By: Mahari A. McTier
My firm, Tier 1 Advisors, LLC is one of the few firms in Alabama certified through the U.S. Department of Health and Human Services to educate and enroll individuals under the Affordable Care Act. In 2014 when I decided to support the effort of ensuring the success of this act by positioning my firm to educate and enroll individuals and small businesses, I had a lot of unanswered questions. Was this really good for America? Would this have a negative impact on most demographics and only benefit a few? Are the naysayers correct in their predictions that this would destroy the U.S. economy? And we can all remember Dr. Ben Carson saying that Obamacare was the worst thing since slavery.
The debate for the most part became a partisan debate – Democrats for and Republicans against. Regardless of your political preference, I can give my opinion from experience. Before the rollout of Obamacare I was focusing on the black and white aspects of the law. The facts, cost, penalties, etc. I had no idea that it would take me on an emotional journey unlike any other experience as a Financial Advisor.
The first time, among many, when people I assisted with getting enrolled came to tears after receiving affordable health insurance, was an incredible experience. When I assisted a single parent mother with three children get coverage for $20 a month who never had insurance and never imagined being able to afford health insurance, it brought the impact of this law to light. When I assisted a senior couple with preexisting health conditions get affordable health insurance for $40 a month, I clearly understood where our President’s heart was when he envisioned the Act. All I can say is, I don’t have a crystal ball and the ability to tell you what the impact of this law will be in 30 years, but I can confidently say that more than 8 million people today have affordable healthcare under the ACA. And most of this population never would have been able to afford it without Obamacare. For these reasons I say, it is working!
I have included the following facts from the U.S. Department of Health and Human Services:
• 85% of consumers who signed up for insurance in the new Health Insurance Marketplace received financial assistance that lowered the cost of their monthly premium.
• On the new Health Insurance Marketplace, insurance companies are finally competing for consumers’ business – and consumers are winning: Nearly 7 in 10 consumers who selected plans with tax credits through the federal Marketplace during Open Enrollment got covered for $100 a month or less. Nearly half – 46% – were able to get covered for $50 a month or less.
• 7.3 million people signed up for Marketplace plans, paid their premiums, and accessed quality, affordable coverage.
• Millions of young adults have gotten covered on their parent’s plan, because the law says they can now do so until they turn 26.
• Seventy-six million Americans with private health insurance can finally get preventive services such as vaccines, cancer screenings, and yearly wellness visits without cost sharing, because the law says your insurance company must provide you with these services with no copay or other out-of-pocket expense. This includes nearly 30 million women and over 18 million children.
• Millions of families have real financial security because insurance companies can no longer deny them coverage because of a pre-existing condition or because they reach an annual or lifetime limit in coverage. And being a woman is no longer a pre-existing condition.
We are now preparing for the 2015 enrollment period and are looking forward to assisting thousands of individuals in the State of Alabama receive affordable healthcare. All individuals must show proof of qualified health insurance in 2015 or face a penalty of $325 per adult and $162.50 per child (up to $975 per family) or 2 percent of income, whichever is greater. Get educated, informed, and enrolled!
(Mahari A. McTier is certified to assist individuals with enrolling for health insurance under the Affordable Care Act and can be reached at maharimctier.tier1@gmail.com.)
