Five Things Everyone Should Know About Obamacare

Written by on July 14, 2013 in Health - No comments | Print this page

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Obamacare Plan“Give me your tired, your poor, your huddled masses yearning to be free.”

This inscription is engraved beneath the Statue of Liberty, and Obamacare is another tool to be used to fulfill that promise.

What is Obamacare?

Also known as the Patient Protection and Affordable Care Act, Obamacare was signed into law on March 23rd, 2010, and has been causing a stir ever since.

One of the largest health care reform attempts in United States history, it attempts to provide accessible and affordable healthcare to all American citizens, as well as reduce the cost of healthcare for individuals and the government as a whole.

But it can’t all be great, though, if some people are so distraught over it, right? Just like for any major policy decision, it’s important to know as much as possible so you can understand the implications it will have on your life and your future.

Here are five important things about Obamacare that tell you what it is, and what it means for you and your family.

1. Insurance For Everyone

One of the biggest qualms of many American citizens in today’s society is that they cannot afford decent health insurance with their current wage. While many individuals and families make sacrifices to stay covered, others forego health insurance with the hopes of never needing it.

Obamacare is set to fix that. Because of the different, low-cost rates offered by the act, more and more citizens have access to affordable plans for them and their entire families. Some professionals believe that in ten years, more than 30 million citizens will be covered due to the new provisions.

2. Insurance Regulation

Health insurance is considered one of the most expensive luxuries in America today, and Obamacare is meant to put an end to that. The Act will put into place a price cap on premiums charged by insurance companies in an attempt to regulate the high costs of private insurance.

It will also partially eliminate insurance companies’ abilities to deny coverage based on preexisting conditions, a plight faced by many.

3. Public or Private

When it was announced, many citizens expressed concern over losing their current insurance plan. But contrary to this misconception, Obamacare won’t replace anyone’s private health insurance plan.

The Act simply attempts to regulate private insurance practices but offers a host of government plans that are meant to be affordable for all American citizens.

4. Simple System

Through the Act, health care will be for sale on an exchange that shows only standardized policies. These will be straightforward and easy to understand by all citizens.

The price of these policies will also be determined by only four simple factors: age, location, family size, and tobacco use. Any other factors will not be of importance when searching for an insurance policy on the exchange.

5. Is It Saving America Money?

As this plan was unveiled, many fiscal conservatives were determined that it would eventually put the American government into an even bigger deficit. Because of this claim, many American taxpayers followed suit in their distaste for the Act without doing the proper research.

Truthfully, the Act has come under serious scrutiny for its funding plans and revenue-generating measures during the course of its projected duration.

Many who support Obamacare believe that by implementing fees on drug companies, receiving savings from lower Medicare reimbursement rates, and placing other taxes upon the general public, the Act will eventually reduce the deficit and make up for its projected cost of over $1 trillion.

The opposition to the Act generally believes that this is a false claim, and that because of the nature of higher government spending to provide affordable coverage for Americans, Obamacare will eventually raise the deficit by trillions of dollars over the course of the next century.

Because the provisions don’t fully take place until 2014, this is the largest unanswered question about the new health care reform.

Care for All

While questions about Obamacare still fill the air and fierce political battles rage over its pending implementation, one thing remains true: this modern health care reform attempts to unite American citizens under government-backed health insurance to provide happiness and health for all.

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Kevin Morris is a freelance writer whose clients include CIA Medical. He is interested in many different topics, including learning about the latest in medical insurance and technology. Click here to learn more.

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