ACA Pros and Cons: Will It Last?

LAS VEGAS - Oct. 12, 2022 - PRLog -- The Affordable Care Act was signed into law over a decade ago with the purpose of making affordable, high-quality health insurance available to everyone regardless of employment status or income. It also put new protections into place for consumers to help prevent high health care costs or denied coverage.

As a result of the ACA, many who had not been able to get health insurance due to limited means or pre-existing conditions could obtain coverage. While a lot of good has come from the law, there have been serious downsides as well, leaving many to wonder whether the ACA will stand the test of time or be repealed and replaced.

The Benefits of the ACA
More accessible coverage. Within the first five years after the ACA was signed into law, more than 16 million Americans were able to sign up for health insurance. The majority of the newly insured were young adults.

More affordable coverage. Those that qualify/qualified for a "Subsidy" where the Government helps pay for your health plans, this made the premiums more affordable. Under the ACA, health insurance companies must spend at least 80% of policyholders' premiums on medical care. Only 20% of the money they take in can go towards marketing, overhead and administrative costs. This is called the "Medical Loss Ratio". If the health insurance company does not meet the 80/20 target, it is required to pay back the money from premiums back to the policyholders.

Coverage for those with pre-existing conditions. Prior to the ACA, health insurance companies could deny coverage for pre-existing conditions such as cancer, or birth defects and many other medical conditions. Even if you had very common health conditions like diabetes, they could deny coverage entirely, or some companies would deny coverage for pre-existing conditions up to a time frame, like 1 or 2 years. That depended on the plan.

Coverage for Maternity and Mental Health. Prior to the ACA, major medical plans would most likely not cover maternity, at all, and most plans had no coverage for mental health, but it depended on the plan. There was no coverage for these medical needs.

Read the full article: https://www.nevadainsuranceenrollment.com/aca-pros-cons/

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Website: NevadaInsuranceEnrollment.com