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While you’ve likely heard of Obamacare, you may not know Obamacare is synonymous with the Affordable Care Act. This healthcare law that passed in 2010, goes by a few different names. You may also see this law referenced as the PPACA or the ACA (the acronym for Affordable Care Act).
What do Obamacare and the Affordable Care Act Cover?
The Affordable Care Act was designed to ensure more people have access to affordable health care. It expands the Medicaid program to cover all adults. It helps to cover those with an income below 138% of the federal poverty level. It also helps to support innovative medical care delivery methods utilized to lower the costs of healthcare.
There are 10 main sections of the ACA designed to help patients have access to affordable benefits. These sections include:
- Quality, Affordable Healthcare for All Americans
- The Role of Public Programs
- Improving the Quality and Efficiency of Healthcare
- Prevention of Chronic Disease and Improving Public Health
- The difference between the ACA and Obamacare
- Healthcare Workforce
- Transparency and Program Integrity
- Improving Access to Innovative Medical Therapies
- Community Living and Assistance Services and Supports Act (CLASS Act)
- Revenue Provisions
- Reauthorization of the Indian Healthcare Improvement Act
From these 10 sections came the 10 essential benefits that are included in minimum essential coverage. Designed so every American has access to healthcare. These benefits include:
- Prescription drug coverage
- Pediatric services
- Preventative, wellness services, and chronic disease management
- Emergency services
- Hospital-stay coverage
- Mental health and addiction services
- Pregnancy, maternity, and newborn care
- Ambulance patient services
- Laboratory services
- Rehabilitative and habilitative services and devices
Obamacare was designed to provide basic coverage for all Americans.
Before Obamacare, those with pre-existing conditions could be refused coverage or charged more for their plan. Obamacare ensures that insurance companies allow those with pre-existing conditions to receive the same care as those without.
When can I enroll in Obamacare?
Open enrollment typically lasts from November through mid-December for coverage the following year. This past year open enrollment was extended in response to the ongoing coronavirus pandemic.
If you don’t choose to enroll during the Open Enrollment Period, your options to purchase coverage become limited. You cannot purchase ACA-compliant coverage unless a qualifying event occurs. These events include:
- Loss of a job
- Move to a new coverage era
- Birth of a child
- Loss of existing coverage
- Family event (marriage, divorce, or death)
At SBMA, our goal is to provide affordable ADA-compliant benefits to our clients. For more information about the plans that we offer or to enroll, contact us directly or talk to one of our brokers today.