As every tax-paying American knows, the healthcare industry was turned upside down when Obama implemented a completely new system. Though many people like to refer to the change as Obama-care, its true name is the Patient Protection and Affordable Care Act (PPACA) that was signed by President Obama in March of 2010. And it completely changed the rules regarding healthcare and insurance.
Now people are required to have health insurance or they will need to pay fines, and one of the main goals of the program was to make it easier and more inexpensive to get coverage. In addition, components of the ACA were created specifically to crack down on abusive and predatory insurance practices and tried to combat the staggering cost of healthcare. Many agree that the PPACA is the largest change to our healthcare infrastructure since 1965 with the introduction of Medicaid and Medicare.
Effectiveness and Outcomes of the Act
Whether you are for against the decision our current President made regarding the massive overhaul of the healthcare system, people cannot deny the quantifiable outcomes of the Act. According to The New York Times, the PPACA was very effective at reducing the number of people who lacked health insurance. And of the 7.3 million people who stayed with a private provider, approximately 85% were eligible for federal subsidies that would help cover the cost of premiums. While it may be true that the cost of healthcare is still rising, many attribute the reduction in the rate that healthcare costs rise annually to the PPACA. But what is the end result? Has the PPACA positively affected the health and lives of US citizens? Experts claim that it is still too early to know if the PPACA has improved the livelihoods of citizens seeking healthcare.
The Uninsured Population
And even though there has been a drastic reduction in the number of people uninsured, there are still many people who lack health insurance. Originally, the estimated goal was that the PPACA would reduce the number of uninsured individuals by about 60% (32 million people) by 2019 – which is when the PPACA would be in full swing. Some provisions still have not come into effect, and the government projects that there will still be some 23 million individuals without insurance.
The General Acceptance of the PPACA
As humans, we tend to dislike change. And when the PPACA was first introduced, there were many people who were starkly opposed to healthcare reform. The American population had a poor reaction to it when it was first introduced. In fact, polls showed that in 2013 only 40% of those polled supported the PPACA while 51% were against it. But as time moved forward, it slowly gained traction and acceptance. Today the majority of the population is in favor of the PPACA, but it has created its fair share of headaches and challenges.
Finding the Right Insurance
If you need help finding insurance that is perfect for your situation, reach out to Benefits Age today. Though the PPACA has changed health insurance dramatically, we can help you understand the intimate details of how to properly protect the future of your health.