6 Things You Must Know About Obamacare
Obamacare or the Affordable Care act has been discussed widely and has seen quite a bit of opposition. Obamacare was enacted with the aim of increasing the quality and affordability of health insurance. It also aims to bring down the uninsured rate by expanding public and private insurance coverage, and reducing the costs of healthcare for individuals and the government. It was signed into law by president Obama in the year 2010 but there was a lot of opposition and criticisms at the plan right from the beginning. But with all the criticisms leveled at it and all the roadblocks, it is going to be widely implemented this year. Before supporting it blindly or opposing it is good to know more about it. Here are a few things about obamacare that you must know.
1. Individual responsibility
This clause in Obamacare makes it mandatory for everyone in the United States to have insurance. The advantage of this clause is that it helps the insurance companies better manage risks and also make coverage affordable. The drawback is that since it is mandatory, people who do not get insured face a penalty fee.
2. Guaranteed issue
Obamacare guarantees insurance pay-outs. It means that no one can be denied insurance based on their age, health or economic status. Everyone gets insurance regardless of their differences.
3. Change in health premiums
Not everyone has to pay the same premiums. The premiums to be paid will depend on each individual and will not be grouped. This means people will pay premiums only based on their requirements.