The Affordable Care Act (ACA), also known as Obamacare, has garnered a lot of debate since its implementation in 2010. Although it has created a minimum level of coverage for many insured Americans’ healthcare benefits, it has also created some costly tax penalties for those who don’t participate. Even you may have a pros and cons list from your experience with the Affordable Care Act.
So, in order to weigh both sides of the ongoing debate, we have jotted down a few of the more widespread Affordable Care Act Pros and Cons.
Healthcare has become more affordable
Subsidies make purchasing health insurance less expensive for those who qualify. Also, the implementation of the 80/20 rule means 80% of your premium dollars is spent on healthcare instead of administrative costs.
Free preventive care
All qualified health insurance plans must provide 10 essential health benefits, including free preventive and wellness visits. No copay. No deductible. No coinsurance.
No surprise cancellations or pre-existing denials
Insurance companies can’t cancel your policy because of a mistake on an application. Insurance companies also cannot deny coverage for a pre-existing condition (unless your plan is grandfathered).
Medicaid is more inclusive
Medicaid coverage now includes uninsured Americans under 138% of the poverty level.
Dependents stay under parent’s plan longer
You can continue to have your children insured under your health plan until they are 26.
No more unreasonable limits
Limits on lifetime benefits have been completely banned and annual limits phased out as of December 2013 (this does not include grandfathered plans).
The cost has not decreased for everyone
Many private plans were canceled because they did not comply with Obamacare. Those affected had to shop for new health insurance and may have ended up paying more for a plan that include benefits, such as maternity care, that they may not need.
Loss of company-sponsored health plans
Some businesses may find it more cost-effective to pay the penalty and let their employees purchase their own insurance on the exchanges rather than provide employer-sponsored coverage.
If you are uninsured, you may face large tax penalties. You will see the amount when you file your yearly taxes.
Many insurance companies made their provider networks smaller in an effort to cut costs while implementing ACA requirements. This left customers with fewer providers that are “in-network.”
States deciding not to expand Medicaid
Since states are allowed to deny the addition of adults below the poverty level, and marketplace plans would be too expensive, many are left without coverage and face tax penalties.
Shopping for coverage can be complicated
With the confusion surrounding the roll out of the ACA and the Marketplace, limited enrollment periods, difficulties with the websites and more options to choose from. Shopping for coverage can be more complicated.
Regardless of the Affordable Care Act pros and cons, the professionals at Mary Do Insurance Agency can be a helping hand to figure out your health insurance options. Call us today at (303) 990-5051 and let us help you find a plan that meets your needs and budget.