The Economic Effects of the Affordable Care Act on Healthcare
Abstract
This paper explorers the economic effects of the Affordable Care Act on healthcare, specifically small business. The sources vary from academic, peer-review articles to journalism pieces. Statistics and charts have been done on this subject and spread across a wide array of subjects in correlation with the Affordable Care Act. This paper looks at the effects on insurance companies and in turn, the insurance companies effects on small healthcare businesses.
The Economic Effects of the Affordable Care Act on Small Healthcare Business
Healthcare is a fast growing industry in America, so any changes that are enforced not only affect the industry but the entire nation. Any type of healthcare employee or patient will feel some consequence of these changes, even if they are minute. Since the healthcare industry is so large, America’s economy will also feel repercussions of change. On March 23, 2010, President Barack Obama signed the Affordable Care Act into law. The act, nicknamed “Obamacare,” is the largest healthcare reform since 1965 when Medicare/Medicaid bill was signed. Obamacare was put into place to help decrease the cost of health insurance in the United States so that everyone can have affordable and quality healthcare (Samual). “There will be a competitive insurance market and all Americans will be able to choose their insurance out of these plans. Since everyone will have access to the same care through the Affordable Care Act it helps to ensure that all Americans receive quality healthcare. Those wishing to purchase private health insurance will be able to do so and receive the same care available today (Samual).” The bill is extremely long but there are several important things that it covers and each factor has an effect on the economy and on the cost of insurance. The first is that insurance companies cannot take coverage away from someone who is sick.
This paper explorers the economic effects of the Affordable Care Act on healthcare, specifically small business. The sources vary from academic, peer-review articles to journalism pieces. Statistics and charts have been done on this subject and spread across a wide array of subjects in correlation with the Affordable Care Act. This paper looks at the effects on insurance companies and in turn, the insurance companies effects on small healthcare businesses.
The Economic Effects of the Affordable Care Act on Small Healthcare Business
Healthcare is a fast growing industry in America, so any changes that are enforced not only affect the industry but the entire nation. Any type of healthcare employee or patient will feel some consequence of these changes, even if they are minute. Since the healthcare industry is so large, America’s economy will also feel repercussions of change. On March 23, 2010, President Barack Obama signed the Affordable Care Act into law. The act, nicknamed “Obamacare,” is the largest healthcare reform since 1965 when Medicare/Medicaid bill was signed. Obamacare was put into place to help decrease the cost of health insurance in the United States so that everyone can have affordable and quality healthcare (Samual). “There will be a competitive insurance market and all Americans will be able to choose their insurance out of these plans. Since everyone will have access to the same care through the Affordable Care Act it helps to ensure that all Americans receive quality healthcare. Those wishing to purchase private health insurance will be able to do so and receive the same care available today (Samual).” The bill is extremely long but there are several important things that it covers and each factor has an effect on the economy and on the cost of insurance. The first is that insurance companies cannot take coverage away from someone who is sick.
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