Your health insurance options are about to change.
Starting Oct. 1, Americans will be able to shop for coverage through national and state-administered insurance exchanges. But you only have six months to make your move.
Here are 10 things you need to know before open enrollment begins.
What happens on Oct. 1?
Starting Oct. 1, you can purchase health coverage through the Affordable Care Act health insurance exchange program. The coverage kicks in Jan. 1, 2014.
Your coverage options depend on where you live. Some states have exchanges run by the federal government, whereas others have their own exchanges or ones created in conjunction with the Obama administration. Either way, you can go to HealthCare.gov to see your coverage options and how much they cost.
You have six months to make a choice. If by March 31 you have no health insurance through the exchanges or your employer, you face a fine of 1 percent of your yearly income or $95 per person — whichever is higher. The fee increases every year, rising to 2.5 percent of your yearly income in 2016 or $695 per person. That’s on top of any health care costs.
Date: Sept. 24, 2013