The Patient Protection and Affordable Care Act passed by Congress and signed into law by President Obama is the most important Health care legislation in the last 40 years. After decades of failed promises and missed opportunities, Congress and the President have finally acted. This law provides American families with a new level of security when it comes to their health and well-being.
The Affordable Care Act does the following:
- Makes health care more affordable to American families;
- Holds health insurers more accountable by ending abusive practices;
- Expands health coverage to more Americans;
- Provides more access to preventive care;
- Add years to the life of the Medicare Trust Fund;
- Reduces the federal budget deficit;
- Attacks the problem of waste and fraud in Medicare.
By extending coverage to more Americans, it helps to eliminate the “Hidden “ tax we all pay to cover the costs of the uninsured. It is estimated that paying for the uninsured adds $1000 in premiums to the average family’s insurance bill each year.
To make sure that all Americans understand how the law affects them a new website Healthcare.gov has been created.
Insurance industry reforms
- Eliminates lifetime limits on coverage if beneficiaries get sick;
- Bans the practice of dropping people when they get sick;
- Caps out-of-pocket expenses, co-pays, and deductibles;
- Limits what insurance companies can spend on non-medical costs such as executive salaries and marketing;
- Requires insurance companies to justify premium increases;
- Closes the Medicare Part D “Donut Hole”;
- Makes many Preventive services free;
- Brings Medicare Advantage payments more in line with costs;
- Strengthens the financial health of Medicare by eliminating waste, fraud and abuse;
- Provides financial incentives for improving quality of care.
Families and Young Adults
- Ends the practice of denying of coverage based on pre-existing conditions;
- Provides tax credits to make insurance coverage more affordable;
- Creates an independent appeal process for adverse insurance decisions;
- Extends dependent coverage until Age 26;
- Exempts prevention and wellness benefits from deductibles and co-pays.
