Does Obamacare have any impact on life insurance?
UPDATED: Dec 3, 2014
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Asked December 3, 2014
The Affordable Care Act, also known as Obamacare, is a major overhaul of the health insurance industry. It is meant to make health coverage available for all Americans, and provides subsidies for people who would not be able to afford coverage on their own, including those with preexisting conditions or living on a minimum amount of income.
The ACA is not intended to affect all types of insurance. For example, it does not have any influence on home, auto, or business coverage; likewise, it will not impact the amount you pay for life insurance. As it was written, the ACA should not impact those types of coverage at all.
Health insurance can be considered a necessary type of coverage that should be protected by the Constitution's statement of human equality and the rights pertaining to life, liberty, and the pursuit of happiness. Since a person who cannot afford health coverage stands to suffer in their quality of life, can be expected to be limited in their freedom of movement, and will miss out on at least some portion of their happiness because of medical suffering or worry over growing healthcare costs, the ACA was implemented as a way to help those people achieve a minimum amount of health-related equality.
Life insurance, while it is an important investment, is not regarded as an absolute necessity. Your family may face emotional or economic hardship if you pass away, but they will be able to pick up the pieces over time. For that reason, life insurance is largely regarded as an optional type of coverage, and having such coverage is left up to the individual without any influence from government intervention. Neither the ACA nor any other law gives you a specific right to life insurance.
Answered December 3, 2014 by Anonymous