Affordable Care Act: Millions of Uninsured Americans
In a recent Kaiser Family Foundation study 48 million Americans are living without health insurance. According to CBS News, “The majority of the uninsured come from low-income backgrounds, and cite health insurance’s lack of affordability as the main reason for being uninsured.”
Is ObamaCare Affordable?
The Affordable Care Act was created to help Americans who were having trouble finding affordable plans. Although there is some controversy over whether or not the plans are affordable. Naysayers claim that the premiums are much higher than current plans. Supporters say that because the new ObamaCare Bronze, Silver, Gold, and Platinum Health Plans now have essential health benefits required by the Affordable Care Act, and have a maximum out-of-pocket cost in most states of $6,350, to compare these plans with current low monthly premium plans is not like comparing apples to apples -especially since there are currently available plans with low monthly premiums but with a $25,000 out-of-pocket max.
3 Ways the ACA Helps the Uninsured Pay for Health Insurance
Starting in 2014 there are Affordable Care Act premium subsidies and federal cost-sharing subsidies, to help with monthly costs and out-of-pocket costs, respectively. The third way ACA law helps begins in 2015 when all employers with over 50 full time employees are mandated to offer affordable health insurance. Since 62% of the uninsured are full-time employees they will seek financial relief from the 2015 mandate, however it is important to note that all individuals as of 2014 must have health insurance or pay a penalty of $95 or 1% of their income. So, individuals shouldn’t wait until their employers cover them.
All Americans are Guaranteed Issuance
As of 2014 all insurance companies must offer insurance regardless of a preexisting condition, and they cannot charge any more. There is a smoking penalty added on in some states, however it is unclear if there is a penalty for those with higher BMI ratings.
If someone is healthy and doesn’t want to wait there are plans available currently with a policy end date of December 31, 2013. To learn more about plans currently available or about how the new ACA plans work call 800-930-7956 or contact Medicoverage.