- The Obamacare is the unofficial name of the patient protection and affordable care act of March 2010.
- The Obamacare aims to provide quality and affordable health care for all Americans and thereby reduce national spending on health care. A huge number of Americans who couldn’t afford a health insurance can now get one at subsidized rates.
- It is now mandatory for all Americans Citizens and Legal Immigrants have a health insurance policy or pay an annual penalty.
- It stops discrimination by health insurance companies based on factors such as gender, previous illness etc.
- Parents can now keep their children of up to 26 years of age on their health care plans.
- New Exchange Marketplace is being set up where Health Insurance can be bought at subsidized rate
- One can enroll in any health care plan under Obamacare during open enrollment period.
- The coverage of Obamacare commenced from 1st Janurary 2014.
- If you are already covered by a plan – you can choose to keep it or look for a better plan.
- The Obamacare has set benchmarks for all insurance plans. All insurance plans starting after 2010 must also provide the 10 essential health care benefits along with other benefits.
- The Act aims to make preventive health care free on all plans and provide tax benefits to all employers who cover their employees for health insurance.
- 2015 onwards all small businesses with over 50 employees must cover them for health care.
How Does Obamacare affects you?
Find out what is Obama Care and Why is ObamaCare Important for America.