While you’ve likely heard of Obamacare, you may not know Obamacare is the same thing as the Affordable Care Act. This healthcare law that passed in 2010, goes by a few different names. You may also see this law referenced as the PPACA or the ACA (the acronym Affordable Care Act).
So what exactly does Obamacare and the Affordable Care Act entail?
The Affordable Care Act is designed to ensure more people have access to affordable health care. The Affordable Care Act expands the Medicaid program to cover all adults. It helps to cover those with an income below 138% of the federal poverty level. It also helps to support innovative medical care delivery methods utilized to lower the costs of healthcare.
There are 10 main sections of the ACA designed to help patients have access to affordable benefits. These sections include:
- Quality, Affordable Healthcare for All Americans
- The Role of Public Programs
- Improving the Quality and Efficiency of Healthcare
- Prevention of Chronic Disease and Improving Public Health
- Healthcare Workforce
- Transparency and Program Integrity
- Improving Access to Innovative Medical Therapies
- Community Living and Assistance Services and Supports Act (CLASS Act)
- Revenue Provisions
- Reauthorization of the Indian Healthcare Improvement Act
From these 10 sections came the 10 essential benefits that are included in minimum essential coverage. Designed so every American has access to healthcare. These benefits include:
- Prescription drug coverage
- Pediatric services
- Preventative, wellness services, and chronic disease management
- Emergency services
- Hospital-stay coverage
- Mental health and addiction services
- Pregnancy, maternity, and newborn care
- Ambulance patient services
- Laboratory services
- Rehabilitative and habilitative services and devices
Obamacare is designed to ensure coverage for All Americans.
Before Obamacare, those with pre-existing conditions could be refused coverage or charged more for their plan. With Obamacare, it ensures that insurance companies allow those with pre-existing conditions to receive the same care as those without.
When can I get Obamacare?
Open Enrollment is about the end. December 15, 2020, marks the end of the open enrollment period. During the open enrollment period, you can shop for new health insurance coverage.
If you don’t choose to enroll during the Open Enrollment Period, your options to purchase coverage become limited. You cannot purchase ACA-compliant coverage unless a qualifying event occurs. These events include:
- Loss of a job
- Move to a new coverage era
- Birth of a child
- Loss of existing coverage
- Family event (marriage, divorce, or death)
At SBMA, we offer affordable coverage for all of our clients. With voluntary benefits that provide care outside of the 10 essential health benefits necessary.
