The Patient Protection and Affordable Care Act became law on March 23, 2010. Many of its provisions will be implemented for a period of time beginning in 2010. PPACA’s primary goal is to ensure that people have access to quality, affordable healthcare solutions and contain rising healthcare costs.
PPACA seeks to do this by reforming health insurance. There are nine titles in the act. Each title addresses a specific component of the reform. Discover more about the Affordable Care Act by browsing the internet.
Here is a summary of some of the key elements of PPACA:
• Everyone who is not yet covered by an employer-sponsored health plan, Medicare, or Medicaid, must purchase a health insurance plan or pay a penalty. This is also known as an individual mandate.
• All new individual health insurance plans offered for 2014 must be guaranteed to be issued. Guaranteed issue means that a health insurance policy must be offered to anyone regardless of their pre-existing condition or gender and must be offered at the same premium.
• Health insurance exchanges will be created in each state. Exchanges are where individuals and small employers can compare and buy health insurance policies. States can opt out and there will be a federally regulated multi-state plan (MSP) insurer available to all states. States can also request an exemption if they have an alternative health care plan that meets certain criteria.
• Small businesses may be eligible for subsidies if they purchase insurance on the exchange.
• Businesses that do not offer insurance to their employees and employ more than 50 people may pay a shared responsibility requirement if the government subsidizes an employee’s health care.