Surrounded by members of Congress and people who have struggled with health care, President Obama signed the Patient Protection and Affordable Care Act into law.
While Vice President Joe Biden’s remarked centered on the history of health care reform, Obama focused on the personal aspect of the legislation. Obama did enumerate many of the immediate impacts of the act, many of which impact health insurers, such as the elimination of lifetime or annual limits on the amount of care patients can receive.
“It will take four years to implement fully many of these reforms, because we need to implement them responsibly,” Obama said. “We need to get this right. But a host of desperately needed reforms will take effect right away. This year, tens of thousands of uninsured Americans with preexisting conditions, the parents of children who have a preexisting condition, will finally be able to purchase the coverage they need. This year, insurance companies will no longer be able to drop people’s coverage when they get sick. This year, all new insurance plans will be required to offer free preventive care. And this year, young adults will be able to stay on their parents’ policies until they’re 26 years old.”
As the President was signing the bill into law, a companion piece of legislation was clearing a potential roadblock in the Senate. The Senate parliamentarian ruled that the imposition of an excise tax on high-cost insurance plans would not violate reconciliation budget rules.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access