Financial Inclusion means the inclusive approach to include every section of the population despite any economic status, background check, or literacy rate. There are more than 1.5 billion people all around the world who are still unbanked and lack essential financial services. This is primarily due to lower literacy rates, reachability, and economic status. To boost the economic status of the economy, it is very important to make basic financial facilities available to every section of the people.
Due to immense technological advancements like cashless payments, financial inclusion is slowly reaching its heights, but still, there are many sections of people in remote areas who are unable to access basic financial services because of essential financial exclusion. Medical bill payments have become a huge problem in most parts of the world. People are forced to be even homeless to pay their medical bill insurance. But medical needs are one of the most important criteria and should be made affordable for everyone.
How Repealing ACA Insurance Can Affect Health Care Costs?
Medical needs are one of the most critical aspects of any population. Proper medical care during critical times can lead to serious threats and economic tension. It is a very important question, “are commercial banks ready to serve the base of the pyramid?”
People are tired of skyrocketing medical expenses and are forced to compromise on health even in serious conditions. Hence, the need for an hour is to make the whole medical system affordable and accessible to everyone, so that millions of people can work on their medical aids during their time of need. The effect it will cost on Medicaid for the successful Repealing of the Affordable Care Act is as follows:
- The Health care cost would take a steep growth as people with pre-existing medical aids like insurance will be forced to buy private health insurance with more charges. Protection against medical bills can be lost due to insurance and disastrous bills can make the life of common people difficult.
- Various free services like regular checkups, contraceptive services, cancer screenings, and other checkups can cost a hefty amount of money that was before covered under medical insurance for free.
- There would be a huge load of medical bill debts among the population after the revocation of ACA mostly among the lower-income groups. And financial security can be totally lost and people would be forced to take loans which will increase the financial burden.
- Medicaid used to cover the drug prescription before with minimal funding but the repeal of ACA insurance that would increase the cost of medical drugs and most of the medicines would be sealed back due to its increase in pricing.
- It has been reported that more than 40 million people all around the world would lose their healthcare insurance by 2023 with the introduction of ACA. The number of ACA users is reported to rise more by 23 million.
- ACA Medicaid can actually prevent most of the preventable deaths every year because of its efficiency of access in the healthcare system including highly effective medications that can prevent chronic diseases like cancer.
- ACA Medicaid would probably increase the medical care for older people and people with disabilities because of the more advanced healthcare facilities and advanced medications.
- ACA can lead to the use of opioids and other substances use purely for medical use. The use of opioids and other substances are really useful for the treatment of various chronic illness and diseases
- ACA Medicaid can lead to loss of access to children’s healthcare and mental health as mentioned by the Republican Budget. This would affect large numbers of children in need of a mental healthcare system and children with speech and physical therapy. This might even devoid schools from using their Medicaid services to promote health consciousness and other physical and mental health care among students.
- It was found in research that with the help of ACA Medicaid most of the rural hospitals were not closed due to the huge expansion in infrastructure. It had helped a lot of rural hospitals that took up their Medicaid services to expand their business and improve their infrastructure.
ACA Medicaid can be a really effective way to deal with financial inclusion. It can help to fill the gap between the poor section of the people and the expensive healthcare facilities. ACA Maidcaids has bought up various schemes and services to support the lower income groups and various hospitals in rural areas that can help to reduce the cost of medicinal drugs and other opioids and drugs which are necessary to treat chronic illness. It aims to take good care of mentally ill patients and old age people.
Hence, it can save millions of dollars on medical expenses in hospitals and other chronic care as a huge amount of money is invested in medical needs every year and the families are put through huge debts as they are hard to pay off every time.
By taking up ACA Medicaid, it helps people below the pyramid line as they do not need to worry about giving hefty money on medical insurance. But still, there are many people in the whole world who are still uninsured due to a lack of basic facilities. It is the need of an hour to make the system more transparent and affordable for a section of the people.
Frequently Asked Questions
Q1. How does the Affordable Care Act affect the US Economy?
The ACA will eventually have a greater impact on the deficit. The CBO predicts that between 2023 and 2032, the ACA will cut the deficit by a mean of 0.5 percent of GDP per year, amounting to a total budget cut of around $1.6 trillion throughout that time.
Q2. What Problem Does the US Affordable Care Act Attempt to Address and How Does it Do So?
The Affordable Care Act (ACA) increased Medicaid eligibility, established a health insurance marketplace, and forbade insurance providers from excluding customers with previous conditions from coverage. According to the Affordable Care Act, insurers must provide a certain number of basic medical benefits.
Q3. How did the Affordable Care Act change the US?
Furthermore, the ACA guarantees that every American has access to health insurance. You can enroll in health insurance through the Health Insurance Marketplace if you lose your employer’s health coverage, such as if you lose your job, or if your employer doesn’t provide a health plan.
Financial Inclusion is one of the important aspects of boosting the Economy status. It is the means to include inclusivity to various sectors of the population despite everything. Financial exclusion has been a very big gap that has been stopping our economy from achieving a financial boost. But, with the increasing technological improvements, it is very important to make the whole process user-friendly and affordable at the same time.
In a nutshell, healthcare is one of the most important points to consider for any economy while considering financial inclusion. Filling the gap between the lower section of the people and affordable healthcare facilities can lead to effective financial Inclusion. The ACA Medicaid is a very important guideline that can help to fill this gap and ensure effective financial inclusion. It can help the hospitals in rural areas to run effectively with quality experts and improve infrastructure at an affordable cost.
- Jonas Taylor is a financial expert and experienced writer with a focus on finance news, accounting software, and related topics. He has a talent for explaining complex financial concepts in an accessible way and has published high-quality content in various publications. He is dedicated to delivering valuable information to readers, staying up-to-date with financial news and trends, and sharing his expertise with others.