5 Things The Affordable Care Act (ACA)

Today, we’re going to be talking about 5 things the Affordable Care Act (ACA). The Affordable Care Act benefits all Americans increasing access to quality, affordable health insurance and providing rights and protections that make health coverage more fair and easy to understand.

The increased access to insurance options helps narrow geographic, economic, and racial disparities in healthcare coverage. Here are 5 things to know about the Affordable Care Act, also known as the ACA.

First, The ACA produced widespread gains in health coverage. Over 20 million people gained insurance, including individuals who can stay on their parents' plan until they're 26. 

Second, The Affordable Care Act protects Americans with pre-existing conditions like cancer, asthma, or diabetes. Insurance companies can't deny coverage based on a person's medical history or health status. The law also prevents insurers from setting annual or lifetime limits on spending.

Third, The ACA focuses on preventive care. It ensures that most insurance plans fully cover the cost for certain recommended preventive services. Colonoscopies, mammograms, well-child visits, and flu shots, for example, are provided at no cost to the patient thanks to the ACA.

Fourth, The ACA improves health care for women and children. The law prevents insurers from charging women higher premiums than men, and requires insurers to cover maternity care, breastfeeding support, birth control, and other services critical to the health of women and children. And Medicaid expanded to include millions of low-income individuals and families who did not previously qualify for coverage.

Fifth, The Affordable Care Act is better than ever. Coverage options are increasing, and costs are decreasing. President Biden's economic stimulus package, the American Rescue Plan, ensures that many people who enroll in health coverage through HealthCare.gov will qualify to save money on plans that meet their needs. Many premiums will decrease, on average, by $50 per person per month and $85 per policy per month. 4 in 5 consumers will be able to find a plan for $10 or less. I hope you enjoyed this session on everything you need to know about 5 Things The Affordable Care Act (ACA). So always be sure to contact a professional before making any financial decisions.