On March 23, 2010, a healthcare reform bill -- The Patient Protection and Affordable Care Act (or ACA) -- was signed to ensure U.S. citizens were provided with reasonably priced health insurance options. The bill warrants that health insurance is regulated by a series of guidelines and regulations for the development of healthcare programs and subsidies on a federal level, as well as regulations for the entire insurance industry.
Within the healthcare reform bill is a multitude of modifications and changes set forth to insurers, particularly with the following important facts:
In addition, the ACA provides the Health Care Marketplace for individuals, families or small businesses can shop for health insurance policies. Another advantage to the Marketplace; all participating Insurers must observe and comply with all requirements set forth by ACA.
The healthcare reform bill mandates that all Americans, regardless of age, race, sex or health condition, be required to purchase a health insurance policy if one is not already set in-place. People who are not covered by an approved health insurance plan will be required to pay a tax penalty.
The majority of the changes set forth by the ACA began in 2014, though some phases will be integrated slowly, and will be phased-in by the year 2020.