Final answer:
The Health Care Financing Administration was replaced by the Centers for Medicare & Medicaid Services (CMS) to better reflect its expanded mission following changes like those introduced by the Affordable Care Act.
Step-by-step explanation:
The organization that replaced the 'Health Care Financing Administration' (HCFA) is known as the Centers for Medicare & Medicaid Services (CMS). This change took place in 2001 to more accurately reflect the agency’s broadened scope and mission to administer Medicare, Medicaid, the Children’s Health Insurance Program (CHIP), and the site for the Health Insurance Marketplace. With the passage of the Affordable Care Act (ACA) in 2010, also referred to as Obamacare, CMS became instrumental in overseeing the implementation of the Act’s provisions that aimed to provide all Americans with access to affordable health insurance, require everyone in the United States to acquire some form of health insurance, and to lower healthcare costs.