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Will the Repeal of Obamacare Affect You?

Will the Repeal of Obamacare Affect You?

In just a few days, a new President will be inaugurated and life as we all know it will change. Or will it? One of the many promises the President-Elect made during the election cycle was to repeal the Affordable Care Act, also known as Obamacare. This made many voters nervous, as the Act has allowed health insurance coverage for millions of Americans who were unable to obtain coverage before the Act was enabled. This is a legitimate concern for many Americans, but here is why you don’t need to worry just yet. It Won’t Happen Right Away Upon election the incoming President immediately backed away from plans to repeal the Act in its entirety stating that he may even keep some parts of it. Those parts include the coverage for pre-existing conditions and the mandate to cover children up to age 26 on a parental plan, two of the most popular parts of the current Act. While the House and Senate Republicans are currently trying to put together enough support and a workable plan to repeal the ACA, they have yet to do so. The current Act took nearly two years to enact, and may take as long to be repealed and replaced. While the President-Elect has asked that Congress work quickly to repeal and replace, Congress is well-aware that changes won’t happen overnight. You Won’t Lose Coverage Right Away Insurance coverage is a contract between the insurer and the insured. As such, your contract with your insurer is to pay a certain amount of money per month over the course of a policy term, usually one year....