The Health Insurance Marketplace –
also known as the Exchange – is a one-stop shopping center: Your state’s Marketplace. Whether you are an individual, family, or a small business, the Health Insurance Marketplace will help you to find the best option to meet your needs. It was created to try to simplify shopping for health insurance coverage, as well as to provide help in understanding the differences between various plans offered. The Marketplace must be certified by the Health Insurance Marketplace as meeting strict standards for quality and security. Key points about the Health Insurance Marketplace. Plan Types These plans will be separated into four categories depending upon how you and your insurance plan will share your health care costs: Bronze, Silver, Gold, and Platinum Plans related to your costs. Bronze-
This plan generally has the lowest monthly premium Silver-Gold Each will generally have a higher premium and lower cost when you get your care Platinum- Greater than 90% of the cost will be your monthly premium Catastrophic Plans: These plans are available to people under 30 and to some low- income individuals and individuals who have certain financial hardships. These plans only pay for with emergency room care with a high deductible. . Subsidies and Financial Assistance Premium Tax Credits Most individuals and families will be eligible for a Premium Tax Credit based on their income to help with their expense of their premiums. Cost Sharing Reductions: Members with lower incomes may be able to benefit from these plans offered on Exchange that will offer you lower out of pocket cost such as lower deductibles, lower co payments Enrollment Periods Open Enrollment: Each year usually in mid-November to mid-December you can enroll outside of open Enrollment, if a Special Enrollment Period is available to you. Special Enrollment Period (SEP) This will give you access to stop being uninsured and to give you other options to gain coverage outside of open enrollment. You will generally have 60 days to enroll in a new plan after qualifying for the Special Enrollment Period Eligibility: U.S. citizens and legal residents may buy insurance through the Marketplace Medicaid and CHP+(Link) will be available in all the Marketplaces to lower income applicants. You can apply on the Marketplace for Medicaid and CHP+ under the Patient Protection Act otherwise the title of the law known as Obamacare This state based marketplace will depend upon in which state you life. Some states will run their marketplace.
