It's Monday, so let me rain on this parade a little.
Current magnetic shield designs are adequate to protect against ionizing radiation from the sun. They aren't sufficient to protect against galactic cosmic radiation, which has a lot more energy in each particle. To effectively block that would take a shield with energy 100x greater. The mass and energy needs of such a system are prohibitive. The effect over time on human health of exposure to a magnetic field of such strength is unknown.
The health effect of cosmic rays at the levels in interplanetary space is also not known. Exposure for a year or two may only increase the chances of cancer, or it could be debilitating, if not immediately then a few years down the road.
See this article on the topic.