A report by the California Budget Project found that one year after becoming law, the Affordable Health Care Act has improved health insurance benefits for millions of Californians, according to the Sacramento Business Journal.

The legislation has helped more seniors access prescription drug coverage, reported the newspaper, while offering temporary insurance for about 300,000 state residents who had been denied health coverage due to pre-existing conditions. Moreover, the law has helped more young people obtain insurance by allowing them to stay on their parents' plan until they are 26-years-old.

The paper also said a health insurance exchange designed to connect small businesses and individuals without employer-provided coverage could provide insurance for up to 8 million state residents when it's launched in 2014.

In a statement, Budget Project executive Jean Ross said subsidies for low and middle-income families, in addition to increased Medi-Cal eligibility and employer incentives, could help 4.7 uninsured Californians receive health coverage, according to the source.

Upon its passage, the Affordable Care Act made it illegal for insurers to deny coverage to children because of pre-existing conditions, a measure that will be expanded to adults in 2014.