The document summarizes the major provisions and impacts of the Affordable Care Act (ACA) passed under President Obama after decades of failed attempts at health care reform. It outlines how the ACA expanded access to affordable health insurance through the creation of state health insurance exchanges, extended dependent coverage, prohibited denying coverage due to pre-existing conditions, and provided subsidies for low-income individuals. It also discusses how the ACA aimed to improve quality and lower costs through initiatives like accountable care organizations, reduced "donut hole" prescription drug costs for seniors, and increased transparency.