Daniel Stewart

How the Affordable Care Act Benefits You

Over a decade ago, the Affordable Care Act (ACA) became law and made health coverage available to millions. While the ACA was undoubtedly a topic of contention, there's no denying that it benefited most Americans.

How does the ACA help you? Read on to find out!

More Accessible Health Coverage

One of the most noteworthy changes that came with the introduction of the ACA is better access to health insurance. Over the last decade, the ACA helped about 20 million people get coverage. The uninsured rate dropped from 16 percent in 2010 to just 9 percent in 2016.

But that's not all. The act also made insurance more affordable. Financial assistance made it possible for low-income individuals to get the coverage they needed. However, the ACA also allowed for high deductible health plans.

What is a high deductible health plan? It's a plan with lower monthly premiums and higher deductibles. Many of these plans make members eligible for a health savings account, providing more options to control healthcare costs.

Protection from Healthcare Discrimination

Before the ACA, insurance companies routinely denied coverage to those with pre-existing conditions. Not only that, but they often charged different premiums based on gender or overall health status. Pair that with lifetime or annual limits, and many Americans were left with few options to deal with major health crises.

Luckily, the ACA ended those discriminatory practices. Protections for people with pre-existing conditions and guaranteed issue ensures that no one is denied based on their health.

Medicaid Expansion

What is a high deductible health plan, and why would you need one? An HDHP is excellent for individuals looking to invest in an HSA and keep premium costs low. But for many Americans, even low-premium plans weren't enough to get coverage.

The ACA greatly expanded Medicaid. Medicaid covers low-income individuals, senior citizens, those with disabilities, and more. The ACA pushed states to expand coverage, leading to 12.7 million more people accessing better healthcare.

The Affordable Care Act is not without its detractors. However, it's made a significant difference in healthcare access in the United States.

Author Resource:-

Daniel Stewart has been helping people with their money management and personal finance with over 15 years' experience in business finance. You can find his thoughts at savings guide blog.