Affordable Care Act Essay

1045 words - 4 pages

Running head: AFFORDABLE CARE ACT 1Affordable Care ActStudent's NameInstitutionAffordable Care ActKey features of the Affordable Care ActThe Affordable Care Act aims at creating a robust consumer rights protection, and making health more affordable. ACA is intended to enhance access to care besides making Medicare stronger. The key features of ACA are:Handling of pre-existing diseasesACA stipulates that pre-existing diseases should qualify for health insurance benefits (Ohio State Bar Association, 2014).Medicare BenefitsThe ACA assures Medicare benefits with many preventive free screenings. For example, immunizations, colonoscopy and mammograms services (Ohio State Bar Association, 2014).Cost of Prescription DrugsThe affordable care law will result in prescription medications costing fewer thanks to the gap in payment for the drugs under Medicare segment D. It is targeted that by 2020, the cost will be eventually eliminated (Ohio State Bar Association, 2014).Health Insurance TransparencyACA greatly simplifies the complex health insurance information by requiring all participating health programs to avail uniform and jargon-free summary of their services and limitations (Ohio State Bar Association, 2014).Option on Employer Health Insurance CoverageIf satisfied by the employer's insurance coverage, an employee is not required to do anything. In a case that the employee is uncomfortable with the provided insurance coverage; he or she is given the option to purchase coverage through their state's health insurance exchange. Alternatively, the discontented employees can do so via the federal program where no state exchange exists (Ohio State Bar Association, 2014).Increased Access to Health InsuranceACA makes it possible to purchase coverage via state health insurance exchanges. Health insurance exchanges refer to online marketplaces where firms compete for consumers. Alternatively potential consumers of insurances covers can buy them via the federal website (Davidson, 2013).Mandatory Health Insurance PurchaseEffective April, 2014 taxpayers are not enrolled to any health insurance cover and will be required to pay a special tax on their annual tax return. However, individuals under employer insurance, Medicaid or Medicare are exempted from this penalty (Davidson, 2013).Incentives for states with expanded Medicaid programsACA provides for eligibility to a subsidy to low-middle income persons and family members below 65 years in an effort to aid them meet their insurance cost. At the moment, individuals with below $44, 680 qualify for a tax credit refund for buying their health insurance (Davidson, 2013).Describe the Implications to ConsumersConsumers with pre-existing conditions will enjoy coverage. In addition, health plans will no longer limit benefits to children 19 years due to a pre-existing illness. Furthermore, persons below 26 years but adults qualify to be insured under their parents' health plan. ACA ends lifetime bounds on insurance coverage...

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