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Affordable Care Act benefit: Make affordable health insurance available to more people is one of the law's three main objectives. For households with incomes between 100% and 400% of the federal poverty threshold, the law offers customers subsidies (referred to as "premium tax credits") that reduce prices (FPL).
The Affordable Care Act includes tax provisions that affect individuals, families, businesses, insurers, tax-exempt organizations, and governmental agencies in addition to comprehensive health insurance changes. Important changes are made by these tax provisions, including how people and families submit their taxes. The Patient Protection and Affordable Care Act, also known as the Affordable Care Act or Obamacare, is a historic piece of U.S. federal legislation that was passed by the 111th Congress and was signed into law by President Barack Obama on March 23, 2010. It marks the largest regulatory revision and coverage extension to the American healthcare system since the passage of Medicare and Medicaid in 1965, along with the adjustment made by the Health Care and Education Reconciliation Act of 2010. The majority of the ACA's provisions went into effect in 2014. By 2016, there were an estimated 20 to 24 million more individuals having insurance, which resulted in the percentage of the population without insurance approximately halving. A number of delivery system improvements were also put into place by the law with the goal of lowering costs and raising standards in healthcare. Following its implementation, rises in healthcare costs as a whole—including insurance premiums for employer-based plans—slowed.
Learn more about Affordable Care Act here
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