Which federal law mandates the operation of health insurance marketplaces?

The Affordable Care Act (ACA) is the federal law that mandates the operation of health insurance marketplaces. Enacted in 2010, the ACA was designed to expand access to health insurance, lower healthcare costs, and improve healthcare outcomes. One of its key features is the establishment of health insurance marketplaces, also known as exchanges, where individuals and small businesses can compare and purchase health insurance plans.

The marketplaces were created to provide a structured environment for consumers to easily access information about available health plans, understand their options, and receive subsidies to help lower their costs based on income. This progressive initiative aims to increase the number of insured individuals in the country, addressing gaps in coverage and aiming for a more equitable healthcare system.

Other options are not correct in this context. The Social Security Act primarily deals with social insurance programs and does not address health insurance marketplaces. The Healthcare Reform Act is a more general term and does not specifically refer to the ACA or its provisions. The Medicaid Expansion Law, while related to the ACA in expanding Medicaid coverage, is not responsible for operating health insurance marketplaces. The primary focus of the ACA is the establishment and functioning of these marketplaces along with various reforms to improve the healthcare system overall.