17 Things You Didn’t Know About Obamacare
8 years of Barrack Obama granted a lot of America’s wishes. For starters, he proved to the entire world that inspiration, intelligence and grace can overcome even the largest obstacles. I mean, being the first African-American president is nothing to shake a stick at.
One of the largest holdovers of Obama’s legacy is Obamacare, more formally known as the Patient Protection and Affordable Care Act. The goal: to increase health insurance quality and affordability while also lowering the number of Americans without health insurance.
The Trump Administration has made a lot of bold, pre-office claims. One of them is to rid Americans of the “incredible economic burden,” of Obamacare. Today on Healthversed, we’ll explore the pros, cons and everything else that you need to know about the Affordable Care Act.
Get It or Pay
The Affordable Care Act (referred to from here on in as the ACA), requires all uninsured Americans to get and keep medical insurance. It’s referred to as the Individual Mandate.
Disobeying the Individual Mandate results in a mandatory opt-out fee called the Individual Shared Responsibility Payment. But you can opt out of that too, provided you qualify for one of these exemptions.
One Giant Leap
The Obamacare statute was the most significant revamp of the American healthcare system since the invention of Medicare and Medicaid back in 1965.
For the uninitiated, Medicare is a payroll-taxed health care service that provides seniors 65 years of age and older with health insurance. And Medicaid was designed to provide low-income Americans with government-managed financial aid to help cover medical expenses.
Medicaid on Steroids
When the ACA became law, it dramatically expanded the eligibility for and Federal funding of Medicaid in most states. As of 2010, US citizens and legal residents with income up to 138% of the poverty level now qualify for Medicaid. That works out to about $16,243 US per person or $33,465 for a family of four.
It’s not exactly that simple, though. Your home state had to have agreed to the Medicaid expansion. States that have currently opted out of the Medicaid expansion include Texas, Florida, North and South Carolina, Virginia and more.