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What Is the Affordable Care Act in Health Insurance?
<lingo>The Affordable Care Act (ACA) is also known as the Patient Protection and Affordable Care Act, put into place in March of 2010. This law was made in an effort to provide guidelines and competitiveness in health insurance with the goal of helping more people obtain private health insurance. When enacted, it was a large change to the healthcare system in the United States. One of the key differences is the requirement, under the law, that every family should have health insurance coverage or pay a tax penalty for not having it.</lingo>
Affordable Care Act (ACA) Clearly and Briefly Explained
The ACA created a marketplace, called the Health Insurance Marketplace, which is a location for consumers to visit to purchase health insurance policies directly from insurance companies. The law requires that every person have coverage or pay a fine for not doing so in the form of a tax penalty.
It also put in place some minimum essential coverage, or specific types of health coverage that is designed to provide basic health care to those in need. For example, wellness and preventative health screenings are always available as a component of these plans and, in most cases, covered without additional cost. Additionally, all individuals are given access to basic requirements, such as prescription medication coverage, maternity coverage, mental health insurance coverage, and hospitalization.
<twitter>The Affordable Care Act (ACA) is also known as the Patient Protection and Affordable Care Act. This law was put into place in an effort to provide guidelines and competitiveness in health insurance with the goal of helping more people to obtain private health insurance.</twitter>
The ACA does not set prices. It also does not require individuals to purchase one form of coverage or the other. Rather, it allows consumers to easily be able to compare their options in health insurance to find one that fits their financial needs, but also meets their basic health care goals. There are income-related limitations and a wide range of exemptions available under this plan.
The ACA does not provide free health insurance. However, there are other programs that may help individuals to have lower costs associated with health care if their income falls in line with specific goals. Individuals will find the Health Insurance Marketplace provides a wide range of policy options from which consumers can select.
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