Final answer:
The Consolidated Omnibus Budget Reconciliation Act (COBRA) allows employees to continue their group health insurance for a limited time after losing their job. The Employer Mandate and the Patient Protection and Affordable Care Act (ACA) further ensure health coverage by requiring insurance offering and helping individuals through subsidies and an insurance marketplace.
Step-by-step explanation:
The law that provides employees with the opportunity to purchase health insurance for a given period of time after they have been laid off is known as the Consolidated Omnibus Budget Reconciliation Act (COBRA). COBRA gives workers who lose their health benefits the right to choose to continue group health benefits provided by their group health plan for limited periods of time under certain circumstances such as voluntary or involuntary job loss, reduction in the hours worked, transition between jobs, death, divorce, and other life events.
Employer mandate is a related concept, requiring all employers with more than 50 employees to offer health insurance to their employees. Furthermore, the Patient Protection and Affordable Care Act (ACA), also known as Obamacare, mandates that individuals buy insurance, provides state marketplaces for purchasing insurance, and subsidies for those with qualifying incomes. It also includes provisions preventing insurance denial based on pre-existing conditions and allows children to remain on their parents' policy until age twenty-six.
Health insurance is vital to protect individuals financially in the event of health issues. The ACA aims to increase coverage by extending Medicaid eligibility and subsidizing premiums, making healthcare accessible to millions who previously went uninsured. It is a key piece of legislation that has helped to reform the healthcare system in the United States significantly.