Advantages of Obamacare insurance
Obamacare is an informal term given for the Patient Protection and Affordable Care Act of 2010. The act passed by the Obama administration succeeded in providing health insurance to nearly 50 million people in the country who were not covered up until 2010. Obamacare was especially useful to those people whose incomes were not good enough to be able to afford high premiums levied by private and independent insurance companies.
Obamacare requires people to have health insurance for at least a period of 9 out of every 12 months, or they would be subject to a tax of 2.5% of their income.
People who did not buy health insurance would be levied with a penalty of at least $695. The penalty was introduced in order to compel everyone to get health insurance. Additionally, the Obama administration introduced certain changes such as prohibiting insurance companies to turn down cover to people with existing medical conditions or increasing the cost of their premiums.
Listed below are some of the benefits of Obamacare insurance or the Affordable Care Act (ACT)
- The ACA ensures that most people get health insurance in order to avoid the penalty. By doing so, it brings down premium costs by distributing the risk.
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