Obamacare, five years later: the good, the bad and the ugly

March 23 marked the fifth anniversary of the Affordable Care Act. How has it fared since 2010?

Five years ago, Vice President Joe Biden used some colorful language to celebrate President Obama signing the Affordable Care Act into law.
 
On its anniversary, the regulation remains as divisive as ever.  According to the latest Kaiser Family Foundation poll, 41% of Americans view it as “favorable,” whereas 43% consider it “unfavorable.”
 
Much of this chasm lies along partisan lines.  Whereas the Senate has voted to begin proceedings on reconfiguring the 2016 budget with the intent of repealing Obamacare, Minority Leader Harry Reid touted the law as a “great accomplishment” and applauded the President’s courage in enacting it.
 
The law has certainly had its share of triumphs and setbacks.
 
Among its successes, according to Huffington Post and Politifact:
  • 16.4 million Americans who previously had no coverage are now insured, dropping the share of uninsured adults to 12.9%
  • Up to 24,000 American lives may be saved every year because they now have access to insurance
  • Health care inflation and spending have now reached historical lows (although the extent of the ACA’s role in this is debatable)
  • The budget deficit has fallen, which the Congressional Budget Office cites as partially due to Obamacare
Among its impediments, as outlined by Huffington Post and Forbes:
  • Technological issues upon website rollout
  • Some demographics suffered, such as wealthier populations and healthy, young people
  • Americans lost insurance plans that did not meet Obamacare standards, despite the President assuring them otherwise
  • Some small businesses are echoing concerns that they have had to lay off workers, reduce hours, or stunt company growth as a result of health care costs
  • The law is expensive, and may cost $1.2 trillion over the next decade – although some analysts note that number may be falling
  • There are reports of discouraged doctors leaving the field
Mirroring the general population, agents and brokers are also carry split opinions on the legislation. 
While a 2014 study of brokers belonging to National Association of Health Underwriters found that 33% of respondents considered leaving the profession because of extra work and reduced commissions due to the ACA, other reports suggest that the complex nature of the law led to members of the public heavily relying on independent agents, creating a boom for business.
 
In the Boca Raton area, for example, increased demand for agents required such companies as Elite Benefits Group to hire additional employees to handle all the incoming new consumers.
 
"People are very confused right now. They're starting to get letters from their insurance companies." Wendi Tow, Elite Benefits vice president told The Sun-Sentinel. "If they don't use an agent, they could really make a mistake — it could cost them."
 

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