You’ve heard about it. You may actually already be participating in it. The Affordable Care Act is nearing the final phase of its nationwide implementation.
The Affordable Care Act actually refers to two separate pieces of legislation: the Patient Protection and Affordable Care Act, and the Health Care and Education Reconciliation Act.
Together they expand Medicaid coverage to millions of low-income Americans and are intended to expand coverage for all Americans.
WHAT IT DOES
The Affordable Care Act at its most basic helps to expand coverage, hold insurance companies accountable, lower costs and guarantee more choices for health treatment.
The act is meant to fill in current gaps and make overall improvements of the quality of care. It is comprised of various program and funding requirements circumstantial to age and medical history.
The new law requires most health plans that cover children to expand their coverage for children up to age 26.
This means more affordable coverage for young adults, as well as peace of mind for mom and dad who beforehand may have worried about helping their child muddle through seemingly endless options to find quality insurance.
The new policy was enacted as part of the act and took effect for insurance plan renewals beginning in September 2010.
Estimates from the National Center for Health Statistics showed an immediate impact on the most underinsured segment of the American population, with the addition of 2.5 million young adults who gained coverage.
Backers of the law say it also strengthens Medicare, cracking down on waste, fraud and abuse, while also providing new protection offering seniors a range of preventative services with no cost-sharing.
It closes the coverage gap — known as the “donut hole” — to provide discounts on drugs when within that time frame.
And seniors need not worry about their existing guaranteed Medicare-covered benefits being reduced or taken away. The government will not require a change in that regard, nor in your ability to choose your own doctor.