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Patient Protection and Affordable Care Act, aka ObamaCare

The Patient Protection and Affordable Care Act was signed into law by President Barack Obama in 2010​ with provisions of this health care reform already rolling out, and will continue to do so until the year 2022. In addition to many of the benefits and features that will be discussed in this article, mandates included in the reform include making larger employers offer insurance to employees, assuring most Americans will have some level of the insurance, and making private insurance subsidized to allow the opening of the Health Insurance Quotes Marketplace. AARP Health Insurance will benefit in this area with seniors ages 50-80.

Simplified Features of ObamaCare
Every American should be aware of the features of the Patient Protection and Affordable Care Act:

• The main feature of the Affordable Care Act, (ACA), is to regulate the health industry and increase the affordability, availability, and quality of private insurance.

• If you currently have health insurance coverage, in most cases you can keep your coverage by being grandfathered in.

• If you currently are without health insurance coverage, the Health Insurance Marketplace is a platform you can utilize to purchase affordable private insurance.

• As a young adult, you have the ability to remain on a parents' plan until the age of twenty-six.

• If you are currently without health care coverage, unless you receive an exemption, you will be required to pay a monthly penalty on your next Federal Income tax return for every month you were without any health insurance coverage. That fee was $95 per adult and $47.50 per child for tax year 2014 with a max of $285. The fee increases each year.

• If you purchase health insurance by the 15th of any month, your coverage begins the first of the following month.

• The cost of the health insurance is based on a sliding scale. Those earning less will pay less for insurance premiums.

• Of the 16 million uninsured young Americans last year, nearly 82% will now qualify for Medicaid or federal subsidies available through the marketplace.

• Currently, if you are already receiving health insurance coverage through your employer, you can still receive tax credits if the employer isn't covering 60% of your premiums cost, it exceeds 9.5% of your family income, or the insurance provided is not adequate.

• One provision with the Affordable Care Act, "ACA" is that gender discrimination and preexisting conditions are now done away with. Either on or off the marketplace, these factors will not be considered into the cost of your health insurance.

• Regardless your current health status, you can not be denied for health care coverage. This also means that in the event that you do become sick, you can not be dropped from coverage. Lifetime limits that were imposed by insurance companies were eliminated in 2014.

• New insurance plans that are sold either off or on the marketplace must include benefits like preventative testing, treatments, and wellness visits at no additional cost to the customer.

• When applying for coverage through the marketplace, you will discover if you qualify for low-cost or free coverage from CHIP, (Children's Health Insurance Premium) or Medicare.

• Americans who are currently making under 400% the Federal poverty level will be able to now purchase subsidized health care insurance.

• Depending on the state in which you reside, the ObamaCare exchange is either federally or state-run online marketplaces where different insurance companies will compete for your business. The process is simple, simply apply online at the marketplace and see if you do qualify for subsidies. Once complete, you compare competing health care coverages through the marketplace.

• Tax breaks are available for small businesses who have 25 full-time employees and make less than $250,000 per year. By providing insurance coverage to those employees, access to several of these tax breaks can significantly reduce the tax burden.

• Tax breaks are available for businesses who have 50 full-time employees and provide coverage by end of year 2015.

• Small business owners, especially mom and pop variety, will have more access to less expensive insurance coverage for employees. Generous tax breaks are provided for those small businesses that do provide coverage.

The Affordable Care Act, (ACA), will not only free up billions of dollars, save millions of lives, and provide employees the freedom to choose their own insurance coverage, the power has been shifted from government to the people. The role of the government in the ACA is to only ensure that every last American is getting their fair shake when it comes to getting medical coverage and that every insurance company play by the exact same rules. Get more information on the Affordable Care Act here.