Obamacare offers health insurance coverage to more Americans and allows those with pre-existing conditions to access insurance coverage, says About.com. It also eliminates annual or lifetime limits on coverage and decreases the cost of prescription drugs. Conversely, the act requires some Americans to pay higher premiums, and those without health insurance have to pay fines, states Healthline.Continue Reading
The Patient Protection and Affordable Care Act of 2010 increases Americans' access to health insurance. As of 2015, more than 16 million individuals have gotten health insurance, reports Healthline. By providing free preventive care, Obamacare lowers the overall cost of healthcare by reducing the need for expensive treatment, says About.com. The act expands Medicaid to 138 percent of the federal poverty level, making it easier for adults without children to access quality health care.
Since the act offers more benefits and coverage, some Americans have to pay higher premiums. People who do not have health coverage must pay fines, and the amount is likely to increase over time. Implementation of the Affordable Care Act has increased taxes for certain businesses and high-income individuals. In 2013, medical-device manufacturers paid 2.3 percent excise taxes, which could discourage future investment or hiring of employees, About.com reports.Learn more about Health Insurance