What's in Store for the Future of Healthcare Insurance?
For many years, Americans have wanted health care insurance that doesn't make them go broke. They have also looked for health insurance from providers that would not deny them coverage because they may have a preexisting condition, or charge them premiums that they cannot pay.
In March 23, 2010, President Obama enacted and passed into law the "Affordable Care Act," also known as Obamacare. Although meeting resistance from many states and lawmakers, the law has been put into place so that all Americans can have health care insurance.
What Happens With Health Care Insurance?
Health insurance such as private insurance, Medicare and Medicaid will continue to be available. The major change being made directly to insurance companies aims to stop wasteful administrative spending. The new act seeks to regulate insurance practices so that America will be able to save $80 billion by 2022.
Health care insurance will also be made available to everyone at capped premiums. Insurance companies will not be able to go over this cap ceiling. In addition, Americans will become a part of the Health Care Exchange.
The Exchange program allows everyone to have variety and options when it comes to choosing the health care insurance that fits into their needs and budget. From free health insurance to high-priced private health policies, people will be able to make more informed decisions regarding their health insurance and better manage their budget for it.
Affordable Health Insurance Offered by Large and Small Businesses
If a business employs more than 50 employees, it must offer workers health care coverage. A business that doesn't offer any type of health care insurance to employees could face steep fines.
While many businesses have voiced concerns, saying they cannot afford to insure its employees, the Affordable Care Act will lower costs for health insurance by 3 percent for all large businesses and by 4 percent for small businesses. For people scared of losing their company insurance plans, there is no reason for a business to sabotage itself by not offering health insurance to highly-qualified employees who will seek jobs elsewhere to receive this health care benefit.
People with Certain Medical Conditions Can't Be Denied
Children and adults with preexisting medical conditions cannot be denied coverage under health care reform. For people getting new insurance plans, there must be clauses in the plan that covers certain medical procedures, such as diabetes and cancer screening tests. Another feature for families is that children are able to stay on their parents' health insurance plan until age 26.
When Will All This Take Effect?
As with any law passed, it takes time for every part of it to be instituted. It will take even longer to determine if the new law will have a positive or negative effect to the current state of health care. Here are a few instances on when certain reform issues will go into effect.
By 2013, Health Care Exchanges will be implemented for all Americans. Open enrollment will be available during the fall.
By 2014, middle class Americans who cannot afford any other health care insurance due to their income will receive tax credits.
By 2015, nobody will face discrimination from receiving health care insurance due to gender or a preexisting condition.
Health Care Insurance Changes for Everyone
Everyone will be affected by the new changes of health care insurance: companies who hire employees, families and insurance companies. While many issues have been addressed through the current health reform law, there may come other laws and amendments that will change specific aspects of the Affordable Care Act.
As it stands now, Americans stand to benefit with more affordable health care options. Insurance companies will have certain practices more regulated in an effort to reduce costs to everyone. And businesses will be able to find affordable insurance and tax credits to offer health insurance to every employee.