Obamacare was founded by the Obama government, it does more than just expanding of health insurance coverage. The Obamacare law touches nearly every American industry, from hospitals and doctors to restaurants and even ice cream parlors.
So many persons don’t really know or understand what Obamacare is, now lets give you a good definition of Obamacare.
What is Obamacare?
Obamacare is what we think its best to call the Patient Protection and Affordable Care Act, a set of health insurance and industry reforms passed by Congress and signed by President Obama in March 2010.
This law has significantly increased the number of people with health insurance coverage. It did that by overhauling the individual insurance market, where people buy their own policies and expanding Medicaid, a public program that covers low-income Americans.
But Obamacare does more than expand health insurance coverage. The law touches nearly every American industry, from hospitals and doctors to restaurants and even ice cream parlors. Obamacare includes lots of policies that change the way doctors get paid, with the aim of slowing the ever-growing cost of health care.
Since the very day the law was passed, Obamacare has been controversial and divisive. There have been more than 50 votes in the House of Representatives to repeal it and multiple Supreme Court cases to overturn or curtail it. After all that Obamacare is still standing.
What are the functions of the passed law?
The passed law do two main things: one is expand access to health insurance and the second is change the way the federal government pays doctors.
Over the next decade, federal budget forecasters expect that 25 million people will gain health coverage because of Obamacare. And about 17 million people have so far become insured since the expansion started in 2014.
The number of people with insurance is rising because of three main provisions in the law.
- The expansion of Medicaid, a federal program that provides health coverage to low-income Americans.
- The creation of insurance exchanges, online portals including Healthcare.gov where Americans can shop for coverage — some with financial help from the federal government.
- The the individual mandate: The requirement that nearly all Americans carry health insurance coverage or pay a penalty. This is meant to encourage people to take advantage of the two insurance expansions above.
That’s the part of Obamacare that most people know about. But there’s a whole other half of the Affordable Care Act that launches dozens of experiments in how Medicare pays doctors, trying to tether the money physicians get to whether they improve patients’ health. The hope is, when the federal government starts paying for the most valuable care, it will tamp down on unnecessary care that doesn’t make people any healthier, and reduce medical spending in the process. That’s the goal, at least. Whether it will actually work is a subject of fierce debate among health economists.
For detailed information visit www.vox.com