Health insurance is simply an insurance which covers a portion or the entire risk of an individual incurring personal health expenses, spreading the entire risk over a number of persons. This type of insurance has become increasingly popular over the last few years as the cost of health care has risen dramatically. Health insurance companies are able to reduce the cost of health insurance by focusing on high risk individuals and pooling the risks amongst multiple companies. By doing this multiple companies are then able to offer lower rates to these high risk clients than they would be able to for example, offering the same insurance plan to someone who was married would cost the company twice as much because the marriage applicant is obviously much more prone to accidents or disease than the single person would. The risk associated with a number of people insuring themselves via a health insurance policy is then distributed among all the various companies as premiums and company charges, resulting in an effective health insurance plan for all.
In July 2020 the Affordable Care Act (Obamacare) was signed into law by President Obama and it is one of the biggest pieces of legislation that has been passed since the passing of the original Social Security Act in 1965. The purpose of the Affordable Care Act is to keep health insurance premiums from increasing to unhealthy levels and to prevent health insurance companies from denying coverage to individuals due to pre-existing medical conditions. The main feature of the Affordable Care Act, also called Obamacare, is that it provides subsidies to those who cannot afford to pay for health insurance. Those who have good health and do not need that health insurance can still apply for subsidies provided through the Affordable Care Act in order to pay for health insurance. This is perhaps one of the biggest provisions of Obamacare.
One of the biggest features of the Affordable Care Act which aids individuals looking to purchase health insurance through the Affordable Care Act is the so-called Federal invisible risk sharing program. The Federal Invisible Risk Sharing Program or IRS HIPAA program allows individuals to purchase health insurance plans through private health insurance companies without feeling any guilt about the fact that they are not paying for healthcare coverage. This is similar to what many employers offer now through HMO’s and PPO’s – a way for employers to avoid paying for healthcare coverage for their employees. So is it legal for an individual to be covered by the government through their healthcare coverage?
There have been questions such as whether the healthcare coverage offered by HIPAA is constitutional. The Obama administration believes that it is legal because it was included as an addendum to the Affordable Care Act and is therefore part of the law as it was enacted into law. The Trump administration also believes that it is legal. However, there are many legal experts who disagree and claim that the inclusion of the HIPAA clause into the 2020 Healthcare reform legislation was done improperly and should be removed.
Should the healthcare plan that you get through HIPAA become law, you will have to purchase it through your private health insurance company, regardless of whether or not you want to. It will become law when Obama leaves office. Should you decide after then to switch your insurance plan, you will be forced to do so at your own risk. You could find yourself in violation of your own law and find yourself in unggulqq jail if you do not make the switch. This could easily happen if you decide to go with another company.
If you are thinking about switching health insurance plans in the future, you should make sure that the one you select is one that offers you plenty of medical benefits, at a low rate. You will also want to check into other options such as short term and catastrophic health insurance plans. These two are especially helpful for those who need health insurance right away but cannot afford to keep paying for a policy. With the new tax credits available through Obamacare, it may be worth it to take out a short term health insurance plan.