The Daily Item
March 1, 2024
As the Affordable Care Act (“Obamacare”) marks its 10th anniversary, let’s review this landmark legislation.
Here’s a friend’s story, shared with his permission. When he was younger and healthy, this self-employed entrepreneur bought inexpensive, comprehensive healthcare insurance. As he entered his 50s, health insurance companies were scrutinizing health records, excluding pre-existing conditions, and increasing premiums, even for $5,000 deductible policies. Poor coverage became expensive.
The ACA ended those discriminatory practices and provided full coverage at an income-adjusted cost. The ACA literally saved my friend’s life when he developed a serious, extremely costly health problem. Without ACA insurance, bankruptcy would have devastated his business, livelihood, and family.
The ACA offers affordable, comprehensive health insurance for Americans who lack employer-based insurance. As pandemic-era Medicaid extensions ended, people signed up for ACA insurance. By December 2023, a record 21 million people had enrolled. Pennsylvania alone has seen an increase of 2 million enrollees.
Health insurance companies have exploited loopholes that need to be closed; the cost of health care continues to increase, straining our hospitals. Challenges remain. However, the Biden Administration is determined to reinforce the ACA, not “replace it.” Some cry “socialism” over the ACA. But, employer-sponsored health insurance is more heavily subsidized than the ACA, through tax breaks for both employers and employees.
Innovation depends on independent tinkerers. Many smart, hardworking folks are trapped in jobs by insurance concerns. We will all benefit by keeping – and expanding – a health insurance system that frees people to pursue their innovative dreams.
Nina McCormick
Millville