Affordable Care Act
The Patient Protection and Affordable Care Act (PPACA) is the law by the United States Government to bring health care insurance affordable to all. The law was signed on March 23, 2010. The law requires US citizens and legal residents to have health insurance. The main goal is to improve the health care access to individuals and reduce costs. The ACA provides Exchanges from which health insurance can be purchased according to the individual needs. Employers can buy insurance to their employees using the exchanges. The law expands Medicaid to 133 percent of the federal poverty level.
Coverage
As per ACA, health insurance plans cannot limit or deny coverage for children due to preexisting condition. Children under 26, can be covered under parent's health plan. In addition, health plans cannot cancel coverage arbitrarily and gives the consumers right to appeal if any payment is denied.
Cost
With ACA, new health care plans do not have lifetime limits on most benefits. Before any premium is increased, insurance companies must publicly announce the rationale behind the hike. As per ACA, the premium you pay must be toward your health care and not for the administrative costs.
Care
With ACA health care plans, you may be covered 100 percent for preventive care and with no co-payments. Annual wellness checks are covered and you can select a doctor from the list of doctors available in your plan. ACA lets you avail emergency services outside of your health plan's network.
Penalty
As per the ACA, all citizens and legal residents must have health insurance year round. There may be a penalty for not having insurance. You can claim an exemption based on certain conditions. If you are covered under other plans, you can show that as a proof.
