The ACA Explained
The Affordable Care Act expanded access to affordable health coverage in 2010 with the creation of the Health Insurance Marketplace. This added to the already existing programs of Medicaid and The Children’s Health Insurance Program (CHIP), known as Florida Kidcare, which provide free or very low-cost coverage.
The Affordable Care Act re-establishes consumers’ control over their health care. A new “Patient’s Bill of Rights” provides the American people with the tools and resources they need to make informed healthcare decisions under the law.
The primary goals of the law are as follows:
- Make affordable health insurance available to a larger number of people.
- Expand the Medicaid program to cover all adults with incomes less than 138 percent of the federal poverty line. In the State of Florida, this expansion has not taken place.
- Support innovative medical care delivery methods that aim to reduce overall healthcare costs.
The Open Enrollment period to obtain health insurance for 2024, runs from November 1, 2023 to January 15, 2024. Enroll by December 15, 2023 for coverage beginning January 1, 2024.
During the annual open enrollment period, millions of Americans enroll in ACA-compliant health plans (OEP). Many Americans, however, can enroll outside of the OEP if they have a qualifying life event that qualifies them for a special enrollment period.
- Pre-existing condition exclusions for children are eliminated: Health plans can no longer deny or limit benefits to children because of a pre-existing condition.
- Protects young adults: Based on age, young adults may be eligible for coverage under your parent’s health insurance plan.
- Ends arbitrary insurance coverage withdrawals: Insurers can no longer cancel your coverage simply because you made an honest mistake.
- Ensures your right to appeal: You now have the option of asking your plan to reconsider its denial of payment.
- Ends lifetime coverage limits: Lifetime limits on most benefits are prohibited for all new health insurance plans.
- Review of premium increases: Insurance companies must now justify any unreasonable rate hikes publicly.
- Assists you in getting the most out of your premium dollars: Your premium dollars must be spent primarily on health care rather than administrative expenses.