The Affordable Care Act or Obama Care

Are you wondering how this new law affects you?

Whether you call it Obama Care or The Affordable Care Act, the fact is how it is going to affect you.  The Supreme Court upheld the Affordable Care Act and The Patient Protection Act last Thursday ruling that the imposed penalty for individuals who do not purchase health insurance are required to pay as constitutional.

According to an article published in CBS Money Watch, some changes are already in effect, such as individuals under the age of 26 being covered under their parents’ health insurance.  Other changes will be taking place in the next couple of years.

“By 2014, when the law is required to be fully phased in, the insurers will no longer be able to turn away anyone because of a pre-existing condition. Also, most people will be required to obtain at least basic health insurance coverage or pay a fee if they do not have health insurance.”

So the million dollar question, how does this affect you?

  • Children and Pre-existing Conditions
    Prior to The Affordable Care Act, insurance companies would deny children coverage that had pre-existing conditions. Now, a child can no longer be denied coverage due to a pre-existing condition.
  • No More Cancelation of Coverage
    No longer can a health insurance plan drop you because you have been diagnosed with a medical condition or illness. For many states this is not a big change as some states were already providing this and others offered it as additional coverage.
  • Dependent Coverage
    As mentioned above, now it is required of health insurance policies to continue coverage of dependent children under their parents’ health insurance up the age of 26.

This is commonly referred to as “Dependent 26.” This year’s college grads and their parents can breathe easier and will have more time to check into coverage options. But don’t assume this is always the better option.”

Those are just a few of the current changes.  What are your thoughts on the health care law? How do you think it will affect your family? We would love to hear your comments.