The Patient Protection and Affordable Care Act, more commonly known as the Affordable Care Act (ACA) or ObamaCare, was signed into law by President Obama on March 23, 2010.

The ACA aims to increase the quality and affordability of health insurance, lower the uninsured rate by expanding insurance coverage, and reduce the costs of healthcare for individuals and the government. In order to achieve these goals, it includes a number of mechanisms—including mandates, subsidies, and exchanges (or public marketplaces). The law also requires insurance companies to cover all applicants within new minimum standards:  ACA standardized plans are Bronze, Silver, Gold, or Platinum, depending on deductible and out-of-pocket exposure, and the monthly premiums cannot increased due to pre-existing conditions or gender.

On October 1st, 2013 Open Enrollment begins for ACA health insurance plans, with Coverage beginning January 1st, 2014 in most cases.

Highlights of the ACA:

Coverage
•Ends Pre-Existing Condition Exclusions for Children: Health plans can no longer limit or deny benefits to children under 19 due to a pre-existing condition.
•Keeps Young Adults Covered: If you are under 26, you may be eligible to be covered under your parent’s health plan.
•Ends Arbitrary Withdrawals of Insurance Coverage: Insurers can no longer cancel your coverage just because you made an honest mistake.
•Guarantees Your Right to Appeal: You now have the right to ask that your plan reconsider its denial of payment.

Costs
•Ends Lifetime Limits on Coverage: Lifetime limits on most benefits are banned for all new health insurance plans.
•Reviews Premium Increases: Insurance companies must now publicly justify any unreasonable rate hikes.
•Helps You Get the Most from Your Premium Dollars: Your premium dollars must be spent primarily on health care – not administrative costs.

Care
•Covers Preventive Care at No Cost to You: You may be eligible for recommended preventive health services. No copayment.
•Protects Your Choice of Doctors: Choose the primary care doctor you want from your plan’s network.
•Removes Insurance Company Barriers to Emergency Services: You can seek emergency care at a hospital outside of your health plan’s network.

Tags: ACA, affordable care act, health insurance, obamacare