Obamacare has become a common term, but what is it? Obamacare is another term for the Patient Protection and Affordable Care Act (PPACA), which was signed into law on March 23, 2010 by President Obama. The law has come to be known as the Affordable Care Act, the ACA, or simply “Obamacare.”
PPACA was signed into law in 2010 and represents one of the biggest changes to the American healthcare industry. As such, the comprehensive health insurance reforms are having a major impact on the healthcare industry for employers, individuals and families, insurance professionals, healthcare providers, and financial planners.
The major Obamacare changes include:
New health insurance benefits, rights, and protections
New Health Insurance Marketplaces
New tax credits and subsidies to help individuals and small businesses purchase health insurance
Expansion of Medicaid eligibility in many states
Improvements to Medicare
New mandate requiring all individuals to have health coverage
New mandate requiring large employers to offer health coverage
In this guide on Obamacare, we’ll discuss many of these changes to the healthcare system.
Obamacare has been a debated bill since it passed in 2010. However, it didn’t start out that way.
For decades, the idea of reforming healthcare in America had bipartisan support. Over the last century, almost every President proposed some type of healthcare reform. Obamacare, modeled after healthcare reform in Massachusetts, was the first successful major national reform to healthcare since Medicare in 1965.
The Affordable Care Act was passed in the senate on December 24, 2009 and passed in the house on March 21, 2010. It was signed into law by President Obama on March 23rd, 2010 and upheld in the Supreme Court on June 28, 2012.