The Affordable Care Act, commonly known and referred to as ObamaCare, was signed into law in March 2010 with the objective of assisting American citizens from lower-income households with receiving healthcare. Americans can opt to stay on their parent or guardian’s ObamaCare plan until their 26th birthday. Exactly a decade later in March 2020, the COVID-19 outbreak was declared by the World Health Organization as a pandemic, and another year later in March 2021, President Joe Biden signed the American Rescue Plan Act, which helped expand upon the Affordable Care Act by “increas(ing) premium subsidies at all income levels for health plans sold in the ACA marketplaces.” Of course, everybody wants to have a good healthcare system that they can rely on, but what exactly are the pros and cons of ObamaCare?
Pros:
- The Affordable Care Act has allowed more Americans to have access to health care who would not otherwise be able to. As of June 2021, 31 million Americans are covered by ObamaCare.
- People who have pre-existing diseases cannot be turned down from the program strictly due to their conditions.
- Prices on prescription drugs have lowered.
- You can opt to have your ObamaCare plan short-term or long-term, as it does not expire.
Cons:
- ObamaCare has been criticized for increasing taxes for those with high incomes. Some people believe that healthcare should be privatized and not handled by the federal government, and that richer people should not be responsible for assisting funding for these programs. Members of Congress who oppose the Affordable Care Act have made numerous attempts to appeal it over the years.
- In response to some businesses not wanting to cover health insurance for full-time employees, they have cut their hours. This, of course, not only means workers not being able to receive health insurance from one’s job but also decreasing one’s overall income.
- Before 2019, individuals with no health insurance could face a fine.
Can You Still Sign Up for ObamaCare?
Yes, but you must wait for certain enrollment periods to apply. Once you have weighed out the ObamaCare pros and cons, you may qualify for the Special Enrollment Period if you are newly married, are having or adopting a child, or if you have recently lost your previous health insurance plan.
Metal Categories of Marketplace Health Insurance
It is also important to get familiar with the four categories: Bronze, Silver, Gold, and Platinum. The higher your plan, the less you pay out of pocket.
How Much Does Obamacare Cost?
There is no fixed cost. Pricing factors will vary depending on your state of residence, age, income, and how many people are in your household. The average national benchmark premium in 2021 was $443 per month, falling from 1.7%. According to Health Care Insider, ObamaCare was the cheapest in Minnesota and the most expensive in Wyoming during 2021.
How Do I Know If I Qualify for A Substity?
Individuals and families whose annual income is no more than 500% of the FPL and cannot purchase any other health insurance plans may qualify for a subsidy for the Affordable Care Act plan.