The Patient Protection and Affordable Care Act, more commonly known as the Affordable Care Act or Obamacare, is a health care reform Act designed to meet several shortfalls in the then existing health care statutes. The Act was signed into law in 2010 by President Barack Obama and marks the most significant change in American health care law since the institution of Medicare and Medicaid in the 1950s. The Act was implemented with the goals of lowering health care costs, raise health care outcomes and improves access and distribution of health care. This is done through increasing the quality and affordability of health insurance, lowering the rate of uninsured by increasing private and public insurance coverage and reducing the costs of health care to government and private individuals. Under the Act, insurance companies are mandated to insure all applicants under new minimum standards and offer equal rates, regardless of issues such as pre existing conditions. The Act met with stiff resistance from several quarters before eventually being passed into law, matters even reaching the U.S. Supreme Court. The majority of the provisions of the Act took effect on January 1st 2014, with the rest scheduled to take effect by latest 2020. Studies have generally shown the Act to be a positive influence on health care in America, though many areas are still inconclusive. Some of the regulations of the Act are as follows:
- Insurance carriers are prohibited from charging higher rates or discriminating against individuals based on pre existing condition, gender or race.
- Insurance carriers are prohibited from capping annual spending on essential health benefits or services.
A number of studies and surveys have been conducted to assess the impact of The Act on health care in the US. Reputable sources like the Commonwealth Fund Affordable Care Act Tracking Survey and surveys from global powerhouse Deloitte have provided insight into the impact of The Act since its inception in 2014 till now. Some findings of the assessments are:
Consumers say they are satisfied with their coverage at the same rate as people with employer coverage- the studies have revealed that growth in insured Americans has not come from people leaving employer based insurance plans, but from individuals who previously had no coverage now taking advantage of having access to coverage. Additionally, individuals who opted for insurance coverage as provided by The Act reported that satisfaction levels identical to those who received private or employer based coverage. Satisfaction levels reported from Americans utilizing health care under The Act were reported to be over eighty percent from 2015 to 2016.
More exchange consumers feel prepared to handle future costs- The out of pocket costs associated with medical insurance are often blurred, with consumers finding themselves surprised at just how much they must find out of pocket before medical insurance activates. These costs, future costs, have often caused Americans to shy away from health care insurance in the past. With Obamacare, Americans are reporting that they can manage the out of pocket costs associated with their insurance since they can now better gauge those costs. With more information available through The Act, consumers are no better able to select options that best suit them, including management of out of pocket expenses.
- Ability to get health care has improved- Overwhelmingly, consumers who utilize heath care provided through The Act report that they now have access to health care and health care coverage previously inaccessible to them. More Americans now have access to medical care, specialists, insurance coverage and better health care. The number of uninsured persons is also decreasing, albeit at a very slow pace. Many of those who now have health care insurance report to not having insurance within the last two to ten years. A significant portion of individuals report to having had no health care insurance prior to the 2014 enactment of Obamacare.
Marc Sporn Health
Marc Sporn Health is here to help you maximize your usage and benefit of The Obamacare Act. We are a group of health minded individuals who have created an environment where consumers can gain the best advice on any health and health insurance related matters. We will advise on new policy selection, we advise on the details of existing policies, we consult and advise businesses on the administration of their Obamacare packages. Marc Sporn has a plan to improve the already improving sector of health care and is giving every individual the opportunity to avail themselves of his expertise in the field.
How Marc Sporn Can Help You!
Marc Sporn Health can assist in various ways, to improve your health care situation. We do the following:
- Assist those who have been denied- under previous health care insurance law, insurers had the right to exclude anyone from coverage. Often those with the greatest need were also the ones being barred from coverage. With the passage of the Act, now virtually everyone has access to health care and health care insurance and Marc Sporn can help you navigate what can be a tricky world with staggering amounts of options.
- Policy Assessment- Marc Sporn is an expert in health insurance and can assess the details of your health care insurance policy down to the finest detail. This could easily save or earn the average consumer thousands of dollars a year, which they could be missing out on through a lack of expert knowledge on their policy.
- Obamacare for Business Owners- Any business with more than fifty full time employees must provide health insurance for those workers. Fees will be levied if companies are not compliant with this and Marc Sporn can manage your Obamacare obligations ensuring that your company never runs afoul of federal regulations as well as ensuring your employees and their dependants get the best health care available.