- It's more than just 'everyone must have insurance coverage or pay a penalty'; there are 10 Titles to the ACA, each Title enacting specific rights and/or responsibilities.
- It bans insurance companies from denying coverage to people because of pre-existing conditions. In addition, they cannot limit benefits for that condition. Unfortunately, many people lost coverage, had a chronic illness, and were unable to get the health care they needed, or were forced to pay everything out-of-pocket.
- It puts a cap on out-of-pocket expenses. This will decrease the overall cost for health care for individuals as well as families. It also keeps insurance companies more honest.
- The ACA gives consumers more rights to appeal denials of services that are covered by insurance, but denied to them.
- It allows for a review of premium increases. If an insurance company unreasonably increases their premium, the company must publicly justify the reason for the increase.
- All insurance plans must provide an easily understandable Summary of Benefits and Coverage (SBC). They must also provide a uniform glossary of terms commonly used in health insurance coverage. This is designed to help consumers better understand their options when deciding which plan to go with.
If you have questions, please contact Payroll NW.