OBAMA CARE

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SYMBIOSIS COLLEGE OF ARTS AND COMMERCE

What is Obama Care?

▪ The official name “Obama Care” is the Patient Protection Act and Affordable Care (PPACA), or Affordable Care Act (ACA) for short.

▪ “The ACA was signed into law to reform the health care industry by President Barack Obama on March 23, 2010 the and upheld by the Supreme Court on June 28, 2012”- copied WIKIPEDIA.

▪ The aim is to provide more Americans access to affordable health insurance, quality, and reduce the growth of US health spending.

Why Does the Health Insurance Industry Need Obama Care’s Reforms?

▪ PBS reports that 44 million Americans are currently UNINSURED. Part of this is due to the extraordinary costs of quality health insurance in the United States.

▪ The Medicinal prescription part D “donut hole” coverage gap was leaving seniors unable to afford their medication.

▪ Insurance companies could drop you for being sick or stop treating you when you reached annual or life-time limits. Over 60% of bankruptcies were related to medical costs.

Timeline Of Open Enrolment Dates 

▪ Open enrolment is the only time when you can enrol in a plan; change plans, or apply for cost assistance unless you qualify for a special enrolment period. Each year there is an annual open enrolment period.

Open enrolment for 2014 ran from October 1st, 2013 – March 31st, 2014

Open enrolment for 2015 ran from November 15th, 2014 – February 15th, 2015.

Open Enrolment for 2016 ran from November 1st, 2015 – January 31, 2016.

Open Enrolment for 2017 will begin November 1, 2016, and will end on January 31, 2017.

How Obama Care Works??

▪ Obama Care changes:

▪ WHAT YOU BUY: If your insurance plan by 2013 doesn’t matches government standards, you have to purchase a new standard to avoid tax penalty. New plan covers 10 standard essentials benefits.

▪ HOW YOU BUY: Medical history can be used to define medical insurance to you or charges more. No more complicating questions will be asked and no more waiting.

▪ WHEN YOU BUY: In most states there will be one OPEN ENROLMENT PERIOD per year. When people want health insurance are guaranteed to have their applications approved. If you miss OPEN ENROLMENT PERIOD and go uninsured for more than 3 months OBAMA CARE may impose penalty tax on you.

Types of Health Insurance Plans

▪ There are four types of Medicare plans: Bronze, Silver, Gold and Platinum.

▪ Bronze Plans, the Cheapest Premium: Bronze plans provide an average cost sharing value of 60%.

▪ Silver Plans, the Marketplace Standard: Silver plans provide an average cost sharing value of 70%.

▪ Gold Plans: 80% Average Cost Sharing… But Higher Premiums.

▪ Platinum Plans, the Highest Premiums: Platinum plans are designed to cover 90% of out-of-pocket costs on average.

Benefits of Obama Care…

▪ Stopping insurance companies from denying coverage, dropping you or charging you more based on health status.

▪ Stopping insurance companies from imposing unjustified rate hikes.

▪ Providing tax breaks to small businesses for offering health insurance to their employees.

Improving the SOCIETY….

▪ 2013, there were 42 million uninsured Americans. By February of 2015, that number had fallen to 25.8 million. Obamacare will save an estimated 24,000 lives a year.

▪ All racial and ethnic groups showed increase in coverage, but the biggest improvement came among minority groups..

▪ Since 2013 a significant 5.5 percentage point decline in the uninsured rate among women between the ages of 18 and 64.

FUNDING???

▪ Obama Care’s cost: It is currently estimated at a net cost of $1.207 trillion dollars by 2025.Due to the insurance related provisions, 6 in 10 Americans can get covered for $100 or less.

▪ Obama Care is paid for by taxes collected, penalties, and reforms to the health care industry. This money is used to fund the program, improve Medicare.

▪ Obama Care will cost most of us between 2% and 9.5% of our income after cost assistance.

Obama Care Cons

▪ Taxes Are Going up as a Result of the ACA: In order to get the money to help insure all these people, there are new taxes. The taxes are directly affecting the individual mandate and the employer mandate.

▪ “In order to get many of the exemptions, you’ll need to submit a form to HealthCare.Gov or file the 8965 – Exemptions form. "Copied- WIKIPEDIA.

▪ You Can Be Fined if You Don’t Have an Insurance: The goal of Obamacare is for people to be insured year round. If you’re uninsured and don’t obtain an exemption, you must pay a penalty.

MY OPINION..

▪ OBAMA CARE was launched to provide an insurance to every Americans but there are still 18 million people who remain uninsured but are eligible for coverage. Engaging and enrolling these individuals is key to ensuring sufficient risk-pooling.

▪ With the minimum coverage requirements and elimination of denying coverage, exchange plans have higher premiums which some Americans can’t afford leading to Growing Underinsured Population.

▪ With Americans paying more out-of-pocket for their health care, some are avoiding the doctor altogether: 1 in 4 adults with higher cost sharing skip care and nearly half (46%) of insured low-income adults “not gone to the doctor when they were sick”.

THANK YOU..