Affordable Care Act (ACA)

Definition

The ACA, also known as Obamacare, is a comprehensive healthcare reform law enacted in March 2010. It was designed to extend health insurance coverage to millions of uninsured Americans.

Related terms

Individual Mandate: This is a requirement by law for certain persons to purchase or otherwise obtain good quality healthcare insurance.

Medicaid Expansion: A key component of the ACA that allows states to provide Medicaid coverage for all low-income adults.

Pre-existing Conditions: These are medical conditions that existed before someone's health benefits went into effect. Under the ACA, insurers can't refuse coverage or charge more due to pre-existing conditions.