"It's expensive — expensive things hurt families," he said.

Romney stated his biggest issue with the health care plan, along with cutting more than $700 million in Medicare, is that it puts an unelected board in charge of determining what treatments individuals receive.

The president refuted Romney's definition of the "unelected board," calling the board a "group of health care experts [who will be used] to figure out how we can reduce the cost of care in the system overall."

ALSO SEE: Romney Likes Big Bird But Calls For Cuts To PBS

Obamacare, according to the president, is part of making sure that the country takes care of the middle class.

"If you don't have health insurance, we're essentially setting up a group plan that lets you benefit from group rates that are up to 18 percent less," he said.

Romney criticized the president for passing the Affordable Health Act without bipartisan support.

ALSO SEE: Obama Fond Of Term "Obamacare": Recapping Third Portion Of Debate

"I think something this big, this important has to be done on a bipartisan basis," he said. "We have to have a president who can reach across the line."

President Obama discussed the similarities between Obamacare and Romney's health care plan of Massachusetts, though the Republican challenger refuted the claim.

"We didn't raise taxes," Romney said. The other differences, according to the former Massachusetts governor, is that the state did not cut Medicare (a federal decision) or implement a board to dictate what treatments would be available for the public.

ALSO SEE: Obama Attacks Romney's Lack Of Specifics In Tax Cut Plan

Despite the similarities between his own proposals and Obamacare, Romney insisted that the federal government should not have the right to take over health care.

"The private market and individual responsibility always work best."

Read more of Neon Tommy's coverage on the 2012 debate here.

Reach Staff Reporter Greg Asciutto here.