Obamacare's Impact: 16 Million Insured, Pre-Existing Condition Protections, Higher Premiums
In 2010, the Affordable Care Act (ACA), also known as Obamacare, was signed into law. The ACA aimed to provide affordable health insurance coverage for all Americans, promising to make prescription drugs more affordable and expand access to healthcare.
The ACA has had a significant impact on healthcare coverage in the U.S. Within the first five years, more than 16 million Americans obtained health insurance coverage. One of the key changes was the removal of the ability for insurance companies to deny coverage to people with preexisting health conditions. This has led to a wider range of benefits and coverage, but also higher premiums for some.
The ACA also introduced new regulations for insurance companies. They can no longer maintain a preset dollar limit on the coverage they provide. Additionally, they must now spend at least 80 percent of insurance premiums on medical care and improvements. This has led to a focus on preventive services, with many screenings and services covered with low copays or deductibles.
To help finance the costs of the ACA, taxes on medical devices and pharmaceuticals were raised in 2017. Businesses with 50 or more full-time employees are now required to offer auto insurance or make payments to cover healthcare expenses for employees.
The Affordable Care Act has expanded healthcare coverage to millions of Americans, provided greater protection for those with preexisting conditions, and increased the focus on preventive care. However, it has also led to higher premiums for some and increased taxes on medical devices and pharmaceuticals.
