Exchanges are, for most states, new entities that will function as a marketplace for buyers of health insurance, giving them options & prices for health coverage. The Affordable Care Act requires health insurance exchanges to be established and working by 2014 in every state. The ACA gives states the option to establish one or more state or regional exchange(s), or partner with the federal government to run certain functions of the exchange. If a state chooses not to create an exchange, the federal government will set up the exchange(s) in the state. Seventeen states will run their exchanges, seven will partner with the federal government and the other have deferred to the federal government to run them.