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What is Obamacare?

One of the main causes of bankruptcy in the United States is the high cost of health care. While American citizens below the poverty line may be eligible for Medicaid, and Senior citizens eligible for Medicare, there are millions of Americans living without health care. For instance, the unemployed, or those employed who make just too much for Medicaid. In addition, there are those who do not receive health insurance from their job, those who are self- employed, and citizens- adults as well as children-with chronic illness, known by the insurance companies as a "preexisting condition," whom too often are denied insurance. Paying their own healthcare is unaffordable, and often people take their chances and do without proper healthcare.

Obamacare, also known as Obama care, the Patient Protection and Affordable Care Act (PPACA), the health care reform, and the Affordable Care Act (ACA) was signed into law by President Barack Obama on March 23, 2010 and was upheld by the Supreme Court on June 28, 2012.

The main goal of Obamacare is to give more Americans access to affordable health insurance, and in addition, to reduce growth in healthcare spending in the United States.

The provisions of Obamacare include the fact that young adults may stay on the plan until age 26. This alone has helped 3.1 million Americans obtain proper healthcare, according to the White House.

Obamacare also stops insurance companies from dropping you if you become ill or if an honest mistake is made on the healthcare application.

Obamacare prevents against gender discrimination and also prevents insurance companies from hiking up their rates. Thanks to the Obama Care Act’s 80/20 rule, if insurance companies don’t spend atleast 80 percent of your payments on medical care and quality improvements rather than advertising, overhead and bonuses for executives, the companies will have to provide you a rebate. In 2012, 8.5 million Americans received half a billion dollars in refunds from their insurance companies. In Addition, if insurance companies are planning on raising their rates by 10 percent or more, the companies are required to explain, justify, and publicize the reasons. (

Obamacare requires all health insurers to cover adults and children alike, with pre- existing conditions and chronic illness. Regarding children alone, all insurance companies are now being forced to provide health coverage to children with a pre-existing condition like asthma and diabetes. In fact, more than 17.6 million children with pre-existing conditions can no longer be denied coverage thanks to Obamacare. According to Obamacare, as of 2014, no American can be discriminated against due to a pre-existing condition. (

Obamacare does away with life-time and annual limits and gives the opportunity for the rapid appeal of insurance company decisions.

Obamacare has expanded health coverage to tens of millions of American citizens, as it has subsidized health insurance costs. By putting more money into the care and health of the American people, Obamacare has saved billions of dollars in health care and in health insurance.