The Affordable Care Act, which is better known by its shorthand Obamacare, has presented as a mixed bag since its passage.
In one corner, it's reduced the uninsured rate in America to its lowest levels on record, and it's allowed consumers who were previously shut out of the healthcare system because of their low income or pre-existing medical conditions the chance to get health insurance. The latest update from the Centers for Medicare and Medicaid Services showed that 84% of Obamacare marketplace enrollees qualified for the Advanced Premium Tax Credit, which helps substantially lower monthly premium costs for individuals and families earning less than 400% of the federal poverty level.
Looked at from another angle, Obamacare has also been a disappointment. It was designed to promote competition and transparency, but an influx of sicker patients who had been on the outside looking in before its implementation have skyrocketed insurers' medical costs. The end result has been consistent losses for even the largest insurers, with many now significantly scaling back their coverage. Less choice often means higher prices for the consumer. In the upcoming year, average benchmark plan premiums, the second lowest-cost "silver" plan, are slated to rise by a whopping 25% for the more than three-dozen states covered by the federally run HealthCare.gov.
Not all consumers have used the transparent data to their advantage, either. Well over a million existing ACA members are automatically re-enrolled every year. While re-enrolling generally helps keep your coverage and primary-care physician the same, it could mean ignoring the chance to shop around for a cheaper plan that offers a better bang for your buck.
Obamacare's days appear numbered
But the Obamacare we've all become accustomed to in recent years could be on its way out if President-elect Donald Trump and the Republican-led Congress have their way.
In one corner, it's reduced the uninsured rate in America to its lowest levels on record, and it's allowed consumers who were previously shut out of the healthcare system because of their low income or pre-existing medical conditions the chance to get health insurance. The latest update from the Centers for Medicare and Medicaid Services showed that 84% of Obamacare marketplace enrollees qualified for the Advanced Premium Tax Credit, which helps substantially lower monthly premium costs for individuals and families earning less than 400% of the federal poverty level.
Looked at from another angle, Obamacare has also been a disappointment. It was designed to promote competition and transparency, but an influx of sicker patients who had been on the outside looking in before its implementation have skyrocketed insurers' medical costs. The end result has been consistent losses for even the largest insurers, with many now significantly scaling back their coverage. Less choice often means higher prices for the consumer. In the upcoming year, average benchmark plan premiums, the second lowest-cost "silver" plan, are slated to rise by a whopping 25% for the more than three-dozen states covered by the federally run HealthCare.gov.
Not all consumers have used the transparent data to their advantage, either. Well over a million existing ACA members are automatically re-enrolled every year. While re-enrolling generally helps keep your coverage and primary-care physician the same, it could mean ignoring the chance to shop around for a cheaper plan that offers a better bang for your buck.
Obamacare's days appear numbered
But the Obamacare we've all become accustomed to in recent years could be on its way out if President-elect Donald Trump and the Republican-led Congress have their way.
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