The White House is celebrating the 6th Anniversary of Obamacare this year. This would be a powerful rebuff against the fault finding castigators who forewarned the enterprise would be a flop. They even launched multiple lawsuits with an attempt to declare it unconstitutional.
Obama care – The Affordable Medical care
President Barack Obama formally signed the law, which was known as the Affordable Care Act that came into existence on 23rd March 2010 after a tussle with the Congress.At the time, the Democrats passed the law with a noticeably small majority and without a single Republican casting vote in its favor.
In a speech addressed to the public, US President Barack Obama beams as he utters these words, “Thanks to this law, 20 million more Americans now know the security of having health insurance, and our uninsured rate is below 10 % for the first time on record “. He continued ” Critics say this law would destroy jobs and cripple the economy but in fact just the opposite has happened. Our businesses have added jobs every single month since I signed it into law “.
Obama added “The unemployment rate has dropped from almost 10 % to 4.9 %. Thanks in part to this law; health care prices have risen at the lowest rate in 50 years”
Prior to 2013, more than 14 % Americans were left uninsured. However, after the law’s huge coverage growth, the figure slumped to 9 % last year.
Obama care – highly strategic in approach and thorough in implementation:
It offers private health insurance through online sales in marketplaces known as exchanges.
The premiums are surprisingly low thanks to the huge federal subsidies pouring in.
With the health care services turning pricier every day, Obama care looks like a blessing from heaven. Some of its key features are as follows.:
- Until they attain the age of 26, the law allows young adults to survive on their parent’s health insurance coverage.
- It inspires the states to beef up their Medicaid programs.
- It exercises stringent rules on health insurance companies that prohibit them from denying expensive customers and customers with pre-existing diseases.
United States healthcare reform progress to date
US health care reforms have made substantial progress in the following areas:
- With regard to the delivery of reforms, the re configuration of the US health care payment schemes towards quality and accountability have made big leaps ahead.
- Affordable Care Act has significantly improved the affordability scenario. It has brought the health insurance coverage within the means of the common man so that lesser and lesser US citizens are left unguarded against huge medical expenses.
- Supports business competition and for most Americans the marketplaces where health insurance deals are struck are in full swing operation catering to the needs of the customers badly needing health insurance coverage.
- The day from which Affordable Care Act turned into a law the uninsured rate of American citizens fell by 43%. In 2010, the figure was 16% while in 2015 it was 9.1 % chiefly due to the drastic reforms the law had brought about.
- Americans now have an easy access to health insurance coverage for the entire span of their lives. The federal government also has a number of benefit schemes to bring the hike in health care expenses under control.
Obama proposes fixing Obamacare with a new, government run health insurance plan
Since there were a few players in the insurance market, the insurers took advantage of their position charging high premiums where the customers were left with little choice.
Obama care’s objective was to break this monopolistic trend. State based marketplaces came into existence and fair competition set in. Everything went well for a time until problems cropped up when many insurance companies begun pulling out of the competition. Old issues bounced back with a menace.
Government intervention in healthcare sector
To resolve matters, Obama proposed government intervention in healthcare sector.
There would be government run insurance plan or a public option simultaneously running parallel to private players in a market where competition is limited.This measure is expected to curb unfair and monopolistic business practices where primary objective of extending affordable health care is sacrificed at the altar of profiteering.
Obamacare, the affordable medical insurance for all may be reinforced by government health insurance ending the monopoly of private medical insurance players.