Final answer:
The Patient Protection and Affordable Care Act (ACA), also known as Obamacare, was signed into law in 2010 and aims to provide universal health coverage. It includes provisions such as Medicaid expansion, coverage for pre-existing conditions, and the individual mandate.
Step-by-step explanation:
The legislation signed into law in 2010 that provides health coverage for all Americans is the Patient Protection and Affordable Care Act (ACA), also known as Obamacare. President Obama brought this landmark change to the U.S. healthcare system to address the high rates of uninsurance and underinsurance. Major elements of the ACA include the expansion of Medicaid, the guarantee of insurance coverage for people with pre-existing conditions, and the introduction of the individual mandate, which required individuals to have insurance or face a penalty.
The ACA has made significant strides in reducing the uninsured rate. Before the Act, about 16% of the U.S. population was uninsured, but by 2016, this number had been nearly cut in half to 8.8%. Subsidies and regulations were put in place to make sure premiums from insurers would go directly to medical care, intending to alleviate healthcare costs for everyone.