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Obama Health InsuranceThe Patient Protection and Affordable Care Act of 2010 is often called Obama Care. Obama health insurance includes improved access to insurance plans for those with pre-existing conditions, low-income individuals and families, support for employer-sponsored health plans, and mandated health coverage. While America’s health care system is being overhauled, it will not be changed in its essence. It will simply be better regulated, and programs for low-income families will be expanded. Tax credits will be offered to small businesses and some individuals and families to assist with premium payments.
Obama insurance will end many of the practices that previously left many without health insurance or with inadequate insurance. In the past, individuals who became sick would often face rescission; their insurance companies would be within their rights to rescind their policies when policyholders became too big of a risk. Rescission will now be limited only to cases of fraud or deliberate misrepresentation. Those with pre-existing conditions also frequently found it difficult to obtain health insurance. Today, children with pre-existing conditions have equal access to health insurance, and in 2014, adults will as well.
Another feature of the Obama health insurance plan is the introduction of tax credits to support individuals and small businesses. Insurance premiums can often be costly, and those with limited budgets may find the individual mandate burdensome without outside support. The tax credit is designed to offset the cost of insurance premiums for certain low-income individuals and families who do not qualify for the new expanded Medicaid options and for small business owners who offer their employees qualified insurance plans.
State and federal health insurance exchanges will be created to facilitate the purchase of insurance plans. Individuals who are not able to purchase a qualified plan through their employers will have the option to buy public or private options through the insurance exchange. Benefits must meet a required minimum, and out-of-pocket expenses will be capped.
Contact one of our experienced health insurance agents today to learn more about Obama health insurance or to discover more about your options.