Affordable Care Reform Act
The Affordable Care Reform Act was passed in 2010, but many of the changes it made were designed to take effect gradually over the next several years. The act, which faced stiff political opposition, was designed to increase access to affordable health coverage. Many people may not have access to employer-sponsored insurance, they may not have earned enough to pay for traditional insurance policies or they may have had pre-existing conditions that have resulted in denied or heavily restricted coverage.
One of the most far-reaching changes made by the Affordable Care Reform Act affected those with pre-existing conditions. In the past, insurance companies have been able to place a multitude of restrictions on policies they sold to children and adults with pre-existing conditions, or they could deny them coverage altogether. Thanks to health care reform, children and adults can access the insurance they need even if they do not already enjoy perfect health.
Low-income individuals and families may be able to benefit from expanded Medicaid and Medicare coverage or can take advantage of credits to help them purchase insurance plans on the open market or through the state or federal insurance exchanges. This can help reduce the burden associated with the individual mandate, and it can increase their coverage options as well as their purchasing power.
The Affordable Care Reform Act also contains provisions for employers who provide coverage to their employees. Employers who sponsor insurance plans can take advantage of tax incentives while employers who fail to cover their employees may be subject to fines. Insurance companies face increased regulation that bars them from rescinding coverage unless there is evidence of fraud.
Our insurance professionals can help you learn more about the Affordable Care Reform Act and how it affects you and your family. Contact us today to schedule an appointment.