Final answer:
The Patient Protection and Affordable Care Act (ACA), also known as Obamacare, was enacted to make health insurance accessible and affordable, requiring all U.S. residents to have some form of health insurance and aiming to reduce healthcare costs.
Step-by-step explanation:
The Patient Protection and Affordable Care Act (ACA)
The healthcare law discussed in class, known as the Patient Protection and Affordable Care Act (ACA), or Obamacare, is a public law that brought significant changes to the U.S. healthcare system. Its enactment by President Barack Obama in 2010 was aimed at making health insurance more accessible and affordable to Americans. This law was the most considerable healthcare system reform since the implementation of Medicaid in 1965 and sought to ensure that all Americans had access to health insurance, made it mandatory for all U.S. residents to have some form of health insurance, and aimed at reducing the overall costs of healthcare.
Despite facing numerous challenges, including legal ones such as the case of National Federation of Independent Business v. Sebelius, where its constitutionality was questioned before the Supreme Court, the ACA has largely remained intact. It has been subject to political debate and legal scrutiny, with the Supreme Court upholding it by a narrow 5-4 decision, affirming that the law is a constitutional extension of Congress's power to tax.
The ACA's creation of private insurance company exchanges aids individuals in purchasing various insurance packages. It has faced criticisms concerning its affordability, potential for increasing insurance premiums, constitutional concerns over mandating insurance, and its ability to handle the influx of new individuals covered under Medicaid.