The sweeping healthcare reform bill approved by Congress earlier this year will begin to pay off for millions of Americans next week, according to a non-profit group that studies healthcare policy.
The Commonwealth Fund, a private foundation based in New York, N.Y., said that several provisions of the Affordable Care Act are set to go into effect Sept. 23rd and should help millions of uninsured Americans.
The changes set to go into effect next week include the extension of coverage for young adults, who can now stay on their parents plans until age 26, and a ban on insurance companies rescinding coverage.
The non-profit said those set to see immediate gains include:
- 102 million people who currently have lifetime limits on their health insurance and 18 million who have annual limits. Under the ACA, insurers face restrictions on placing such limits on policyholders.
- One million young adults who could gain coverage under the law by remaining on or joining their parents’ policies until they are 26 years old.
- 10,700 people who are estimated to have their coverage rescinded & mdash; or retroactively canceled — each year. Such so-called “rescissions” are no longer allowed.
- 200,000 to 400,000 people with pre-existing health conditions who will immediately be able to enroll in special preexisting condition insurance plans.
- Thousands of children with preexisting conditions who can no longer be denied health insurance.