Final answer:
The Medicare Access & CHIP Reauthorization Act (MACRA) created the program known as Obamacare, which aimed to provide affordable health insurance, require everyone to have insurance, and reduce healthcare costs. It established private insurance exchanges and introduced regulations to control costs.
Step-by-step explanation:
The Medicare Access & CHIP Reauthorization Act (MACRA) created the program known as Obamacare, which was a significant overhaul of the American healthcare system. Its goals were to provide all Americans with access to affordable health insurance, require everyone to have health insurance, and lower healthcare costs. The act made use of government funding and created private insurance company exchanges to offer different insurance packages to enrollees. Additionally, the ACA introduced regulations to control healthcare costs, such as capping the amount providers can spend on administrative costs and requiring the adoption of electronic medical records (EMRs).