Final answer:
The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) allows an individual who has lost their job to continue their health insurance for a limited period. The ACA also supports health insurance continuity by mandating coverage, providing subsidies, and expanding Medicaid for the uninsured and underinsured.
Step-by-step explanation:
An individual who has been terminated from their job and has lost health insurance can continue their insurance benefits for a specified period of time thanks to the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA). Under COBRA, those who have lost job-based health coverage can purchase continuation coverage, which means they can keep their same plan for a limited time under certain conditions such as voluntary or involuntary job loss, reduction in the hours worked, transition between jobs, death, divorce, and other life events.
The Patient Protection and Affordable Care Act (ACA), also known as Obamacare, has also played a significant role in the health insurance landscape by mandating that everyone obtain insurance to avoid adverse selection and by providing regulations to ensure essential health benefits are included in insurance plans. It also expanded Medicaid and made subsidies available to individuals to make insurance more affordable, critically for those without employer-provided insurance who might otherwise be uninsured.
While COBRA allows for temporary continuation of coverage, the ACA aims to provide more permanent solutions for the uninsured and underinsured, including prohibiting insurance companies from denying coverage based on preexisting conditions and allowing children to remain on their parents' policy until the age of 26.