In a nutshell: The health care law extends insurance to more than 30 million people, primarily by expanding Medicaid and providing federal subsidies to help lower- and middle-income Americans buy private coverage. It will create insurance exchanges for those buying individual policies and prohibit insurers from denying coverage on the basis of pre-existing conditions. Ultimately, it is intended to end the United States’ status as the only rich country with large numbers of uninsured people, by expanding both the private market and Medicaid.
A few key points:
• Insurers already are required to provide coverage to children with pre-existing conditions. Starting in 2014, insurers can no longer deny coverage to anyone with pre-existing health conditions and lifetime limits will be eliminated.
• In states where Medicaid is expanded, the lower thresholds will help many disabled individuals afford medical care and prescription drugs
• Starting in 2013, federal matching payment incentives will be provided to states that offer Medicaid coverage with no patient cost sharing for certain preventive services.
• Starting in 2014, annual limits on the dollar value of coverage will be prohibited. People will have guaranteed coverage and renewability of health insurance regardless of their health status.