One of the most politicized topics over the last few years has been the Affordable Care Act, also known as Obamacare. While we’ll leave the politics aside, there’s no denying the ACA has shaken up the healthcare: industry more than anything else.
The changes don’t look to slow down anytime soon, either. With Obamacare hitting a rough patch in 2018, many expect the act to eventually be repealed or replaced within President Trump’s first term.
Whether the ACA was successful or not, the Republicans would attack it, so the question becomes whether Obamacare was ideal or is it a failure. While there’s no perfect answer, we wanted to look at the statistics and is how the ACA has fared.
Is Obamacare Failing in 2018?
Just like politics, many are still torn on this argument. While the statistics point to Obamacare failing miserably, others point to whose fault that is. Republicans claim the law was horrible from the beginning, while Democrats claim Republicans have tried to sabotage the ACA ever since it was implemented.
The reality of the situation is somewhere in between. As things sit currently, the ACA seems to be on its last leg. When Obamacare began in 2013, the marketplace had 395 insurance companies spread across the United States. Nowadays, there are only 181 companies selling on Healthcare.gov.
Throughout the United States, over 80% of counties only have 1-2 insurers available in their area. That means there’s little competition in the marketplace these days. Without competition, customers may struggle to find fair priced health insurance. After all, insurance companies aren’t charities.
Insurance companies aren’t the only ones at fault. The premise behind Obamacare was that everyone would buy insurance, both sick and healthy people. This would allow insurance companies to charge lower premiums, as the healthiest people would be exceptionally profitable for them.
The reality of the situation is many healthy individuals decided to pay a tax penalty instead of overpaying for comprehensive insurance policies that they really didn’t need. This hurts insurance company profits, which lead to rising premiums and certain insurers leaving the exchange completely.
Nowadays, Democrats are claiming this is the Trump administration’s fault. They claim that ever since the Republicans repelled the individual mandate requiring all Americans to have health insurance the marketplace is handicapped. There’s a lot of truth to this, and in its current state, the ACA is headed for failure.
However, Obamacare was falling before President Trump got into office. Fewer and fewer insurance companies have been offering coverage throughout the marketplace since 2015. As such, the ACA had significant problems before the individual mandate was repelled.
What You Can Do About It
While Obamacare may fail, that doesn’t mean you can’t get great health coverage. In fact, it’s never been easier to get great health insurance coverage. Whether you need an individual or a family plan, you have numerous options available to you.
You can still get plans from healthcare.gov in every state. You can also look for coverage outside the exchanges. Many times, you can find better coverage at a lower price when working with insurance companies outside the ACA.
Certain individuals and families will go back to getting their health care from their employer if Obamacare fails. There’s also short-term coverage options, health care sharing ministries, and other options.
If you worried about the ACA failing, you have options like:
- Off-marketplace individual plans
- Off-marketplace family plans
- Short-term coverage
- Supplemental policies
- …And more!
Overall, it’s not necessarily a bad thing if Obamacare does fail. The market will self-correct, and you may find health insurance cheaper than before. It’s possible you might have a wider network of doctors to work with. There are many positives to look for if the ACA goes away.
There’s also a chance that the act is replaced with something better or modified to fit consumer needs in a better way. Hopefully, our politicians can put aside their differences and find a solution for the American people as a whole.
Navigate the Health Insurance World
The best way to get better health coverage is by doing your research and finding an insurance company dedicated to helping you find the perfect policy. That’s where we come in. To learn more about your health insurance options, contact the experts at HealthQuoteInfo.com at 855-614-5057. Our licensed health insurance experts will be happy to answer any questions you have.