Final answer:
The Patient Protection and Affordable Care Act (PPACA), also known as ACA or Obamacare, is a law signed by President Obama in March 2010. It aims to bring the United States closer to universal healthcare coverage by expanding Medicaid eligibility, creating Health Insurance Marketplaces, and implementing regulations to protect consumers. The ACA has been a subject of controversy, with debates surrounding its impact on insurance costs, individual freedom, and the role of government in healthcare.
Step-by-step explanation:
What is the Patient Protection and Affordable Care Act (PPACA or ACA)?
The Patient Protection and Affordable Care Act (PPACA), also known as ACA or Obamacare, is a law signed by President Obama in March 2010. Its purpose is to bring the United States closer to universal healthcare coverage. The act includes several key features, such as expanding Medicaid eligibility, creating Health Insurance Marketplaces where individuals can purchase insurance plans, and implementing regulations to protect consumers from insurance industry practices like denying coverage due to pre-existing conditions.
One significant aspect of the ACA is the individual mandate, which required most Americans to have health insurance or face a penalty. However, the Tax Cuts and Jobs Act of 2017 reduced the individual mandate penalty to $0 starting in 2019. Despite its goal of improving healthcare accessibility, the ACA has been a subject of controversy, with debates focusing on its impact on insurance costs, individual freedom, and the role of government in healthcare.