One of the most talked-about accomplishments during the Obama presidency is the passing of the Affordable Care Act (ACA). Through this legislation, millions of Americans were provided with access to healthcare. The healthcare and medical fields had never really been regulated by the federal government in this way, with practices being free to establish their own costs of services and use chargemaster software to ensure accuracy in billing. However, the regulatory influence altered the price of insurance and established caps on the rising costs of care. Here are some of the benefits of the ACA.
- It put the breaks on health care costs that were keeping many people from receiving preventive care and diagnostic services.
- It requires all insurance plans to provide treatment for mental health, chronic diseases, and addictions.
- It established inclusive measures with insurance coverage, requiring that no individual be denied a plan for a preexisting condition.
- The plan removed annual coverage and lifetime limits. Many insurance companies would cap payouts, but now the $1 million limit has been eliminated.
- Children are able to receive healthcare through their parent’s insurance plans until they turn 26 years old. This change alone provided more than 3 million young people with insurance coverage.
- States must establish insurance exchanges or direct citizens to the federal exchange in order to ship for an insurance plan. These are reduced cost plans that can accommodate a variety of financial situations.
- Tax credits are issued to those who are considered the middle class for the cost of their premiums, while government help was expanded to 138% of the poverty level.
- It required that companies with more the 50 employees on the payroll provide access to health insurance through a company plan. These businesses also receive a tax credit to offset the costs.
Even though many were opposed to the idea of government interference, granting access to medical care helps take care of the country’s citizens. A healthier population increased the potential for employment, industry, and the economy.