As the healthcare landscape continues to be in flux, Insurance Trust wants to help clarify some of the terminologies that you may see or hear in the news.
Obamacare, the Affordable Care Act, and the ACA are all the same law that was signed in 2010. This is currently the law of the land. Under the ACA, individuals who fall under certain income thresholds are eligible for subsidies and cost-sharing on the Marketplace (or Exchange). Both individuals and employers can purchase health insurance under the Marketplace (in Maine this is run by the federal government) or directly through the carriers. Insurance Trust can work with individuals and employers both on and off the Marketplace.
In general, the Republicans of Congress support rolling back the ACA and creating fewer requirements for plans and getting rid of the penalties that individuals and large employers must currently pay if they go without coverage.
On the Democrat side of the aisle there are three similar but different schools of thought that would expand upon the ACA.
1) Under Universal Care, the government would provide a basic level of care for everyone and individuals (or employers) could choose to purchase additional private insurance from insurance carriers.
2) “Medicare For All” expands Medicare eligibility to everyone.
3) Under Single-Payer coverage, the government would be the sole provider of medical insurance without a private insurance option.
Do keep in mind that many people use these three terms interchangeably, so you may get funny looks if you drop your new-found knowledge at a dinner party.
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