4 Benefits of the Affordable Health Care Act You May Not Know
The Patient Protection and Affordable Care Act (PPACA), informally known as Obamacare, has 4 key features to assist the uninsured.
Though the act will not be completely in place until January 1st, 2020, the major features will come to fruition by January 1st, 2014.
1.
Pre-Existing Condition Insurance Plan If you've been denied health insurance because of pre-existing conditions, you will no longer be ineligible because of the PPACA.
A report made by the Department of Health and Human Services found that there are currently 25 million people in the US that have a pre-existing condition and are also uninsured.
Without the PPACA, these Americans may go without health care or have to pay for their conditions completely out of pocket.
2.
Young Adult Coverage Health insurance companies previously only allowed children to stay on their parent's policies until the age of 19 with the occasional exception for young adult students.
Under the PPACA, insurance companies cannot remove children enrolled in their parent's health insurance plans until they are older than 26.
Because of the ease and affordability implemented by this provision, there are now 2.
5 million more young adults that are insured according to a study from the National Center for Health Statistics.
3.
Affordable Insurance Exchanges Insurance exchanges are in essence a competitive marketplace where individuals and small businesses will be able to have the same advantages that were once reserved for large companies.
Large companies have purchasing power and ability to pool risk when buying health insurance.
This usually results in large companies paying lower insurance rates than small businesses and individuals.
The law evens the playing field by offering exchanges to every American in order to become informed and shop around for a plan that meets their individual needs.
Offering options and access to valuable information about insurance will lead to more affordable care.
4.
Consumer Operated and Oriented Insurance Plans Consumer operated and oriented insurance plans, or CO-OPs for short, is a health insurer that is created and run by the consumers in the CO-OP.
These insurers are non-profit so any profits made from the CO-OP must lower the CO-OP customers' premiums, improve their benefits, or improve the quality of the CO-OP members' health care.
These CO-OP's will be created by the federal government offering loans to non-profit organizations.
The main benefit of a CO-OP is the assurance that your needs as a health insurance consumer will be met as the CO-OP elect the board of directors.
Though the act will not be completely in place until January 1st, 2020, the major features will come to fruition by January 1st, 2014.
1.
Pre-Existing Condition Insurance Plan If you've been denied health insurance because of pre-existing conditions, you will no longer be ineligible because of the PPACA.
A report made by the Department of Health and Human Services found that there are currently 25 million people in the US that have a pre-existing condition and are also uninsured.
Without the PPACA, these Americans may go without health care or have to pay for their conditions completely out of pocket.
2.
Young Adult Coverage Health insurance companies previously only allowed children to stay on their parent's policies until the age of 19 with the occasional exception for young adult students.
Under the PPACA, insurance companies cannot remove children enrolled in their parent's health insurance plans until they are older than 26.
Because of the ease and affordability implemented by this provision, there are now 2.
5 million more young adults that are insured according to a study from the National Center for Health Statistics.
3.
Affordable Insurance Exchanges Insurance exchanges are in essence a competitive marketplace where individuals and small businesses will be able to have the same advantages that were once reserved for large companies.
Large companies have purchasing power and ability to pool risk when buying health insurance.
This usually results in large companies paying lower insurance rates than small businesses and individuals.
The law evens the playing field by offering exchanges to every American in order to become informed and shop around for a plan that meets their individual needs.
Offering options and access to valuable information about insurance will lead to more affordable care.
4.
Consumer Operated and Oriented Insurance Plans Consumer operated and oriented insurance plans, or CO-OPs for short, is a health insurer that is created and run by the consumers in the CO-OP.
These insurers are non-profit so any profits made from the CO-OP must lower the CO-OP customers' premiums, improve their benefits, or improve the quality of the CO-OP members' health care.
These CO-OP's will be created by the federal government offering loans to non-profit organizations.
The main benefit of a CO-OP is the assurance that your needs as a health insurance consumer will be met as the CO-OP elect the board of directors.
Source...