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The Patient Protection and Affordable Care Act, also known as the Affordable Care Act, PPACA, and Obamacare created health insurance marketplaces, or exchanges, that are set to open in 2014. These marketplaces are new, and as will all new things, there will be many questions asked. Here are some of the aspects that you will need to know in order to make a good decision about whether the exchanges are for you and your family.

What is a Health Insurance Marketplace?

A health insurance marketplace is an online website where individuals can compare plan designs and premiums from various medical insurance companies. Unlike today's individual insurance market, where a person has to go through an online broker or shop for plans on their own, the marketplaces will have all the plans on the computer screen in front of them. The plans will be easy to read and understand. Once the decisionhas been made as to which plan to enroll in, the actual enrollment can be done instantly from the marketplace's website.

Who Manages the Marketplaces?

The Affordable Care Act is a law passed by the United States government, but the responsibility of managing the health insurance marketplaces falls to each individual state. However, if a state does not want to open their own marketplace, they can defer to the Federal Marketplace.

What this means is that in order to enroll in a marketplace, an individual will need to go to his or her own state's exchange, which can be found 

When Do the Marketplaces Open?

The first effective date of plans purchased on a health insurance marketplace will be January 1, 2014. However, Open Enrollment begins on October 1, 2013. On that day, individuals will be eligible to purchase a medical plan.

It is important to note that not all online exchanges will be ready to roll on October 1. In that case, people will need to enroll via telephone.