Final answer:
The act that requires individuals to have minimum essential health care coverage is the Affordable Care Act (ACA), commonly known as Obamacare. The ACA includes an individual mandate provision, which was upheld by the U.S. Supreme Court as a constitutional tax, aiming to ensure a balanced insurance pool and make coverage more affordable and comprehensive.
Step-by-step explanation:
The act that requires you to have health care coverage that meets a minimum standard called minimum essential coverage is the Affordable Care Act (ACA). Also known as Obamacare, the ACA was enacted in 2010 with the intention of expanding healthcare coverage, controlling healthcare costs, and improving healthcare delivery systems. One of its key components is the individual mandate, which requires everyone to have insurance or pay a penalty, highlighting the importance of having a health insurance policy that meets certain standards.
Opponents have challenged the ACA, claiming it infringes on individual freedoms. However, in 2012, the U.S. Supreme Court ruled that the individual mandate can be considered a tax within the federal government's taxing authority, thus rendering it constitutional. The individual mandate's objective is to avoid adverse selection by ensuring a mix of healthy and sick individuals in the insurance pool, thus spreading the risk and costs.
Despite efforts by politicians, including former President Donald Trump, to overturn the ACA, it remains in effect, ensuring that large employers offer health insurance and individuals either obtain insurance through employers, private marketplaces, or face a penalty. It also extends Medicaid and offers subsidies to facilitate the affordability of coverage for eligible individuals.