What is the Affordable Care Act?
The Bankrate.com financial term of the day is: "Affordable Care Act" or "Obamacare."
The law with the full name the Patient Protection and Affordable Care Act is what's commonly referred to as Obamacare. The legislation signed by President Barack Obama on March 23, 2010, ushered in a broad range of reforms designed to make health care better and more affordable, rein in the cost of health insurance, and expand access to coverage for the nearly 49 million Americans who are uninsured.
The Affordable Care Act, or Obamacare, requires most Americans to carry health insurance or face a tax penalty. It also makes it illegal for health insurers to set lifetime and annual dollar limits on coverage, drop you if you get sick, or charge more or deny coverage because of a pre-existing condition.
To shop for insurance to fit your needs, visit the Insurance section at Bankrate.com.