The Affordable Care Act or “ACA” (formerly known as Obamacare) is a set of laws and guidelines put in place to protect the American public from being denied claims and medical coverage by insurance companies for pre-existing conditions.
Health insurance that is considered “ACA” or affordable care act compliant are available to the public during open enrollment once a year or available during a special enrollment period.
The benefits of purchasing ACA compliant health insurance through the MarketPlace is that insurance premiums are based on an annual income, therefore providing health insurance to lower-income individuals and families.
Healthy Americans that do not qualify for a subsidy do not see the value of participating in MarketPlace coverage because of the expensive insurance premiums and High Deductibles. This has become a crisis to the Affordable Care Act because of the lack of young, healthy individuals participating in coverage versus the number of individuals with pre-existing conditions consuming benefits.
Therefore causing yearly premium increases to offset the overuse of medical benefits.
Self-employed individuals and middle-class families that do not qualify for Government Subsidies feel a failing healthcare system’s financial repercussions through rate increases. With a lack of benefits, increased payments, and sky-high deductibles, healthy Americans do not see value in paying for MarketPlace coverage and are making the switch to private health insurance. Creating more policyholders leaving the Marketplace Plans than policyholders entering Marketplace plans.
Private Medical Insurance is bridging the gaps in the United States Healthcare System by providing affordable health insurance options to those looking for coverage outside the MARKETPLACE.