Updated March 30, 2012

President Barack Obama promised on the campaign trail that "if you don't have insurance, or don't like your insurance" you would be able to choose from a range of private plans the way federal employees do.

The health insurance exchanges created by the Affordable Care Act, which he signed into law in March 2010, will offer such choices in 2014 to people who meet basic eligibility requirements.

The exchanges are being designed primarily to serve small employers and people purchasing their own insurance — both of whom have trouble getting affordable, high-quality plans. Some will qualify for tax credits and cost-sharing reductions to help pay their premiums.  But those exchanges are also open to anyone else who doesn't like their insurance — as long as they're willing to pay the full price of the new policy.

States are working on setting up exchanges now. Beginning in 2017, states will also have the option to allow insurers to offer large-group plans on the exchanges, which means that larger companies could provide those plans to workers.

Meanwhile, workers who already have health insurance through an employer could shop for and enroll in coverage on an exchange. They just wouldn't be eligible for premium tax credits or cost-sharing reductions unless their employer-sponsored coverage was inadequate or unaffordable.

So "if you don't have insurance, or don't like your insurance," you generally will have choices available from an exchange, as Obama promised. (We say "generally," because there are some exceptions. For example, you can"t be incarcerated and you have to be in the country legally. But eligibility is broad.)

We should note that if you already have employer-sponsored coverage, it's unlikely you would choose to foot the full cost of your own policy from an exchange — there's no provision that lets you take your employer contribution with you.

Still, Obama didn't promise everyone would find a better deal on the exchanges, just that they would "be able to choose" from "quality private plans." And the most recent rules under the Affordable Care Act support this statement. We rate this a Promise Kept.

UPDATE: This rating replaces one we published on March 28, 2012. At the time we rated it Compromise. But after that was published, the Department of Health and Human Services clarified that people who already have insurance from larger employers would still be eligible for the exchanges.