Affordable Care Act

Definition

The Affordable Care Act, also known as Obamacare, is a healthcare reform law enacted in 2010 that aimed to increase the accessibility and affordability of health insurance coverage for Americans. It introduced various provisions such as the expansion of Medicaid, the establishment of health insurance exchanges, and the individual mandate.

Related terms

Medicaid Expansion: This term refers to the provision under the Affordable Care Act that allowed states to expand their Medicaid programs to cover more low-income individuals.

Health Insurance Exchanges: These are online marketplaces created by the ACA where individuals can compare and purchase health insurance plans.

Individual Mandate: The individual mandate required most Americans to have health insurance or face a penalty on their taxes.