Consumers

When the Affordable Care Act was signed into law in March 2010, it had a few immediate effects on consumers. It allowed young adults to stay on their parents’ plan until they turn 26, outlawed lifetime limits on what insurance will cover, reduced the cost of drugs for people on Medicare and expanded access to free preventive care.

The next important changes will take place in 2014. Everyone will be required to have health insurance, or face paying a tax penalty that starts at $95 per individual, $285 per family or 1 percent of income, whichever is greater. Under the law, health plans must offer coverage for everyone, even those with pre-existing conditions, and cannot charge more based on gender.

By Oct. 1, 2013 every state will have an insurance exchange, an organized marketplace where individuals and small-business owners can buy insurance. For people who are worried about affording insurance, subsidies will be available for households whose income falls within 100 percent to 400 percent of the federal poverty line. The law will also expand Medicaid, covering up to 16 million more low-income Americans.