What federal law established the Health Insurance Marketplace?

The Affordable Care Act (ACA) is the federal law that established the Health Insurance Marketplace. This landmark legislation was enacted in 2010 and aimed to increase the quality and affordability of health insurance while expanding access to care for millions of Americans.

The ACA created structured marketplaces where individuals and small businesses can compare and purchase health insurance plans. This was a significant step towards ensuring that more people could obtain insurance coverage, particularly through subsidies and financial assistance provided within these marketplaces for those with lower incomes.

In contrast, the other laws mentioned serve different purposes. The Health Insurance Portability and Accountability Act (HIPAA) primarily focuses on the protection of personal health information and the establishment of standards for electronic health transactions, rather than creating a marketplace for health insurance. The Patient Protection Act is often referred to as a part of the ACA but is not a standalone law that established the Marketplace. Lastly, the Children's Health Insurance Program (CHIP) provides health coverage to children in families with incomes too high to qualify for Medicaid but too low to afford private coverage; it does not relate directly to the establishment of health insurance marketplaces for adults or families seeking insurance options.