What is the Affordable Care Act?
- The official name for “ObamaCare” is thePatient Protection and Affordable Care Act(PPACA), or Affordable Care Act (ACA) for short. The ACA was signed into law to reform the health care industry by President Barack Obama on March 23, 2010 and upheld by the Supreme Court on June 28, 2012.
- The Affordable Care Act’s goal is to give more Americans access to affordable, quality health insurance and to reduce the growth in U.S. health care spending.
- The Affordable Care Act expands the affordability, quality, and availability of private and public health insurance through consumer protections, regulations, subsidies, taxes,insurance exchanges, and other reforms.
- Open Enrollment 2015 ended February 15th, 2015. Open enrollment is the only time you can get Minimum Essential Health Coverage for 2015 without qualifying for Special Enrollment. Open Enrollment 2016 will run from November 1st, 2015 – January 31, 2016.
- If you are getting cost assistance and your income changes throughout the year make sure to update the Marketplace.
- If you take too much or too little in Advanced Premium Tax Credits you’ll have to adjust them at tax time using form 8962.Other options outside of open enrollment include Short Term Health Insurance, Medicaid, and CHIP.
- 1 in 6 Americans got a Health Insurance Marketplace plan for $100 or less.87% of people who selected a marketplace plan for 2015 got financial assistance.
- The Affordable Care Act does not replace Private Insurance, Medicare, or Medicaid.
- The Affordable Care Act does NOT regulate your health care; it regulates health insurance and some of the worst practices of the For-profit Healthcare Industry.