A revolutionary action taken by the former president of the United States, Barrack Obama, Obamacare is a healthcare law signed in 2010 that changed the way how America delivers healthcare.
Lawfully known as the Patient Protection and Affordable Care Act of 2010, or the Affordable Care Act 2010, Obamacare is based on the primary objective of curbing the increasing cost of health care in the country.
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Obamacare in Kissimmee, FLhas several benefits that are lesser known. The fact that it was opposed by 54% of the Americans, a huge portion of its benefits didn’t get a chance to be highlighted. Furthermore, the subsequent actions were taken by the current government to modify it but they couldn’t replace it completely.
Instead, significant changes have been made that are expected to implement in the following year.
Before we delve into the pros and cons of Obamacare in Kissimmee, FL, it is imperative to understand what exactly this health care law is and what it says. The Affordable Care Act works on the objective to provide the Americans access to affordable health insurancein order to improve the quality of health care in the country and offer better health insuranceto the citizens.
The initiative of Obamacare in Kissimmee, FLis to regulate the health insuranceindustry and bring down the national health care spending.
These objectives of Obamacare in Kissimmee, FL are expected to accomplish through regulations, taxes, tax breaks, and subsidies. This includes stopping the insurers from denying the coverage to those having preexisting conditions, subsidies enabled on health insurancepremiums and costs paid out of pocket. They employers, under the Obamacare in Kissimmee, FLare obligated to provide health insuranceto full-time employees, and companies like pharmaceutical organizations are levied more taxes who build profit due to the expanding healthcare industry.
Other primary objectives of Obamacare in Kissimmee, FLinclude offering a new set of benefits, rights, and protections to the citizens for their health care and pertinent insurance. The Affordable Care Act 2010 allows the Americans to purchase subsidizedhealth insurancethrough open enrollment in the Health Insurance Marketplace.
Under Obamacare in Kissimmee, FL,all adult citizens are eligible to avail the Medicaid program, and the Medicare program is subjected to improvement to cater the senior citizens and people with disabilities better. The Act also introduced new taxes for the high earners, businesses, and industry on the basis of their income scale.
With over 1000 provisions, the Act intended to make quality health care more affordable for the lower income population, and levy more taxes on higher earning population sector. Here are some of the pros and cons of Obamacare in Kissimmee, FLthat you need to know about in order to understand the Act better.
Benefit: Covers a List of Health Benefits
All healthcare insuranceplans under the Obamacare in Kissimmee, FLare obligated to cover a list of health conditions including chronic diseases, mental health, and addiction. Such was not the case before the Affordable Care Act was implemented. The patients could only receive treatment in emergency rooms through healthcare insurance.
Cons: Raised Taxes for High Earners
A major reason why Obamacare faced objection is its attempt to raise the income tax rates for approximately 1 million people earning more than $200,000 annually. The legislation further increased the medical expense deduction threshold from 7.5% to 10%.
Benefit: Brings Down the Rise of Health Care Cost
The national spending on healthcare in the United States has remained a primary concern for a long period of time. As a matter of fact, it is expected to reach 20% of the GDP by 2020. The rise in premiums has remained a subject of complaints. All healthcare providers, under the Obamacare in Kissimmee, FLare now obligated to limit the rising cost, especially on the emergency room visits. People are now able to access more meaningful care at a lesser cost.
The rate in the rise of the cost of healthcare serviceshas been controlled significantly with the implementation of the Act. The rate has dropped from 4% in 2004 to 1.2% in 2016 in the United States.
Cons: Reduced the Healthcare Service Efficiency
Obamacare created a tremendous impact on the quality of care people could receive and also enabled a lot of people to get affordable healthcare services. This ultimately has given a sudden boost of patients visiting the hospitals and clinics. As a result, the efficiency of care delivery has somewhat decreased and the wait time has increased significantly. Also, the already existing shortage of doctors and nurses is expanded further.
