In March of this year, President Barak Obama signed into law the Patient Protection and Affordable Care Act, officially known as H.R. 3590, or Healthcare Reform. Part of this law will require that by 2014, most Americans must purchase government regulated health insurance. In fact, Section 1501 of the act adds a new chapter to the IRS code that mandates all "applicable" individuals to either obtain health insurance that meets the bill's "minimum essential coverage" standards. If they do not, they will be required to pay a penalty.