What is the Affordable Care Act quizlet?
Asked by: Garrett Crona DVM | Last update: July 28, 2022Score: 4.1/5 (54 votes)
more widely known as the Affordable Care Act or Obamacare. The act was enacted to expand coverage, hold insurance companies more accountable, lower healthcare costs, give people more choice for insurance, and increase the quality of healthcare/ health insurance.
What is the Affordable Care Act in simple terms?
The Affordable Care Act (ACA) is a comprehensive reform law, enacted in 2010, that increases health insurance coverage for the uninsured and implements reforms to the health insurance market. This includes many provisions that are consistent with AMA policy and holds the potential for a better health care system.
What is the main purpose of the Affordable Care Act?
The Patient Protection and Affordable Care Act (ACA) has 3 main objectives: (1) to reform the private insurance market—especially for individuals and small-group purchasers, (2) to expand Medicaid to the working poor with income up to 133% of the federal poverty level, and (3) to change the way that medical decisions ...
Why is the Affordable Care Act important quizlet?
An act enacted to increase the quality and affordability of health insurance, lower the uninsured rate by expanding public and private insurance coverage, and reduce the costs of healthcare for individuals and the government.
What were the three key features of the Affordable Care Act?
Lifetime Limits: Insurers are not allowed to set a maximum dollar amount they will pay for key health benefits. Young Adult Coverage: Dependent adults up to age 26 will be allowed to stay on their parents plan. Preventative Care: All new health plans must cover preventive care and certain medical screenings.
How Does The Affordable Care Act Work?
What are the two main goals of the Affordable Care Act?
The primary goals of the Affordable Care Act were to make health insurance more affordable, to institute consumer protections, and to increase the number of people covered by health insurance. One significant product of the ACA was a health insurance marketplace (also called an exchange) run by the federal government.
What are the benefits of the Affordable Care Act?
- Increased health coverage.
- Better access to health care.
- Better health outcomes, including fewer premature deaths.
- More financial security and opportunities for economic mobility.
- Lower uncompensated care costs.
- A stronger response to COVID-19.
What was the primary goal of the Affordable Care Act quizlet?
The ACA was enacted with the goals of increasing the quality and affordability of health insurance, lowering the uninsured rate by expanding public and private insurance coverage, and reducing the costs of healthcare for individuals and the government.
Who does the Affordable Care Act help?
The law provides consumers with subsidies (“premium tax credits”) that lower costs for households with incomes between 100% and 400% of the federal poverty level (FPL).
Who pays for the Affordable Care Act?
Under the ACA, the federal government pays 100 percent of the coverage costs for those newly insured under Medicaid expansion. After 2016, the federal share shrinks to 90 percent, which is still considerably more than the pre-ACA level.
What are the most important elements of the Affordable Care Act?
- Make affordable health insurance available to more people. ...
- Expand the Medicaid program to cover all adults with income below 138% of the FPL. ...
- Support innovative medical care delivery methods designed to lower the costs of health care generally.
Is Affordable Care Act good?
Conclusion. The ACA has helped millions of Americans gain insurance coverage, saved thousands of lives, and strengthened the health care system. The law has been life-changing for people who were previously uninsured, have lower incomes, or have preexisting conditions, among other groups.
What are the problems with the Affordable Care Act?
The Problem: Affordability
The ACA set standards for “affordability,” but millions remain uninsured or underinsured due to high costs, even with subsidies potentially available. High deductibles and increases in consumer cost sharing have chipped away at the affordability of ACA-compliant plans.
What are the cons of the Affordable Care Act?
- The cost has not decreased for everyone. Those who do not qualify for subsidies may find marketplace health insurance plans unaffordable. ...
- Loss of company-sponsored health plans. ...
- Tax penalties. ...
- Shrinking networks. ...
- Shopping for coverage can be complicated.
What are the major provisions of the Affordable Care Act quizlet?
- Individual mandate.
- health insurance reforms.
- Essential Health benefits.
- Affordable insurance exchanges.
- Premium Credits to Eligible Individuals and Families.
- Employer Requirements.
- Premium Subsidiaries to Small Employers.
- Early retirement reinsurance program.
How does the Affordable Care Act affect the economy?
In reviewing evidence over the past five years, this report concludes that the ACA has had no net negative economic impact and, in fact, has likely helped to stimulate growth by contributing to the slower rise in health care costs.
Why the Affordable Care Act failed?
Not only did the ACA fail to control the rising cost of insurance, but it also failed to make health care and prescribed medicines affordable. According to a West Health and Gallup, 30 percent of surveyed individuals did not seek needed medical treatment due to the cost from September to October 2021.
Why is the Affordable Care Act controversial?
The ACA has been highly controversial, despite the positive outcomes. Conservatives objected to the tax increases and higher insurance premiums needed to pay for Obamacare. Some people in the healthcare industry are critical of the additional workload and costs placed on medical providers.
Why do doctors not like Obamacare?
Dr. Richard Amerling, a New York City physician who is president of the AAPS, said Obamacare has set up a “bad business model” for private physicians. Doctors, he said, can't adjust their rates to keep up with expenses. In addition, electronic record keeping is a burden both in terms of cost and time.
How does the Affordable Care Act affect community health?
The Affordable Care Act provides $11 billion to bolster and expand community health centers over the next 5 years. $1.5 billion will support major construction and renovation projects at community health centers nationwide. $9.5 billion will: Create new community health center sites in medically underserved areas; and.
Did Affordable Care Act raise taxes?
It's been estimated that the ACA will raise taxes by $813 billion over 10 years. Over 12 of these new taxes will be on families making less than $250,000 a year.
Is ObamaCare free?
ObamaCare is Free
ObamaCare is a law that requires compulsory or mandatory insurance – not healthcare. We are all required to buy insurance that is subsidized by our employers and/or possibly the government. Employers are only required to pay up to 60% of the cost of insurance premiums.
How much is Obamacare monthly?
On average, an Obamacare marketplace insurance plan will have a monthly premium of $328 to $482. This cost is before Premium Tax Credits have been applied, which people can receive if they are between 139-400% of the Federal Poverty Levels.
What happens if you can't afford healthcare in America?
Without health insurance coverage, a serious accident or a health issue that results in emergency care and/or an expensive treatment plan can result in poor credit or even bankruptcy.
When did Obamacare end?
In May the United States House of Representatives voted to repeal the ACA using the American Health Care Act of 2017. On December 20, 2017, the individual mandate was repealed starting in 2019 via the Tax Cuts and Jobs Act of 2017.