Final answer:
Coverage for a flood policy typically starts after a 30-day waiting period, to prevent insurance purchase only when a flood is expected. Health insurance under the Affordable Care Act (ACA) aims to provide accessible insurance to millions of uninsured Americans, with expanded Medicaid and state-based insurance organizations.
Step-by-step explanation:
When a flood policy is purchased, coverage does not begin immediately. Typically, there is a waiting period before the policy becomes effective. This waiting period can vary, but it is commonly 30 days for flood insurance policies. The purpose of this waiting period is to prevent people from purchasing insurance only when they know a flood is imminent. It's important for homeowners to plan ahead and purchase flood insurance well before the onset of storm season or potential flooding events.
The law regarding health insurance, however, aims to make coverage more accessible and comprehensive. This health reform, widely known as the Affordable Care Act (ACA), seeks to ensure that approximately 32 million uninsured Americans gain health insurance by expanding Medicaid eligibility and subsidizing premiums. The ACA transforms Medicaid into a program for a broader audience, including able-bodied adults under 65 earning up to 133 percent of the federal poverty level. Consumers who are not covered by employer plans and do not qualify for Medicaid can purchase insurance through state-based organizations. Key provisions of the ACA include prohibiting denial of coverage due to preexisting conditions, eliminating annual and lifetime coverage caps, and allowing young adults to remain on their parents' insurance plans until age 26.