Affordable Care Act (ACA) Overview
In March 2010, President Obama signed into law new health care reform. The legislation was in two parts consisting of H.R. 3590, the
Patient Protection and Affordable Care Act, PL 111-148, and H.R. 4872, the
Health Care and Education Reconciliation Act of 2010, P.L. 111-152. Collectively, these laws are known as ObamaCare, PPACA or ACA.
While the primary purpose of this reform is to mandate that all U.S. residents obtain health insurance coverage, the law creates a host of tax credits and penalties on employers and taxpayers for failure to do so. In addition, there are several new rules that were created to raise the necessary funds to pay for this reform.
There have been repeated attempts in Congress to repeal and replace the Affordable Care Act. As of May 2018, those efforts have failed and the current health care provisions remain in place, with the exception of the individual penalty. The recently enacted Tax Cuts and Jobs Act repealed the penalty for individuals for failing to maintain minimum essential coverage beginning in 2019.