In this season of Open Enrollment or open enrollment in the insurance market, you will frequently hear various terms or names of health programs or services, depending on the case. And some very frequent terms in the world of insurance are: Medicare, Medicaid and Obamacare. But, what is the difference between each one? Are they the same? How do I know if I am a beneficiary of one or the other?
All of these programs are of vital importance to people, especially in these times of pandemic, in which the coronavirus has already affected millions of residents in the United States.
The first thing you should take into account is that both Medicare and Medicaid are government health programs, while Obamacare is not a program or health insurance itself, it is rather a Law that establishes new guidelines in the private insurance market, which is allowing millions of people to access policies or coverage at a very low cost and, on many occasions, for free (everything depends on the evaluation and financial situation of the person).
Before we talk about Obamacare, let’s be clear about what Medicare and Medicaid are about and who is eligible for these programs.
Medicare and Medicaid
Medicare is a federal health insurance program that aims to serve people over 65 years of age and with a disability or functional diversity. It also includes those who have end-stage kidney disease. Medicare Provides coverage for a wide range of medical services to 57 million people, regardless of their past or current health problems, how much they earn, or where they live in the United States.
In the case of Medicaid, it is a health insurance program that provides comprehensive medical coverage and is administered by state governments for low-income residents of the United States. Each state has laws to evaluate the eligibility of people to this program that works as a kind of social assistance.
About 11 million people are eligible for both Medicare and Medicaid at the same time.
So what is Obamacare and what are its benefits?
Its official name is “Patient Protection and Affordable Care Act (PPACA)” or “Affordable Care Act (ACA)”.
The law was enacted by former President Barack Obama in 2010 and upheld by the Supreme Court in 2012. The goal of Obamacare was to reform the private health insurance industry in the United States, giving more citizens access to affordable policies. .
ACA establishes new rules of the game and ensures the protection of people through subsidies that are granted through tax credits.
Obamacare benefits include medical emergencies for patients, hospital admissions and care for pregnant women before, during and after childbirth. In many cases, Obamacare also covers preventive care, annual checkups, therapies, and psychological care. Other coverage, depending on each insurer, may include dental care.
Some of the most important benefits are:
- – Provides all policyholders with 10 essential health services, regardless of their economic situation.
- – Establishes an insurance market to facilitate the enrollment or registration process for medical policies. The Open Enrollment opened this year from November 1 and runs until December 15, 2020.
- – Improves Medicare services for older adults and extends Medicaid services (which we previously explained what they were about)
- – The times and annual limits on coverage are eliminated.
- – Covers millions of people regardless of whether they have pre-existing conditions.
- * Allows the entire family nucleus to benefit from the coverage of medical policies.
How do I know if I am eligible for Obamacare?
It all depends on your current situation. You may pay very little for health insurance or you may end up paying $00.00. For this, it is important to meet the requirements and be informed of all the options offered by the insurance market.