As expected of any large-scale reform, Obamacare has endured its share of criticisms from Republicans who oppose the Affordable Care Act. It can be difficult for the average person to separate the hype and propaganda from reality. While everyone isn’t likely to be happy with any new law all of the time, here are some of the ways in which Obamacare is aimed at improving the quality of your health insurance policy.
- Pre-existing conditions – Under the new law, you’ll no longer be denied health insurance due to a pre-existing condition as of January 1, 2014. You can shop now for a policy that will begin with the new year. This comes as good news for pregnant women who need coverage, those who suffer an chronic illness, and people who have had cancer or other high-risk illnesses in the past.
- Comprehensive coverage – While some Americans are upset at losing their previous insurance plans, analysts say most of these plans are being dropped because they no longer comply with new laws that protect patients. Part of Obamacare requires insurance plans to cover ten essential benefits, such as prenatal care, mental health care, and preventive services which are now available to everyone who has health insurance.
Your children can stay on your plan longer. Under the new laws, you can continue insuring your children until age 26. This is great news for young adults who are still in college and cannot afford their own plans, or those who are still building their careers.
Plans will be rated. When you sign onto a health insurance exchange website, such as Covered California, plans will be rated as bronze, silver, gold or platinum. These ratings are determined by the amount of each plan’s deductible and out-of-pocket expenses. In the past it was more difficult to compare plans and choose one that fit your budget; now these ratings will help you find a quality health insurance plan without so much hassle.
No more spending caps. In the past, health insurance was limited by annual or lifetime spending caps. Many Americans were forced into bankruptcy when a bad accident or serious illness exceeded these limits. Now, you will continue to receive coverage no matter how much an illness or injury costs.
Steve Amante is the President and CEO of Amante & Associates Insurance Solutions, Inc. To learn more about Healthcare Reform contact Steve Amante or Frank Faldmo the firm’s Employee Benefits Advisor at (951) 676-8800 or visit: www.amanteandassociates.com