MARKETPLACE EXCHANGES OF THE AFFORDABLE CARE ACT (MEACA)
(Affordable Quality Health Coverage)
Why do I need health insurance?
No one ever plans to get sick or hurt, but everyone needs health care at some point in life. Having quality, affordable health insurance protects you—and your wallet. With the freedom to manage your health and coverage whenever you need it, everyone can sleep better at night.
Long title: The Patient Protection and Affordable Care Act
Colloquial acronyms: PPACA, ACA
Nickname (s): Affordable Care Act, Health Insurance Reform, Healthcare Reform, Obamacare
The comprehensive health care reform law enacted in March 2010 with the goals of increasing the quality and affordability of health insurance, lowering the uninsured rate by expanding public and private insurance coverage, and reducing the costs of healthcare for individuals and the government. It introduced a number of mechanisms—including mandates, subsidies, and insurance exchanges—meant to increase coverage and affordability. The law also requires insurance companies to cover all applicants within new minimum standards and offer the same rates regardless of pre-existing conditions or sex. Additional reforms aimed to reduce costs and improve healthcare outcomes by shifting the system towards quality over quantity through increased competition, regulation, and incentives to streamline the delivery of healthcare.