What is the Affordable Care Act? On March 23, 2010, President Obama signed the Affordable Care Act into law. With the Affordable Care Act, there is an improved access to affordable health coverage and provides protection against abusive insurance company practices. Some of the other focuses that encompass the Affordable Care Act is stronger consumer rights and protections, more affordable coverage, better access to care, and stronger Medicare.
Details about the Affordable Care Act Insurance companies could take advantage of their customers in the past. These companies could deny coverage for someone with a pre-existing condition, such as asthma and diabetes. Starting in 2014, these companies are no longer allowed to discriminate anyone because they have a pre-existing condition. The insurance companies are also not allowed to put a cap on the amount of coverage they will pay for. They can also not cancel one’s coverage due to “accidental mistake” in your paperwork, once someone has gotten sick. The Act also ensures that private insurers have justified means to increase premiums. Private insurers provide coverage for nearly 174 million Americans. The Act also makes it so that the insurance companies are using 80% of their customers’ premiums on actual health care costs rather than advertising and/or bonuses for the executives. If it is found that these companies are using the money from these premiums for such things they are to provide their customers with a rebate. In 2012 alone 8.5 million people received half a billion dollars in refunds ("A More Secure Future: What The New Health Law Means For You And Your Family", 2013). The Affordable Care Act also gives the small business owners a tax credit to help pay for health insurance for the estimated 2 million workers. This Act allows better access to care by providing a free prevention benefit, coverage for young adults, and coverage for Americans with pre-existing conditions, and affordable insurance exchanges. Insurers are now required to cover some of the preventive services that are recommended such as cancer, diabetes, and blood pressure screening. These services are with no additional cost, copays or deductibles, to their customers. Young adults who can’t get coverage through their employers are allowed to stay on with their parents’ plan until the age of 26. In the past Americans with pre-existing conditions were either not allowed coverage or the coverage that was available was priced extremely high. With the Affordable Care Act more than 50,000 Americans with pre-exiting conditions have been given affordable coverage through the new Pre-Existing Condition Insurance Plan. Starting in 2014, the affordable insurance