Final answer:
Health plans under the Affordable Care Act (ACA) are classified into four metal categories: Bronze, Silver, Gold, and Platinum, which indicate the level of coverage and cost-sharing between insurers and subscribers. The ACA aimed to provide coverage for the uninsured, support those with preexisting conditions, and mandated that both employers and individuals carry health insurance, although the individual mandate penalty was later eliminated on a federal level.
Step-by-step explanation:
Health plans are classified according to the Affordable Care Act (ACA), popularly known as Obamacare, into four metal categories: Bronze, Silver, Gold, and Platinum. Each category indicates a general level of coverage and the division of costs between the insurer and the subscriber, where Bronze plans have the lowest premiums with higher out-of-pocket costs and Platinum plans have the highest premiums with the lowest out-of-pocket costs.
The ACA had several key goals, including providing coverage for the uninsured, ensuring coverage for individuals with preexisting conditions, and establishing employer and individual mandates, which require employers to offer and individuals to purchase health insurance. However, the so-called individual mandate penalty has since been reduced to $0 on a federal level starting in 2019, although some states have their own mandates. Despite some changes, the ACA remains influential in maintaining access to health insurance for millions of Americans.