A Medical Insurance Exchange is an online marketplace where people can compare policies side by side, and buy health insurance. The public exchanges allow applicants to determine whether they qualify for government subsidies.
For 2014, open enrollment started October 1st, and runs through March 31st. Coverage begins in January, 2014.
The affordable health care act requires almost all Americans to have health insurance, or pay a penalty to the government. The penalty starts at $95 in 2014, but increases to at least $695 by 2016. In the public exchanges, premium subsidies are available for individuals earning up to $46,000 annually, and for families, premium subsidies are available with incomes up to $94,200.
