The much-awaited healthcare reform has finally arrived. Individuals and families have been preparing for some new laws availing affordable, quality healthcare insurance to everyone. The Affordable Care Act by the Obama administration was set to be a law in 2010. In January, 2014, it finally rolled out.
While the Affordable Care Act has been criticized because of some impediments and logistical challenges regarding mandates to business owners, you can not overlook the benefits of ACA health insurance. From January 2014, it will be easily available for families and individuals. The primary purpose of ACA health insurance is to address the problems related to large percentages of uninsured and underinsured Americans.
Key Benefits of ACA Healthcare Insurance PlansACA healthcare insurance offers numerous benefits. Some of the key benefits include, but may not be limited to :
Free Preventative Services – Free preventative services will include screenings to detect the disease early. Charging co-insurance, deductibles and co-pays will be illegal.
Guaranteed Insurance Irrespective of Any Pre-Existing Conditions – Healthcare insurance companies won’t be able to deny insurance for either children or adults with any pre-existing conditions.
Tax Credits for Small Businesses – Tax credits will be offered to small businesses which comply with the rules and regulations. This will mitigate various cost effects of the ACA healthcare insurance.
Senior Discounts – Retirees or seniors dependent upon medical care will receive discounts of up to 50% on some name-brand drugs.
Guaranteed Coverage for Student Dependents – Young adults can stay on their parents’ packages up to 26 years of age.
Affordable Health Insurance Rates
Most people have been worried about the other aspect of this news. In case you already have health insurance, it won’t be considered valid from January, 2014. In fact, it would be rendered null and void. However, there’s also a good side. The previous healthcare insurance will be replaced by an affordable plan under ACA.
The new insurance plans will be subject to MLR or Minimum Loss Ratio law. According to MLR, for every $1 collected in insurance premiums, $0.80 needs to be paid in medical claims. Moreover, if over 20% of insurance premiums are spent on any administrative fees, the insurance company needs to send a rebate for the difference via mail.
Easily Accessible Health Insurance Quotes
The ACA healthcare plan also comes with another good news. The State and Federal Governments should provide easy access to healthcare plans. Most of these plans would be available on the Internet through an exchange website. The website will allow you to quickly and easily apply for healthcare.
Once you apply for the ACA healthcare insurance plan, you will be able to choose from a wide range of options for which you qualify. These options will be based on the information you entered on the application. It will allow you to choose an appropriate coverage and healthcare insurance provider for you.
Enrollment for the ACA plans opened from 1st October, 2013, and the benefits were rolled out from 1st January, 2014. The ACA healthcare insurance plans can be the perfect way to keep your entire family covered against health issues.
Penalties for Being Uninsured
If you’re still uninsured, you may have to incur some penalties. Although these penalties won’t be hefty until 2016, charges may increase substantially from 2017. While filing your Federal Income Tax Return form, you will be required to provide detailed information regarding healthcare insurance. If you don’t have health insurance, you will be fined. These fines will be withdrawn from your income tax returns.
Role of Doctors
Besides providing basic medical care to patients, physicians will also have to provide patients with detailed information about the Affordable Care Act. Unfortunately, most medical professionals are still not clear themselves about this new law. Therefore, some of them are failing to pass on these ideologies to the general public.
Medical professionals need to understand every aspect of the Affordable Care Act. They need to be able to provide accurate information to patients about US healthcare in 2014. There’s still a lot of room for doctors to learn more about the Affordable Care Act.
The Affordable Care Act aims to revolutionize the US healthcare in 2014. In fact, it has also been able to create a political stir in the country. With many businesses still not aware about how this act would affect them, it remains to be seen if the Obama administration would be able to pass this tough test. However, the significance of this new law for millions of underinsured and uninsured Americans can not be overlooked.