Affordable Care Health Insurance
The Affordable Care Act is a federally-mandated health care and health insurance law. The Affordable Care Act put in place comprehensive health insurance reforms that have improved access, affordability, and quality in health care for Americans. It guarantees that more Americans can afford to buy health insurance by providing financial assistance to help people pay for coverage. Because of the new consumer protections, several groups of people will no longer have to worry about obstacles to health coverage like they have in the past.
Key Features of the Affordable Care Act Include:
- Expanded Medi-Cal: Medi-Cal now covers adults without children with incomes up to 138% of Federal Poverty Level (FPL)
- Prohibiting Denying Coverage of Children Based on Pre-Existing Conditions. Insurance companies can no longer deny coverage to anyone with a pre-existing condition and a medical exam is no longer required to qualify for coverage.
- Prohibiting Insurance Companies from Rescinding Coverage. In the past, insurance companies could search for an error, or other technical mistake, on a customer's application and use this error to deny payment for services when he or she got sick. The health care law makes this illegal.
- Eliminating Lifetime Limits on Insurance Coverage. Insurers are not allowed to set a maximum dollar amount they will pay for key health benefits.
- Regulating Annual Limits on Insurance Coverage.
- Offering Relief for 4 Million Seniors Who Hit the Medicare Prescription Drug “Donut Hole.”
- Preventing Disease and Illness. Preventative Care: All new health plans must cover preventive care and certain medical screenings.
- Increased Accountability for Insurance Companies: Insurers must justify any premium increase of 10% or more before the rate takes effect. Rate reviews protect individuals and businesses from unreasonable insurance rate increases.
For more information about the Affordable Care Act and Health Insurance, call (312) 600-7084 to contact our health insurance specialist.
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