The Affordable Care Act: Why the Premiums are Going Up, Why Insurance Companies are Backing out of it, and What Effects it has on the Economy
The Affordable Health Care Act was passed in March, 2010; by former President Barack Obama. According to (Affordable Care Act-HealthCare.gov), “the act has 3 main goals, to make affordable health insurance available to more people, to expand the Medicaid program, and to support innovative medical care delivery methods designed to lower the costs of health care generally”. This research paper will discuss why the premiums are rising under the ACA, why insurance companies are backing out of the ACA, and what effects it has on our economy. The act is also referred to as “Obamacare” or “the Patient Protection …show more content…
An appeal of the ACA would mean a massive tax cut for the wealthiest households, because it would eliminate the taxes that were made to pay for subsidies, according to Baker (2017). The elimination of the ACA could have negative impacts or positive impacts on the economy, it depends on what President Trump wants to replace the act with. According to (Trumpcare Facts), the Affordable Care Act has had a change made to it that is designed to stabilize the market, the open enrollment period is now shortened to 45 days. President Trump and the Republicans are still putting efforts in to appeal the ACA, but until they have a set plan to replace it the United States citizens are still left with the Affordable Care act (Trumpcare …show more content…
The premiums are continuing to rise because the insurance companies are losing money from having very sick patients and not many healthy patients. Three major insurance companies have backed out of the ACA, leaving consumers with less options when it comes to healthcare. Insurance companies are dropping out of the ACA because they cannot afford to stick with it. It’s difficult to know whether the Affordable Care Act has had a positive or negative impact on the economy because there’s so many factors at hand. But, the United States has gained nearly fourteen million private sector jobs and health care spending growth per person has slowed so we see positive changes in the economy and there has not been any evidence of negative impacts on the economy. President Donald Trump wants to repeal the act, it is not known what he wants to replace it with yet so Obamacare is what the United States citizens have right
The Affordable Health Care Act was passed in March, 2010; by former President Barack Obama. According to (Affordable Care Act-HealthCare.gov), “the act has 3 main goals, to make affordable health insurance available to more people, to expand the Medicaid program, and to support innovative medical care delivery methods designed to lower the costs of health care generally”. This research paper will discuss why the premiums are rising under the ACA, why insurance companies are backing out of the ACA, and what effects it has on our economy. The act is also referred to as “Obamacare” or “the Patient Protection …show more content…
An appeal of the ACA would mean a massive tax cut for the wealthiest households, because it would eliminate the taxes that were made to pay for subsidies, according to Baker (2017). The elimination of the ACA could have negative impacts or positive impacts on the economy, it depends on what President Trump wants to replace the act with. According to (Trumpcare Facts), the Affordable Care Act has had a change made to it that is designed to stabilize the market, the open enrollment period is now shortened to 45 days. President Trump and the Republicans are still putting efforts in to appeal the ACA, but until they have a set plan to replace it the United States citizens are still left with the Affordable Care act (Trumpcare …show more content…
The premiums are continuing to rise because the insurance companies are losing money from having very sick patients and not many healthy patients. Three major insurance companies have backed out of the ACA, leaving consumers with less options when it comes to healthcare. Insurance companies are dropping out of the ACA because they cannot afford to stick with it. It’s difficult to know whether the Affordable Care Act has had a positive or negative impact on the economy because there’s so many factors at hand. But, the United States has gained nearly fourteen million private sector jobs and health care spending growth per person has slowed so we see positive changes in the economy and there has not been any evidence of negative impacts on the economy. President Donald Trump wants to repeal the act, it is not known what he wants to replace it with yet so Obamacare is what the United States citizens have right