What is The Marketplace?
The Marketplace Health Insurance, more commonly known as the Affordable Care Act (ACA) or “Obamacare”, is a set of health insurance regulations that aim to make health insurance more accessible and affordable for all Americans. Signed into law in 2010, the ACA has since helped millions of Americans get the health coverage they need.
Who is the Marketplace for?
The Marketplace Health Insurance is designed to provide coverage to Americans who either don’t have access to employer–sponsored health insurance or who cannot afford it. It applies to those who are not eligible for Medicare, Medicaid, or other government programs. The Marketplace offers a variety of plans from private insurance companies and covers the same types of services as traditional health insurance.
With the Affordable Care Act, individuals also qualify for subsidies that help pay their premiums. This subsidy amount will depend on your income, household size, and location. There is an Open Enrollment Period that runs from November 1st through December 15th. During that time, you can shop and compare coverage.
How does The Marketplace work?
Created in 2013, this platform allows you to compare and apply for coverage. There are certain states that utilize the exchange (Marketplace platform) and some that have their own. You can check your State’s requirements here. So, once you determine where you need to apply, you will create an account and check for coverage. However, an easier way to accomplish this would be to speak with a local Broker!
What plans are offered on the Marketplace?
The Marketplace Health Insurance plans are divided into four tiers, depending on the amount of coverage they offer:
Bronze plans have the lowest premiums but also have the highest deductibles and out–of–pocket costs. Additionally, Platinum plans offer the most coverage but have the highest premiums. Subsidies are available to help people with lower incomes pay for their premiums.
What do Marketplace plans cover?
The Marketplace Health Insurance requires insurers to cover certain essential health benefits, these include:
- preventive care
- emergency services
- mental health and substance abuse services
- maternity care
- prescription drugs
Insurers are also required to cover pre–existing conditions, which means that people with pre–existing conditions can receive coverage without fear of being denied or charged more. The result, The Marketplace Health Insurance also has rules in place to protect consumers. Insurers must meet certain standards for quality, customer service, and financial solvency. Additionally, they cannot deny coverage based on pre–existing conditions or gender, and they cannot charge more for certain services.
If you have no pre existing conditions, you may also want to consider a Short Term Plan