The Affordable Care Act (ACA), often referred to as 'Obamacare', has reached a new milestone as President Joe Biden announced that almost 50 million people have obtained healthcare coverage through marketplace exchanges created by the law since its enactment over a decade ago. The ACA has been a controversial piece of legislation since it was signed into law in 2010, facing repeated calls for repeal by Republicans.
Under the Biden Administration, enrollment in the ACA has risen, with 18.2 million Americans gaining coverage for the first time since 2021. This increase has been driven by an expansion of premium tax credits to include individuals and families with household incomes up to 400% of the federal poverty level. The law has also become more popular, with over 60% of the public having a favorable view of it according to KFF.
Critics of the ACA point to flaws in design and implementation, particularly in the early years under the Obama Administration when insurers exited the market and premiums rates increased substantially. However, the ACA has achieved its main purpose of reducing the number of Americans without health insurance, with the percentage of uninsured nationwide currently at a historically low level of 7.7%.
Looking ahead, Vice President Kamala Harris has expressed a desire to build upon the successes of the ACA and expand upon its policies, including extending the reach of Medicare drug pricing provisions. Meanwhile, former President Donald Trump, who has previously sought to repeal the ACA, is now more likely to focus on reforming the law if he were to win the election in November. Overall, the ACA has had a significant impact on healthcare coverage in the United States, providing millions of Americans with access to affordable health plans through the marketplace exchanges.