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What is Obamacare Also Known as the Affordable Health Care Act Explained

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The ObamaCare Act (Affordable Health Care or Affordable Care Act) is a health reform in U.S.A. which extends and improves access to health care and reduces spending by regulations and taxes.

The main objective of the Affordable Health Care Act (Affordable Care Act) is to provide access to more Americans affordable health care by improving the quality of these plans and regulating the industry of health insurance and thus reducing spending. This law contains hundreds of different provisions and is a good option for many.

What Is ObamaCare?

ObamaCare is the unofficial name of the The Patient Protection program and the Affordable Care Act), which is a reform of the health laws signed by President Barack Obama the March 23, 2010. The Affordable Care Act serves many important purposes such as:

  • It offers a number of new benefits, rights and protections to Americans regarding health care
  • Establishes a Health Insurance Market (HealthCare.Gov) where Americans can buy federally regulated and subsidized insurance during open enrollment.
  • Extends Medicaid to all adults in many states
  • Improved Medicare for the elderly and those with long-term disabilities
  • Extends coverage to millions of workers employers
  • Gives new taxes and tax credits, among other provisions

Using HealthCare.gov

HealthCare.Gov is the official website to use if you want to have lower costs with private health insurance and qualify for Medicaid under the Affordable Care Act. Be sure to purchase insurance during the Open registration for coverage in and out of the insurance market.

ObamaCare Origins

President Obama signed into law the Affordable Care Act, but this program is the result of decades of ideas from both political parties and health care industries. The idea of an individual law was first introduced by the current opponents of the law of “Heritage Foundation” in 1989.

The Annual Registration Period

Each year during the annual registration period, people can get coverage through the health insurance market, or buy from the insurance market. This year the open registration begins on November 1, 2015 and ends on January 31, 2016.

Financial Assistance For Insurance

Many Americans with incomes below 400% of the federal poverty level (FPL) will qualify for assistance grants with the insurance market. Financial assistance is provided in three ways: Tax credits for reducing the cost of the premium, subsidies to share the costs, and both Medicaid and CHIP.

Thousands of Reforms

The Affordable Care Act contains more than a thousand pages of reforms to health insurance and industries of health care in order to combat the increasing costs of health services and provide affordable medical insurance to more Americans. Despite its size and complexity, the most important reforms are contained in the first 140 pages of the law.

The Main Objective of ObamaCare

In 2013, 44 million Americans were without health insurance (about 16% of the population). Most were uninsured working families and others who simply could not afford health insurance. One of the main objectives of ObamaCare is to help these people to have health insurance by extending eligibility for Medicaid and providing financial assistance through health insurance markets.

The Health Insurance Market

The health insurance market (also known as exchange) is a website for comparison of prices where Americans can buy their affordable health insurance, and gain financial assistance to lower premiums, without additional costs, and even qualify for Medicaid and CHIP.