Benefit: Coverage Limit Is Exempted
Before the implementation of Obamacare in Kissimmee, FL, there were annual cost limits and a lifetime coverage limit. The patient was expected to bear the total cost of thehealthcare serviceonce the limit was reached, or find another insurance provider. Obamacare in Kissimmee, FLeliminated this policy and the limits were abolished.
Cons: Rise in the Short-term Health Care Cost
As the policy changed with the intention of bringing down the overall spending on health care, the cost actually escalated significantly in the short-term. This is because a lot of people tried to benefit and care for chronic illnesses treatment that was ignored for years.
Benefit: Children Added in the Healthcare Plan
Contrary to its predecessor, the Act of Obamacare in Kissimmee, FLallows parents to keep their children in their coverage plan up to the age of 26. This provision was widely conceived by the Americans and within the first 24 months, over 3 million young adults were added into their parents’ healthcare plans. This gave a tremendous boost to the insurance companies.
Cons: Expensive for Adults
One of the major shortfalls of Obamacare in Kissimmee, FLis that it is too expensive for the majority of adults who do not have any healthcare insurance. They remain uninsured because the cost coverage under Obamacare in Kissimmee, FLis too high. Also, several people under the new legislation are either not eligible for the financial assistance criteria or do not have health insurance offered by their employer. This made it highly expensive for them to cover the cost of healthcare services.
Benefit: Enabled Employees to Have Health Insurance
Under the Obamacare legislation, every business with more than 50 employees is obligated to offer health insurance to their workers. This provided additional benefit to the employees and the businesses receive tax credits to help cover the cost.
Cons: Businesses Pulled Off Employee-based Health Insurance
Upon implementation of Obamacare in Kissimmee, FL,several businesses decided to end the health insurance for their employees because the changed policy made the employee insurance plans more expensive. As a result, around 5 million people across the country lost their employer-based health insurance.
Benefit: Tax Credits for Middle Class
Obamacare enables the middle class to receive tax credits on their premiums and expands the Medicaid program to 138 percent of the federal poverty level.
Cons: Unnecessary Service Coverage
Under Obamacare in Kissimmee, FL,there is a list of health benefits that are to be covered by all insurance plans. It includes treatment for conditions such as chronic illnesses and mental health which benefits everyone equally. However, for benefits like maternity care, it was totally unnecessary to include in the policies issued to men. As a result, many private plans’ policies were canceled because of this provision as they wouldn’t cover maternity care for men. Consequently, nearly 30 million people have been affected in one way or another due to the required coverage.
Benefit: Cost Assistance on Several Factors
Obamacare in Kissimmee, FLhas healthcare insuranceplans that allow single adults and families to qualify for cost assistance. Factors like family income and size are also considered for the provision of low-cost coverage.
Cons: Consequence for Non-participation
While Obamacare in Kissimmee, FLoffers tremendous benefits in several forms, it has its share of controversial provisions. For those who refrain from purchasing any form of health insuranceare obligated to pay taxes. The legislation, Obamacare in Kissimmee, FL does allow exemptions in certain situations but has certain criteria to be fulfilled. The penalty for not having healthcare insuranceunder Obamacare in Kissimmee, FLis $695 per adult and up to 2.5% of the family income.
The Final Word
Obamacare in Kissimmee, FLhas been subjected to substantial change ever since the Trump Administration has taken over. For instance, the penalty for going without health insurancehas been reduced to $0 at the federal level for the following year, and the short term health insuranceis being further expanded.
Despite the controversies Obamacare faced, it has given tens of millions of people access to quality healthcare servicesand insurance at an affordable price. The new minimum standards of Obamacare have enabled over 50 million Americans to have access to preventive services without any cost-sharing. How the present administration modifies it to make the legislation more beneficial for the Americans, this remains to be seen as the changes are expected to be implemented in 2019.
Call us at 407-344-1228 for your FREE Obamacare consultation, or email us at [email protected] for any other insurance needs you may have.