Under the Affordable Care Act, residents of the U.S. can qualify for lower health insurance costs.
The Affordable Care Act, also known as Obamacare or ACA, is a comprehensive healthcare reform law that went into effect in March of 2010. Its purpose is to provide subsidies, or premium tax credits that can be used toward health insurance and care costs, designed to lower those costs for households that have incomes between 100% and 400% of the federal poverty level. In addition to making health insurance more affordable, the Affordable Care Act also expanded the federal health insurance program to cover more people and supported care delivery methods that lowered the costs of health care overall.
Under the Affordable Care Act, residents of the U.S. can qualify for lower health insurance costs. It was signed into law under President Obama and has been modified slightly since President Trump took office. One change was the elimination of the individual mandate, which required all residents to have health insurance coverage or be subject to a penalty. The federal government also provided payments to various health insurance companies to keep premiums down, although those cost-sharing subsidies have been eliminated.
If you have questions about this piece of legislature or what you qualify for under the act, our team at Elite Benefits Group can help. We work with individuals and businesses throughout North Carolina to ensure that everyone has access to health insurance they can afford. The goals of our organization are to provide consumer-based insurance plan recommendations and deliver unparalleled customer service. You can always rely on our team for information about the Affordable Care Act and what it means for your situation.