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Tag Archives: Affordable Care Act

Why the Affordable Care Act May Not Go Away

Though many consider it inherently flawed, the Patient Protection and Affordable Care Act, also known simply as the Affordable Care Act (ACA), a bill President Barak Obama signed into law March 23, 2010 (hence the moniker Obamacare), has held its own despite numerous attempts by Republicans to repeal it. A CNN Poll conducted in March, 2010 showed that only 39 percent of Americans favored the ACA, while a whopping 59 percent disapproved.

The ACA’s Two Mandates

The controversy stems in part from two much-maligned provisions: the individual and employer mandates. The first compels people to buy health insurance or pay a fine.  The second, also under threat of a fine, requires a business with at least fifty people on its payroll to provide health insurance to its employees. While the ACA adds millions of people to the health insurance rolls, expands Medicaid, the insurance plan that provides free medical services to low-income Americans, bans denial of coverage because of a pre-existing condition, premiums for some have apparently skyrocketed.

Latest Attempt to Repeal the ACA

The GOP has made valiant attempts to overturn the bill, including the latest attempt, President Donald Trump’s glowing debacle in March, 2017, which cast an embarrassing light on the president and Republican House Speaker Paul Ryan. Now the ACA appears to have become baked in the system, with no sign that it will go away.

Why?

Public Opinion Changes Course

For one thing, public approval for the ACA soared to an all-time high this year, a signal that repealing it could be disastrous for the Republicans during the mid-term elections. The fog of complexity that envelopes this divisive issue may serve as an omen for those who wish to reverse it.

“Repeal and Replace”

In response to Trump’s promise to “repeal and replace” the ACA, Ryan introduced a healthcare plan that, according to the Congressional Budget Office (CBO), would have left 14 million Americans without health insurance by 2018, and 24 million by 2026.

Clash Within the GOP

Consequently, moderate Republicans, especially those whose constituents have benefited from the ACA, voted against the GOP’s newest repeal effort. Republicans in the far right wing of the party, however, didn’t think it went far enough. They wanted to slash more benefits. Consequently, they too voted no. This clash revealed intractably deep divisions in the Republican Party over healthcare. That and the wave of public sentiment supporting the ACA will likely present a hurdle in future repeal efforts.

For more information on the Affordable Care Act, please contact us. Thank you.

More In-Depth Financial Literacy is Crucial to Getting the Most out of the Affordable Care Act (ACA)

The Affordable Care Act was designed and passed into law to ensure that every single American had health insurance. This law has brought about a lot of big changes to healthcare. The main aim was to provide affordable health care options to every single American. However, without a solid understanding of all of the financial options most people do not fully benefit from this comprehensive new law.

Coverage through the ACA has been expanded including state insurance exchanges, the expansion of Medicaid, and inclusion of the individual mandate. While more Americans than ever can now afford health insurance, the ACA has also created a complex set of new choices for the consumer that includes a number of new penalties, subsidies, and plans to choose from. Research into financial literacy when it comes to health insurance is very limited at best, but researchers have found that when it comes to retirement, debt, and financial planning the average consumer is often lacks the basic understanding, confidence, and ability to make financial decisions that are in their best interests.

Applied to the ACA financial literacy should be a paramount concern for consumers. The more effectively you can navigate the myriad of options laid out by the ACA the more you will be able to benefit from all it has to offer. This is very important especially to consumers who are considered low-income. There are a number of subsidies and tax credits available that are all designed to ensure that healthcare is affordable to everyone, but if you lack the skills necessary to make the best decisions in these regards you may not only find yourself not getting as much in subsidies and tax credits but you can also be penalized financially.

It is important to understand all of the facets of the Affordable Care Act before you make a decision regarding your healthcare. Contact us to learn more about the ACA and the options it offers.