The Affordable Care Act
Posted by Doug Barry
on Oct 26, 2015
On October 26th James Stein, founder of HealthNH.com, addressed the Rotary Club of Nashua regarding the affordable care act. HealthNH.com is a company that matches individuals and small businesses with health care plans from the affordable care act exchange. James lives in Merrimack with his wife and two young children.
The Affordable Care Act, or Obamacare has been in existence for five years. According to James, something had to be done to address the increasing cost of health care. Misinformation and lack of knowledge about the Act has created a need for more brokers and insurance specialists to provide much needed counseling to those utilizing the exchange.
This was the first major health care initiative since 1985. The following objectives were included in the proposal:
Create healthcare affordability
Make healthcare accessible
Allow coverage for people with pre-existing conditions
Create healthcare cooperatives
Initiate federal subsidies to assist lower income individuals and families
Subsidies will be based on the expected annual income of the insured (and family if appropriate). This methodology is not always best for small businesses. If they estimate too high, the subsidy will be recalled. If too low, additional funds may be granted.
There are a number of health benefits that must be included across the spectrum of plans. These include maternity coverage, mental health and pre-existing conditions no longer impact coverage.
Why is the law so controversial? There are many reasons this law has created a huge political and social divide. Federal subsidies create an added cost to middle class and upper class workers and businesses. Also, everyone is mandated to buy health insurance by the federal government. The healthy are paying the costs of the unhealthy.
There are five companies offering 40 different plans in the region. To find the best plan for you, ask if current physicians are in the network. Look at how many times you go to the doctor in a year.