There has been a lot of debate in the country centered on benefits Of ObamaCare and what consumers will actually get when the law is fully in effect. The results of the mandates in ObamaCare won’t be completely known for some time, but what is known is that consumers should be better off when they purchase a plan through their state’s health insurance marketplace than they would be otherwise. Here are some benefits Of ObamaCare all people will receive, regardless of how they obtain their health insurance.
- Pre-existing conditions can no longer be excluded from health insurance policies.
This is probably the most wide-spread benefit of the Affordable Care Act (ObamaCare). People can no longer be denied coverage for having a pre-existing condition. Moreover, anyone who has been sick in the past or who was born with a chronic condition or birth defect cannot be charged more than a health person.
- Insurance companies must limit premiums for older people to three times those for young people.
In the past, insurers could charge up to five times as much in premiums for people in their 40s, 50s and 60s than they charged for people in their 20s and 30s. In fact, in some states, insurers could charge whatever they wanted to. For this reason, many older people were unable to find affordable health care until they turned 65, when they became eligible for Medicare. Benefits Of ObamaCare are such that it will no longer allow premiums to be out of control for this segment of the population.
- Junk plans will not be sold on health insurance marketplaces.
It has been too easy for companies to sell plans that are basically worthless to people who didn’t understand the fine print in health insurance contracts. Consumers were often left with inadequate coverage after paying a small fortune in premiums. State health insurance marketplaces must offer qualified health plans that can be easily compared by the average consumer.
- Insurers can no longer increase premiums for everyone if only one employee enrolled in a group plan gets sick.
Previously, insurance companies could practice what is called “purging” by making companies pay more for sick employees. They could do this even if just one employee accessed the health care benefits for a condition too many times. ObamaCare benefits eliminate this discriminatory practice of cherry picking employer groups with young, healthy employees.
- Employees are no longer beholden to their employers for health insurance.
Making individual policies more affordable will allow employees to leave employers they might not be happy with but are only staying to get the health benefits. It will also encourage entrepreneurship because people will be able to purchase their own plans.
Here are the top 10 benefits of ObamaCare as mention on healthcare.gov that you may not know and below info-graphics shows some top benefits of ObamaCare.
Some Drawbacks Still ExistOf course, benefits Of ObamaCare aren’t perfect. There are still some areas of the plan that need work. For instance, the Affordable Care Act had the intention of expanding Medicaid in all states so that poor adults could still have insurance coverage. However, not all states elected to participate, meaning low-income residents of those states will not be able to access Medicaid or federal subsidies.
Moreover, people who are employed by large companies with over 50 employees will not yet get a wide choice of health plans until at least 2015. This mandate was scheduled to go in effect in 2014, but was recently delayed by the federal government over implementation concerns. However, all employees of any size company can still access state health insurance marketplaces to purchase individual plans at affordable prices.