face a penalty during tax filing. This provision aimed to increase the number of healthy individuals in the insurance pool, balancing the costs for insurers such as an individual without employer-sponsored insurance can comply with the mandate by purchasing coverage through the Health Insurance Marketplace.

4. Pre-existing Conditions and Essential Health Benefits

Obamacare prohibits insurers from denying coverage or charging higher premiums based on pre-existing conditions. It also mandates insurance plans to cover essential health benefits, ensuring comprehensive coverage for policyholders like a person with a pre-existing condition like diabetes cannot be denied coverage or charged exorbitant premiums.

5. Young Adult Coverage

The ACA allows young adults to stay on their parents’ health insurance plans until the age of 26. This provision provides financial relief to young individuals entering the workforce or pursuing higher education. For example, a recent college graduate can remain on their parents’ health insurance plan until they secure their own coverage.

To summarize, Obamacare has significantly impacted the healthcare landscape in the United States by expanding access to insurance, protecting individuals with pre-existing conditions, and promoting comprehensive coverage. While the ACA has faced both support and criticism, it remains a landmark legislation with a profound influence on the nation’s healthcare system.

This article is a part of the class 
“751309 Macro Economic 2”
supervised by Asst. Prof. Napon Hongsakulvasu
Faculty of Economics, Chiang Mai University

 

This article was written by 

Arada Duangprome 651615068