Obamacare is working. I talk to a lot of CEOs of hospitals. It is working. Magic Johnson
Obamacare is an affordable healthcare act that was passed by the congress and signed by the President during early 2010. The act comprises of a set of reformed health insurance schemes and policies. It was promoted to increase the number of individuals with legit health coverage. Obamacare works by overhauling current health insurance service providers and expanding Medicaid. Officially, Medicaid is meant for citizens with very low incomes. The policy offers minimum essential coverage. Conversely, it falls in line with medical facilities offered by employer-based-coverage, Medicare, Medicaid, and many more players in the marketplace. Nevertheless, Obamacare is much more than any ordinary health coverage policy. It covers almost everyone in the healthcare industry, from doctors to patients to restaurants to hospitals or even chocolate shops (this is because all food joints are expected to display calorie listings)!
Obamacare has received widespread commendation and few criticism from a few. Such includes;
Obamacare is working. I talk to a lot of CEOs of hospitals. It is working.
I support health care for people. I want people well taken care of. But I also want health care that we can afford as a country. I have people and friends closing down their businesses because of Obamacare.
Obamacare 101: How does it Work?
Obamacare focuses on two important artifacts. Initially, it expands the horizons of the current health insurance industry. Secondly, it alters the way doctors are paid. According to a recent estimation, nearly 25+ million citizens will benefit from the Affordable health care program. The enticing coverage program offers three major facilities:
- It expands Medicaid in a strategic manner.
- New insurance exchange policies are designed. Many online portals are set up to help Americans search and buy coverage.
- All individuals in the country are expected to have a health insurance policy. Else, they will be forced to pay a hefty penalty.
Obamacare 101: Who Gets Benefited?
Obamacare is for everyone! It expects individuals to buy a major medical insurance plans, which is also known as the minimum essential coverage. The major insurance should be paid throughout the year and a small fee during the months you go uncovered. This is a primary requirement, which is also known as the “Individual Mandate”. CHIP and Medicaid enrollment is around the year. Your income will state if you are eligible for the health insurance scheme or not. To know if you qualified for Medicaid or not you should navigate to HealthCare.gov.
Obamacare 101: How Do You Enroll?
According to the Act, individuals can buy a private medical insurance plans only through open enrollment. However, you will be exempted from this condition if a major change has happened in your life. This en covers over marriage, shifting locations or losing your current source of income. In such situations, you can opt for special enrollment.
The Act decides Cost assistance based on your annual income. Individuals qualify for cost assistance if their income falls between 138% and 400% of FPL (Federal Poverty Level). Meanwhile, “Out of Pocket Assistance” is provided only to individuals with silver plans. People who have availed the Cost Assistance benefit must fill a special file called Form 8962 during taxes.
Obamacare 101: Picking the Right Plan
While choosing a healthcare plan from Obamacare, you must keep the plan open till next enrollment (open). Always verify if the plan meets all your requirements. For instance, check if drugs, doctor visits, medical services and major surgeries are covered by the healthcare plan.