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The Affordable Care Act (ACA), formally known as the Patient Protection and Affordable Care Act (PPACA) and informally as Obamacare, is a landmark U.S. federal statute enacted by the 111th United States Congress and signed into law by President Barack Obama on March 23, 2010.
In May the United States House of Representatives voted to repeal the ACA using the American Health Care Act of 2017. [79] [80] On December 20, 2017, the individual mandate was repealed starting in 2019 via the Tax Cuts and Jobs Act of 2017. [81] The CBO estimated that the repeal would cause 13 million people to lose their health insurance by ...
Healthcare reform in the United States has had a long history.Reforms have often been proposed but have rarely been accomplished. In 2010, landmark reform was passed through two federal statutes: the Patient Protection and Affordable Care Act (PPACA), signed March 23, 2010, [1] [2] and the Health Care and Education Reconciliation Act of 2010 (), which amended the PPACA and became law on March ...
The Affordable Care Act, often called Obamacare, has always given taxpayer-subsidized credits to consumers based on their income levels to offset the cost of monthly health insurance premiums ...
The enhanced subsidies, which were first passed in 2021 as part of the American Rescue Plan Act, will have been in place for roughly five years when they expire in 2025, or about half as long as ...
The increase in the threshold for the itemized medical expense deduction from 7.5% to 10% of AGI (originally scheduled to take effect on January 1, 2017) goes into effect (per the Tax Cuts and Jobs Act of 2017). The repeal of the "individual mandate" by the Tax Cuts and Jobs Act of 2017 goes into effect, reducing the tax penalty to zero. [150]
Private health exchanges predate the Affordable Care Act. One example of an early health care exchange is International Medical Exchange (IMX), a company venture financed in Louisville, Kentucky, by Standard Telephones and Cables, a large British technology company (now Nortel), to develop the exchange concept in the U.S. using on-line ...
Following implementation of the Affordable Care Act, HRAs must be integrated with a qualified employer-sponsored group health insurance plan to avoid excise tax penalties. [4] Using a Health Reimbursement Arrangement yields "tax advantages to offset health care costs" for both employees and employers. [1]