And as the new year gets closer, some Americans are scrambling to understand the ACA and figure out what plan is best for them so they can avoid paying a penalty for not having coverage by March 31st.
There are three tiers of plans on Healthcare.gov but they all cover the same aliments, the difference is how much you pay and how much is covered by the insurance plan.
The cheapest affordable care act plan is the Bronze Plan.
It covers 60% of the cost of healthcare for a given population, which is the smallest amount of coverage offered.
The next plan is silver it covers 70% of the cost of healthcare for a given population, offering slightly more coverage than the Bronze plan.
And the last plan offered to everyone is the Gold plan which covers 80% of the cost of healthcare for a given population, offering the most coverage.
Unless you have access to the Platinum Plan which covers 90% of the cost of healthcare for a given population but right now is only offered in small groups.
And insurance agent Kelly Fristoe says it's important to pick a plan that covers only what you need
“It doesn't make financial sense to buy a health insurance plan to cover the sniffles and the sneezes and a four dollar prescription at Wal-Mart,” says Fristoe.
To help you pay for your plan you could qualify for a subsidy.
You can get a subsidy to help pay your monthly cost or a cost sharing subsidy to help pay your deductible or you may qualify for both.
Subsidies are based on your 2013 income.
To purchase a plan or look into what your income based options are you can visit Healthcare.gov
Copyright 2016 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.