How losing Obamacare could cost you
If the Supreme Court throws out the Affordable Care Act, your finances and your future could pay the price.
Retiring early or starting a business might become too hazardous if your access to health insurance isn’t guaranteed. You might have to wait a year before preexisting conditions are covered by an employer’s plan. Young adults could be kicked off their parents’ policies. Millions of people who buy insurance through the ACA marketplaces or who now qualify for Medicaid could lose their coverage as well.
In the decade since the ACA became law, many Americans have become so accustomed to the protections and savings afforded by the landmark legislation that they may not realize how much could change if “Obamacare” is struck down.
The Trump administration and a group of Republican attorneys general have asked that the entire law be thrown out. The Supreme Court is scheduled to hear oral arguments on Nov. 10.
Before the ACA, insurers routinely used preexisting health conditions as a reason to deny coverage or charge people more. Preexisting conditions included serious ailments such as cancer or heart disease as well as more common conditions.
America is a land of preexisting conditions. Half of adults under age 65 had health issues that could cause them to be denied coverage or charged exorbitant premiums, according to a government analysis.
Health insurance is meant to help people pay their medical expenses and avoid catastrophic bills. Before Obamacare, however, using your insurance could cause you to lose it.
If someone with an individual insurance policy got sick, the insurer could scour the person’s application looking for errors. Even minor mistakes could cause the company to revoke the policy.
Without the ACA, insurers could once again charge copayments or coinsurance for preventive care, including screenings, immunizations, annual checkups and birth control.the law also closed the infamous “doughnut hole” in Medicare’s prescription drug coverage that left many older people paying thousands of dollars out of pocket for their medication.