Obamacare

Definition

Obamacare, officially known as the Affordable Care Act (ACA), is a comprehensive health care reform law enacted in March 2010. It aims to provide more Americans with access to affordable health insurance, improve the quality of health care and health insurance, regulate the health insurance industry, and reduce health care spending in the US.

Related terms

Health Insurance Marketplace: An online service available in every state where individuals, families, and small businesses can shop for and enroll in affordable medical insurance.

Medicaid Expansion: A provision within the Affordable Care Act that allows states to provide Medicaid coverage to nearly all low-income individuals under 65 with incomes up to 138% federal poverty level.

Individual Mandate: A requirement part of the ACA that required most Americans to have health insurance by 2014 or pay a penalty, although this penalty was reduced to $0 at the federal level starting in 2019