#aca reporting solution

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you are an individual or an applicable large employer, educate yourself about affordable care act and the requirements since it keeps evolving with the laws and healthcare reforms.

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Major Highlights You Need To Know About ACA

The ACA (Affordable Care Act) better known as Obamacare, a set of industry and health insurance reforms passed by Congress was signed by President Obama in March 2010. The ACA act aimed to provide affordable health insurance coverage for all Americans. The act was also designed to protect people from insurance company frauds that might raise up restrict care and patient costs.

The ACA has benefitted millions of Americans by providing them health insurance coverage. The act has been tremendously controversial, regardless of the positive results. Conservatives opposed to the higher insurance premiums and the tax increases needed to pay for ACA. people related to the healthcare industry are aware of the additional costs and workload put on medical providers. They also agree that it may negatively affect the quality of care.

The Obamacare has completely changed the picture of healthcare insurance. Some of the highlighted changes stemming from ACA revolves around taxes.Under this act, the total amount of new taxes on businesses and individuals will reach $500 billion by the year 2023. There are total 21  new taxes that are linked to the act, some of the tax breaks and some of the tax hikes for American Healthcare.

The Highlights of Obamacare/ The ACA (Affordable Care Act) are given below.

More People  Have Health Insurance

Within the first 5 years of Obamacare, more than 16 million of Americans has obtained health insurance coverage.it also expands coverage for young children  Under this act, Young adults are now allowed to stay on their parent’s health coverage up to the age of 26.

Affordable Healthcare Services

The greatest benefit if the Obamacare is that it slows s down the healthcare costs by providing health insurance for millions and making preventive health services free. This means now people can receive treatment before they need costly emergency room services. The cost of healthcare services increased only 1.2 % for the year 2016 and it is comparatively much less than the cost increase of 4 % in 2004.

Free Preventive Health Services To All Women

Health insurance policies have added 8 women’s health advantages as per the law, in areas including contraception, breastfeeding, gestational diabetes, domestic violence, HIV screening, sexual diseases and regular health checkups. These are absolutely free, means they involve no coinsurance or co-payment especially for women.

Reduces Childhood Tobacco use and Obesity

One of the biggest positive benefits of this act is that The Department of Public Health is also using The ACA supports to improve their emergency medical services for children, encourage tobacco cessation and reduce childhood obesity.

Lowers  The Possibilities of Budget Deficit

According to Congressional Budget Office, The ACA lowers the budget deficit by $ 143 by the year 2022.  This can be done in three ways. First, it reduces the health care costs of government, it raises taxes on some higher-income families and businesses and third it shift cost burdens to pharmaceutical companies and healthcare providers.

Powered by Certified, Trained Professionals with the entire experience of  25 years in Tax Form Reporting and Project Management. We at SPS/GZ provides a peace of mind with dignity and respect to ACA requirements for Employees.