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The Obamacare was officially launched in the year 2010 when the Affordable Care Act was officially signed into law. This act was specifically designed to cater for affordable insurance covers on the health of all American citizens (Amadeo, 2010). According to research, Obamacare has significantly impacted the lives of Americans in a positive manner. However, there also disadvantages arising from the use of this insurance plan. This essay explores various pros and cons of Obamacare.
Pros of Obamacare
Since the launch of Obamacare, at least 80 percent of the American people can now afford an insurance cover against all types of health uncertainties. This act protects the American people from unreasonable interest rates charged by insurance companies thus increasing the range of options that Americans can consider for insurance cover.
Obamacare has provisions for people with some long-term health conditions for example cancer who can now get affordable insurance cover contrary to the past where people with pre-existing medical conditions could not cover such conditions (Hall & Lord, 2014). This has been a great relief to the cancer patients.
Moreover, with Obamacare, the patients are not imposed on any time limitations as a result of constraints set by the insurance companies and also the cost of purchasing prescription drugs was significantly reduced.
Cons of Obamacare
The government subsidy on Obamacare resulted to increase in taxes to cover the extra expenses. This mainly benefits the poor since they pay lesser taxes compared to the wealthy elite. However, this deficit is predicted to be totally reduced eventually with time (Wilensky, 2014).
Obamacare was aimed at ensuring all people are covered throughout the year. Therefore, the uninsured people are usually fined modestly for the uninsured since they appear to contribute to increasing costs of healthcare for the rest of the population (Facts, 2015).
- Hall, M. A., & Lord, R. (2014). Obamacare: what the Affordable Care Act means for patients and physicians. Bmj, 349(7), g5376-g5376.
- Wilensky, G. R. (2012). The shortfalls of “Obamacare”. New England Journal of Medicine, 367(16), 1479-1481.
- Facts, O. (2015). ObamaCare: pros and cons of ObamaCare.
- Amadeo, K. (2010). What Is Obamacare?