The Affordable Care Act and People with Existing Insurance

The Affordable Care Act and People with Existing Insurance

• Insurers must spend at least 80% of your premium dollars on medical care or quality improvements. This and other The Affordable Care Act provisions have saved consumers over $5 billion on premiums since the passage of Obamacare.
• Insurers must publicly justify premium rate increases of 10% or more.
• Insurers can no longer rescind your coverage because you become sick.
• Insurers can longer implement lifetime benefit limits on your coverage.
• Insurers can only apply modified annual benefit limits. Beginning in 2014, insurers will be prohibited from applying any annual benefit limits on your coverage.
• Insurers are required to provide access to certain preventive services, including cancer screenings and contraceptives, without cost sharing.
• Insurers must allow you to keep your young adult children on your health plan until their 26th birthday.
• Insurers are prohibited from discriminating based on preexisting conditions for children under age 19.
• Starting in 2014, insurers can no longer discriminate based on preexisting conditions. Insurers can no longer deny coverage or charge higher premiums based on a preexisting condition.
• Individuals, families, and small businesses that purchase their own coverage will be able to shop and compare coverage options on Illinois Health Insurance Marketplace.