Affordable Care Act Benefits for You and Me
The Supreme Court upheld President Obama’s Affordable Care Act legislation today. Below are some benefits to the legislation. This text originated from an article posted about benefits to those in Iowa, but the same is true around the country. –Alliance Social Media Staff
The new health care law forces insurance companies to play by the rules, prohibiting them from dropping your coverage if you get sick, billing you into bankruptcy because of an annual or lifetime limit, or, soon, discriminating against anyone with a pre-existing condition.
All Americans will have the security of knowing that they don’t have to worry about losing coverage if they’re laid off or change jobs. And insurance companies now have to cover your preventive care like mammograms and other cancer screenings. The new law also makes a significant investment in State and community-based efforts that promote public health, prevent disease and protect against public health emergencies.
Health reform is already making a difference:
Providing new coverage options for young adults
Health plans are now required to allow parents to keep their children under age 26 without job-based coverage on their family coverage, and, thanks to this provision, 3.1 million young people have gained coverage nationwide.
Making prescription drugs affordable for seniors
Thanks to the new health care law, in the first five months of 2012, 6,368 people with Medicare received a 50 percent discount on their covered brand-name prescription drugs when they hit the donut hole. This discount has resulted in an average savings of $597 per person, and a total savings of $3,799,465 in Iowa. By 2020, the law will close the donut hole.
Covering preventive services with no deductible or co-pay
In the first five months of 2012, 164,636 people with Medicare received free preventive services. Because of the law, 54 million Americans with private health insurance gained preventive service coverage with no cost-sharing.
Providing better value for your premium dollar through the 80/20 Rule
Under the new health care law, insurance companies must provide consumers greater value by spending generally at least 80 percent of premium dollars on health care and quality improvements instead of overhead, executive salaries or marketing.
Removing lifetime limits on health benefits
The law bans insurance companies from imposing lifetime dollar limits on health benefits – freeing cancer patients and individuals suffering from other chronic diseases from having to worry about going without treatment because of their lifetime limits. Already, 1,187,000 residents, including 433,000 women and 311,000 children, are free from worrying about lifetime limits on coverage. The law also restricts the use of annual limits and bans them completely in 2014.
Creating new coverage options for individuals with pre-existing conditions
As of April 2012, 290 previously uninsured residents of Iowa who were locked out of the coverage system because of a pre-existing condition are now insured through a new Pre-Existing Condition Insurance Plan that was created under the new health reform law. To learn more about the plan available in Iowa, check here.
These grants provide the resources needed to conduct the research and planning necessary to build a better health insurance marketplace and determine how its exchange will be operated and governed.
•$7.7 million in Exchange Establishment Grants: These grants are helping States continue their work to implement key provisions of the Affordable Care Act. Learn how the funds are being used in Iowa here.
Preventing illness and promoting health
Increasing support for community health centers
The Affordable Care Act increases the funding available to community health centers in all 50 states.
The law gives states support for their work to build the health care workforce, crack down on fraud, and support public health.
This entry was posted on Thursday, June 28th, 2012 at 1:25 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.