Former President Barack Obama joined President Biden and Vice President Kamala Harris on Tuesday at The White House to celebrate the 12-year anniversary of his successful Affordable Care Act [ACA], known as “Obamacare.”
“Let’s be honest, the Affordable Care Act has been called a lot of things, but Obamacare is the most fitting,” Biden said.
Obama received a standing ovation when he entered the East Room and then said, “It is good to be back at the White House.”
Obama said passage of his historic health care bill “an example of why you run for office in the first place.”
“We’re not supposed to do this just to occupy a seat or to hang on to power. We’re supposed to do this because it’s making a difference in the lives of the people who sent us here.”
Biden announced a change to the ACA to allow more people eligibility for premium tax credits. Families would receive tax credits if the cost of their coverage exceeds more than 10 percent of their incomes.
“Let’s be honest, the Affordable Care Act has been called a lot of things, but Obamacare is the most fitting,” Biden said.
“Once today’s proposed rule is finalized, starting next year, working families in America will get the help they need to afford full family coverage, with this change, it’s estimated that 200,000 presently uninsured Americans are going to gain coverage. Nearly one million Americans will see their coverage become more affordable.”
On March 23, 2010, Obama signed the Patient Protection and Affordable Care Act into law.
According to U.S. Department of Health and Human Services data, about 50 million Americans were without health insurance when the ACA became law.
In its most recent statistics, the Department of Health and Human Services revealed that a record 31 million Americans have health coverage through Obamacare.
The 2021 report revealed drastic reductions in uninsurance rates in every state since the law’s coverage expansions took effect.
“The Affordable Care Act has not only led to enhanced insurance coverage and dramatically reduced uninsured rates – but it’s lowered barriers to care, reduced people’s medical debt burdens, reduced out-of-pocket spending for a lot of people who had pre-existing conditions prior to the Affordable Care Act’s reforms,” Dr. Sara Collins of the Commonwealth Fund, testified this month during a House Oversight Reform Committee.
“So, this has been a substantial change – both for coverage rates and improving people’s financial security,” Collins stated.
“Four out of five Americans can find quality coverage for under $10 a month, and families are saving an average of $2,400 on their annual premiums — $200 in savings every month back to families.”
According to a Biden administration fact sheet:
-The Administration has lowered costs and increased enrollment to a record high of 14.5 million Americans—including nearly 6 million who newly gained coverage.
-With the addition of Missouri and Oklahoma, two states that expanded Medicaid last year, nearly 19 million low-income Americans are enrolled in the ACA’s Medicaid expansion coverage, adding up to a record nearly 80 million children, pregnant women, seniors, people with disabilities, and other low-income Americans covered by Medicaid.”
-Current regulations define employer-based health insurance as ‘affordable’ if the coverage solely for the employee, and not for family members, is affordable, making family members ineligible for a premium tax credit even though they need it to afford high-quality coverage through the Marketplace.”
Labeled the “family glitch,” it affects about 5 million people who can’t use the premium tax credit to purchase an affordable, high-quality Marketplace plan.
Biden’s proposal reportedly would require some time before taking effect, thus the goal is for it to begin in January 2023.
Administration officials said more than 14.5 million people purchased ACA marketplace plans this winter.
That number included 6 million who purchased health insurance for the first time.
