The newly inaugurated President of the United States, Mr. Donald Trump, signed his first executive order just hours after being sworn into office. The said EO concerns the Affordable Care Act, also commonly known as Obamacare. So what will the new administration’s impact be on the ACA? Will we still be able to get affordable health insurance quotes from providers?

What is Obamacare?

Obamacare is a US healthcare reform law enacted by former US President Barack Obama on March 23, 2010. It was the most significant overhaul of the health care system in the nation since 1965. Basically, it was designed to increase the quality and affordability of health insurance and to lower the uninsured rate in the country by reducing healthcare costs whilst expanding insurance coverage.

President Trump’s Position on Obamacare

Before his inauguration, Trump said he wanted to improve health coverage for all Americans. He was also very vocal about his position on Obamacare even during the campaign period. In fact, he promised that he would begin repealing and replacing the Affordable Care Act on his very first day as President and he did just that. He signed a one-page directive, which gave agencies the authority to “grant waivers, exemptions, and delays of provisions in the Affordable Care Act”.

With this step, the intention of the Trump administration may be clear, but somehow, it also poses an uncertainty on Americans as far as health insurance plans are concerned.

Concerns About the Executive Order

The EO may be a bit vague for everyone as of now, but it appears to be directed on undoing the mandate which requires individuals to carry health insurances or else they face hefty fines. It states that federal agencies can grant waivers and exemptions which impose costs on individuals and that the federal government must allow greater flexibility in carrying out programs on health care.

People who have benefited from Obamacare may be feeling some hesitations because of the vagueness of the EO. Will they lose their coverage? The order does not target the health insurance industry directly, but insurers may get apprehensive as the new mandate can make the market unsustainable. Some even feel that the EO may cause interference and commotion among health providers and patients.

Now the question is, how quickly can the changes to Obamacare take effect? The impact will definitely not be felt this year as most government rules have already been incorporated and signed into contracts with insurance companies.

The Trump administration can regulate but the law does not allow the president to repeal independently. Changes to current laws require the participation of Congress and can take a long time to take effect.

President Trump also promised that he and his team are developing a health care plan which is better than Obamacare. He promises more coverage for Americans. Since his administration is just starting, we can only hope that there will only be a smooth transition that befnefits everyone.

Critical illness insurance is a type of coverage that will pay out a lump sum if the insured is diagnosed with cancer, heart disease or other life-threatening medical conditions. The sum can be used in any way such as to pay for your medical treatments, to pay your mortgage, or to avail of private medical care.

In the past, this type of cover was difficult to sell. But now, people are beginning to realize how important it is, not only for their own well-being but also for their loved ones. Today, many are looking for critical illness insurance quotes online, especially since insurance providers have increased the number of medical conditions and illnesses covered in their health plans.

What’s Covered?

Several years ago, this type of policy only covered advanced cancers but in recent years, early-stage cancers are already included. Cancer accounts for about 70% of the claims, followed by heart attack, multiple sclerosis and stroke. Some critical insurance policies cover as many as 50 health conditions, while others cover only around 10. It’s important to check the features of the plan before purchasing it, because you will only be covered for what’s laid out in the policy and nothing else.

Is Critical Insurance Needed?

If you are employed, it’s worth checking what kind of benefits you have from your employer. A lot of companies these days offer life insurance and a few also provide a critical illness cover. If yours doesn’t, then getting critical illness coverage is worth taking into consideration. That’s because according to the experts, you are six times more likely to make a critical illness claim than a life insurance claim.

Cost

Normally, critical illness is added to life insurance. Factors like your medical history, your age, and whether or not you smoke will determine how much it will cost. The cheapest policies often entail fewer covered medical conditions.

How Much Coverage is Needed?

The answer varies from one person to another but as a starting point, you can multiply your mortgage payment by 24 and add $5000 for other expenses that are not covered by your health plan. So if you pay $1000 per month on mortgage, then the minimum amount you need is $29,000.

When Should You Get Critical Illness Insurance?

You can check the Marketplace to have an idea of how much this type of insurance will cost you. When you visit the Exchange, you will be required to enter some information about yourself such as your age, location, income, and others. After filling out the form, you should be able to view your insurance options and how much they will cost you.

Some people may be in greater need of critical illness insurance than others. But if you have the budget for it, I say, get this kind of health coverage. Even if you’re in the pink of health today, you can never be 100% certain that you won’t get severely ill in the future.