3 Ways the Affordable Care Act May Impact You, Finance


In 2010, the Affordable Care Act went into law in the United States, creating major changes in the existing healthcare system. In a nutshell, the law uses regulatory action to increase access to medical services for millions of Americans. If this sounds confusing, no worries. It can be difficult to understand the complexity of healthcare policy in this country. If you are wondering if the Affordable Care Act Western PA impacts you, here are three ways it might.

Do You Have a Pre-Existing Condition?

One of the biggest ways the act changed insurance history is by stopping insurance companies from refusing customers with pre-existing conditions. For many, this part of the ACA has been life-changing. Prior to January 2014, insurance companies could charge you more if you were one of the millions impacted by a list of many health conditions like asthma and cancer.

Are You a Young Adult?

Another major way the law changed things up was by expanding insurance coverage to young adults under their parents’ plans. Regardless of personal circumstances like marital or academic status, young Americans can use their parents’ plans until they reach the age of 26.

Have You Gone Over Benefit Limits?

If you have previously gone over benefit limits, you know firsthand how frustrating this experience can be for families. In the U.S., healthcare is one of the most costly household expenses. Prior to the implementation of the ACA, insurance companies could put both annual and lifetime limits on essential benefit coverage. With the passage of the law, these limits cannot exist for essential health services. That said, there are some exceptions. If you receive services that are nonessential, insurance companies can still apply annual and lifetime limits.

When the government introduces new laws, it can be confusing to figure out if and how they apply to you. When it comes to the ACA, there are many ways it can potentially have an impact. Doing some research can help provide answers to any questions you may have.