What Does Affordable Care Act Mean?
The Affordable Care Act is a federal statute that President Obama signed it into law on March 23, 2010 to reform the American healthcare system. It aims to expand healthcare coverage and quality and make health insurance more affordable for individuals and the government.
The Affordable Care Act has enacted changes to nearly every part of the American healthcare system. Some of the major provisions include no longer allowing insurance companies to deny health insurance due to pre-existing conditions, a requirement for every American to buy health insurance or face a tax penalty, an expansion of Medicaid coverage, and tax subsidies to help low-income Americans afford coverage.
It is colloquially known as "Obamacare."