The Affordable Care Act, commonly known as ObamaCare, is a law inaugurated under President Obama’s Administration to reform the public health care system in the United States. Its primary objective is to offer and/or increase the affordability, availability, and quality of health insurance to all Americans.
Moreover, ObamaCare aims to put a restraint upon the unceasing healthcare spending that occurs throughout the United States. As simple of a concept as ObamaCare is on paper, there are complexities and complications involved that must be considered in order for you to have a full understanding of this landmark legislation and its implications for the future.
Setbacks and Alterations
Like most utopian plans, not everything works out exactly as planned. ObamaCare has met obstacles from the onset. In fact, to date, 49 “changes” have impacted the original Affordable Care Act in the short time it has been implemented. For example:
- 40,000 new applicants were blocked because monies were spent on advertising for the program instead of covering applicants
- Congress and their staffs were able to receive matched contributions from their employer for opting into the insurance program – not part of the law created
- Inaccurate financial information provided by the Federal Government created a “tax penalty pass” for thousands of individuals under ObamaCare
- VA benefits by Veterans Affairs, initially insufficient, were then deemed “minimally essential coverage”
These and other unforeseen issues have led to criticism and skepticism from the American people about the ACA’s quality and reliability.
Financial Impacts
ObamaCare has created tumultuous financial and business repercussions in the health care industry. A “health care monopoly” has been subsequently created causing a lack of options for the everyday American citizen. Health care providers and hospitals have merged together to take over the health care business.
Companies such as the US Health Group have stepped in to create supplemental health insurance for unforeseen instances. This, of course, includes a long term plan of becoming the premier health insurance company in the United States, which is reflected in a robust US Health Group stock.
The combining of powers of stronger companies makes sure that:
- Alternative options are unavailable to the people
- Limiting patient choices and options
- The average citizen is captive and has fewer health care options
- A raise in the cost of medically necessary care
- Accelerating premiums
People are beginning to see hospitals and health care facilities as opponents inside a boxing ring, vying to win the business from insurance companies willing to pay the highest price. Unfortunately, people with no insurance often suffer the most and are charged the highest.
Victors and Underdogs
While some Americans are seeing less money in their paychecks due to long-standing economic circumstances, this is not the case for everyone. A majority of people are able to afford the private healthcare plans mandated by ObamaCare. Subsequently, the USH Advisors has seen record sales and predicts an extended forecast of continued growth. The company focuses on health insurance distribution for mostly self-employed and small businesses owners.
On the flip side, the drastic changes that have taken place with the merging of health care and newly developed insurance groups has led to higher costs to Americans. Over the last ten years, there has been a rise in cost of insurance of almost 20% for a family four, and that percentage is expected to continually rise if the financial model stays unaltered. Ironically, while it costs more for quality health care, less Americans are actually obtaining medical care. Americans are paying more for a service they are utilizing less often.
