Covered California – Affordable Care Act – Obama Care
The Affordable Care Act (ACA) otherwise known as “Obamacare” is a federal statute signed into law that aims to expand public and private insurance coverage, increases the quality and affordability of health insurance, lowers the uninsured rate, and reduces the cost of healthcare for individuals.
The Patient Protection and Affordable Care Act was signed into law by President Obama on March 23, 2010. It requires that insurance companies cover all applicants and offer the same premium rate to everyone of the same age and geographical location regardless of pre-existing condition or gender.
For individuals who are not covered by a private or public health plan, Medicaid, or Medicare, the Affordable Care Act would mandate that they sign up with an approved insurance policy or pay a penalty, unless they are exempted due to financial hardship or are a member of a religious sect recognized by the Internal Revenue Service. There are subsidies available to help people with low income to comply with the mandate.
The Affordable Care Act represents one of the most significant regulatory overhauls in America’s healthcare system since the passage of Medicare and Medicaid in 1965.
There are many provisions that are set up to take effect between 2010 and 2020. The statute is scheduled to take effect as of January 1, 2014. Enrollment for the Affordable Care Act is set to begin on October 1, 2013 for coverage beginning on January 1, 2014.
For more information about available health care options, you can visit www.CoveredCA.com or call (800) 300-1506
For a list of Frequently Asked Questions click here