Date post: | 13-Apr-2017 |
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UNAVSA HEALTH DISPARITIESThe Affordable Care Act
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The Patient Protection and Affordable Care Act, otherwise known as Obamacare or simply the Affordable Care Act (ACA), was signed into law by President Obama on March 23, 2010. The ACA aims to address the concerning number of uninsured Americans, make healthcare more affordable, and to reduce the challenges that arise from the lack of coverage. A majority of the changes outlined by the ACA will begin next year, on January 1, 2014. But, it is important as young adults to understand the following changes that may impact you and your family!
Young Adult CoverageUnder the new law, you can be insured as dependents under your parents’ private or employer-based health insurance plan until you are 26 years-old, even if you are attending school, married, or financially independent.
More Benefits from the ACAIf your parents currently do not have health insurance or are enrolled in a public program like Medicaid, the ACA will provide:
1. More people coveredThe ACA will be expanding Medicaid allowing unemployed and low-income residents with an annual income level under $15,000 to be eligible for the public health plan. In addition, patients with pre-existing conditions will no longer be denied.
2. More affordable private insurance choicesThe ACA’s “Health Insurance Marketplace” (also known as The Marketplace) will offer a variety of affordable and qualified health benefit plans that you can choose from according to your personal budget. Open enrollment begins October 1, 2013.
3. Support to pay for private insuranceIf you purchase a private health insurance on the Marketplace and make less than $43,000 a year or your job doesn’t offer affordable coverage, you will receive tax credits from the federal government to help you purchase your coverage.
4. No out-of-pocket costsIt will be illegal for health plans to set dollar limits on the amount of coverage a person can receive. Insurance plans will be required to cover a core set of preventive services without cost-sharing requirements such as co-pays, coinsurance, or deductibles.
aca-awesome!
Pros & Cons
Sources: HealthCare.gov and The Southeast Asia Resource Action Center (SEARAC)
Pros• Increased Coverage
In 2009, 46.3 million Americans either had no or inadequate health insurance and thus no access to health care. 3.1 million American young adults (19-25) may be added to their parents’ plans.
• Reduced Healthcare CostsWith increased access to health care, preventive healthcare will be more accessible. This in turn may decrease visits to the costly emergency rooms. In addition, the movement away from a fee-for-service payment system will decrease physician incentives to order unnecessary diagnostic tests and expensive treatments.
• Reduced Budget GapsThe Congressional Budget Office estimates that the ACA will reduce the national budget deficit by $143 billion by 2019 and that the Medicare “donut hole” gap in coverage will no longer exist by 2020.
Cons
• Shortage of Healthcare ProfessionalsThe Association of American Medical Colleges’ Center for Workforce Studies stated that the ACA would increase the projected 2015 physician shortage by approximately 50%. This shortage may leave millions without access to healthcare providers.
• Higher Drug CostsIn order to close the Medicare “donut hole,” pharmaceutical companies will be paying an extra $84.8 billion in fees, which may translate to increased drug costs for consumers.