With the healthcare insurance marketplace set to begin on October 1, the Patient Protection and Affordable Care Act (PPACA), aka Obamacare, moves another step towards full implementation. Though the conservative leadership has continued to malign the bill with false information and misleading propaganda, each step’s implementation thus far has been met more or less favorably with the public.
Due to past stages in the enactment of the law health insurance consumers across the nation enjoy patient protections as they currently receive premium savings and rebates through the medical-loss ratio, additional preventive care, a removal of the lifetime cap on insurance coverage, guaranteed coverage for children with pre-existing conditions and guaranteed coverage for young adults on their parent’s insurance plans up to age 26.
In addition, starting on January 1, 2014 insurance companies will no longer be legally allowed to drop a customer or deny a customer insurance coverage due to pre-existing conditions.
Earlier in September the Kaiser Family Foundation released the comparison for varying ages and income levels of savings received due to tax credits for the purchase of health insurance coverage due to the PPACA. This comparison was based off the insurance company rate filings for 2014 published by 17 states and the District of Columbia.
Following is a list of monthly average tax credit savings in 10 cities across the nation in two lower level insurance plan categories, lowest-cost bronze and second-lowest cost silver, for three sample consumer groups: one single adult age 25 who earns $25,000 per year, a family of four with two adults age 40 who earn in total $60,000 per year and a couple age 60 who earn in total $30,000 per year.