Describe the main provisions of the Affordable Care Act, colloquially known as Obamacare

Answer:

An ideal response will:
1. Describe how the key provisions of the Affordable Care Act involve expansions of existing health care programs such as Medicaid for the poor and the creation of new health insurance exchanges in states as a source of insurance for low-income Americans.
2. Identify that most Americans were required to buy health insurance starting in 2014 and would be fined if they did not do so.
3. Note that insurance companies cannot deny coverage to people for preexisting conditions and must extend coverage for young Americans up to 26 years of age under their parents' insurance.
4. Detail that the special Medicare Advantage program for higher-income beneficiaries will be frozen and some benefits abolished, Americans will pay a tax on "Cadillac" insurance plans that offer broader coverage at a higher cost, and the Medicare payroll tax will rise 0.9 percent for Americans who make more than $200,000 per year.