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The Affordable Care Act or nicknamed as Obamacare Act was introduced by the US constituency in order to seek reform and redesign the health care system present in the United States. The Act is called Obamacare because it was constituted under the presidential term of US president Barack Obama. Through this act the US government tried to address the health crisis that the US citizens were facing like increase in the rate of uninsured individuals and families, unparallel rise of premium amounts and malpractices on the part of doctors and health insurance providers. Although many are aware about the various aspects of the ACA but for those who are not below is a brief analogy on everything you need to know about ACA.
The ACA was signed by President Barack Obama in 2010 but after a lot of debate and hassles the Supreme Court finally passed it in 28th June, 2012. This law mandated every citizen of US be it a child, adult or senior citizen to purchase health insurance coverage every year either from a government approved insurance provider or via their company owners. The insurance plans can be purchased from the government website which is popularly nicknamed as Marketplace during the Open Enrollment Period. Failing to do so willingly will attract fines in the form of higher taxes from the individual at the end of the year. If an individual is unable to purchase any plan due to low income then subsidies will be provided to him on behalf of the government.
The ACA strives to fulfill below mentioned goals:
The rates of the ACA differ from state to state and so is the amount of subsidies. All the plans that are offered are classified into 4 major categories. They are
Each of the categories is targeted for specific groups of people according to their age and income levels and has their own array of benefits.
Basically Obamacare works on the principle of collective responsibility. The young and rich are charged more premium rates and the poor especially those that fall under the Federal Poverty Line are provided substantial relief so that everyone can avail a health insurance. Till date around 28 states of the US have enrolled for the ACA and millions of Americans have become privy to the benefits of the Affordable Care Act.