5 things to know about Obamacare

It might not be Black Friday, but Oct. 1 should be a shopping day to remember. For the first time, millions of uninsured Americans will be able to go online to compare health insurance plans, find out if they are eligible for federal aid and buy coverage.

Open enrollment begins for the online health insurance marketplaces, the centerpiece of the 2010 Affordable Care Act, open for business

People can begin shopping for insurance plans on the exchanges. Lower- and moderate-income people will be able to apply for tax subsidies to offset the cost of premiums or enroll in Medicaid in states expanding the program.

The initial open enrollment period for these marketplaces, which operate as interactive websites, runs from Oct. 1 through March 31. Under the law, most Americans are required to have insurance by Jan. 1, 2014, or face a fine, but officials have said those who are insured by April 1 won't be penalized. Insurance bought by mid-December will take effect Jan. 1; coverage bought by mid-March is effective April 1.

Insurers must meet new requirements. For the first time, they'll be barred from rejecting people with pre-existing conditions or charging them more.

Each state will have its own online marketplace, or exchange, and offer in-person help.

The marketplaces will tell people if they are eligible for Medicaid, which many states are expanding, or if they should sign up for private plans.

Individual policies will be organized into four tiers — bronze, silver, gold and platinum — depending on their coverage and costs. People with employer-sponsored coverage generally won't buy on the exchanges, nor will those on Medicare, Tricare or other veterans health care plans.

Jan. 1, 2014: Coverage obtained on the exchanges goes into effect. Most individuals are required to have health insurance. Penalties for those who fail to do so kick in, beginning at $95 a year per person, or up to 1 percent of a family's income, whichever is greater. (The penalty will increase in future years.) The penalty for an uninsured child is $47.50. Insurance companies cannot deny coverage on the basis of pre-existing conditions nor charge higher rates based on an applicant's sex or medical history. Policies must offer a basic package of benefits.

March 31, 2014: Open enrollment period ends for the year. It will reopen in October 2014.

April 1, 2014: If you don't have insurance, you'll face a fine.

Jan. 1, 2015: Businesses with 50 or more workers must provide health benefits or pay fines.

No: People who are in the country illegally will be barred.

Maybe: For businesses with 50 or fewer workers, the federal marketplaces and most states will have a Small Business Health Options program, or SHOP, that will give employees more options than they now have. Most marketplaces will allow only businesses with 50 or fewer workers to buy through the exchanges initially.

If you have a computer, go to Healthcare.gov or to your state-run exchange (It's mnsure.org in Minnesota) and create an account. Then you would fill out an application and provide information such as household size, location and income.

Then the exchange takes over. It determines whether you are eligible for Medicaid; if so, it will refer you there. If not, it will tell you how much of a subsidy you can receive. It will show you a list of health plans and their premiums and out-of-pocket costs, including deductibles and co-payments. If you decide to buy one of those plans, in most cases, you will be directed to the insurer's website to make the payment. Consumers may have to make their first premium payment to the exchange and then further monthly payments to the insurer.

You can also fill out paper applications or apply over the phone. The federal and state exchange sites have toll-free numbers, see box at left, where consumers can find information about getting help in person.