What is Health Insurance Marketplace? A Brief Explanation:
Since 2014, Affordable Care Act have set up Health Insurance Marketplace where people can shop for health insurance. It is regulated and subsidized by the government with different levels of coverage and tiers offered to small businesses, individuals and families without health insurance. As presumed, the presence of this government-regulated health insurance Marketplace will bring health insurance premiums down so that employer-provided and personal insurance will be affordable and spread the risk between federal and state government insurance companies.
How does it work?
Most people get their health insurance through their employer, Medicare, Medicaid, VA or Tricare. But people who do not have these options can now purchase health insurance through the Health Insurance Marketplace online. This is a possible alternative to enroll on a affordable health insurance. Moreover, premium tax credits are dependent on age, household size and household income. The lower your income is the higher premium tax credits you may qualify for. Therefore, you may have lower health insurance premium.
All health insurance plans offered through the health insurance Marketplace offer primary health benefits like wellness and preventative services; hospital stays coverage and prescription drugs and more importantly covers anyone that has pre-existing condition. Enrolling through the Health Insurance Marketplace requires that you must:
- live in the U.S.
- file federal income tax
- have a legal immigration status
- not incarcerated
Facts & Figures of Health Insurance Marketplace:
There are about 39 states that currently use the Federal Health Insurance Marketplace. The rest use their own state ran Health Insurance Marketplace. At the end of 2017 Annual Open Enrollment, there’s over 12 million people that enrolled through the Health Insurance Marketplace; over 20 million people currently enrolled and covered through Affordable Care Act. Last year, 8 in 10 Health Insurance Marketplace consumers received an average tax credit of $270 per month.
This year, more than 7 in 10 current enrollees could find plans for $75 or less per month after applying their premium tax credits and 86% of current Marketplace enrollees could save an average of $50 per month and $610 annually before tax credits for the same level of health insurance coverage.
More facts you must know:
• Most Americans non-exempt will be required to have Health Insurance starting 2014. Uninsured Americans can shop for coverage options in their State’s Health Insurance Marketplace or the federal Marketplace.
• No one can be denied coverage on the Health Insurance Marketplace for health related reasons.
• Premium costs are no longer based pre-existing conditions, health status, claims history, duration of coverage, gender, occupation, and small employer size and industry.
• The only factors that can affect premiums of New Insurance Plans starting in 2014 are your income, age, tobacco use, family size, geography and the type of plan you buy. This applies to all plans sold through your State’s health insurance marketplace.
• The Health Insurance Marketplace is open to all Americans, but no one is required to use it.
• If you already have health insurance, you can keep it.
• You can compare competitively priced health insurance plans through the Health Insurance Marketplace to find the best deal for you, your family or your employees.
• Individuals and families earning less than 400% of the Federal Poverty Level can get cost assistance through the Health Insurance Marketplace.
In addition:
• Small businesses with under 50 full-time equivalent employees can use a part of the Marketplace called “the SHOP” (Small Business Health Options Program).
• Small businesses with fewer than 25 full-time full-time equivalent employees with average annual wages below $50,000 can get tax credits to help pay for employee premiums through the SHOP.
• ObamaCare’s first open enrollment in our State’s Health Insurance Marketplace started from October 1st, 2013 to March 31st, 2014. There is an open enrollment period every year as well as special enrollment periods.
• Medicare, health insurance marketplaces, and employer based insurance have open enrollment periods. Medicaid, CHIP and non-subsidized private insurance outside of the Health Insurance Marketplace are not subject to mandatory enrollment periods, although most ObamaCare-compliant plans “known as Minimum Essential Coverage” can only be purchased during open enrollment inside and Outside of the Marketplace.
• Health Insurance purchased by the 15th of each month starts on the 1st of the following month after you paid your premium. Health Insurance purchased after the 15th starts on the 1st of the month after that.
• You can get an estimate of what your health insurance will cost on the marketplace by going to the healthcare.gov. Applying and enrolling in a health insurance plan are not the same things. With Health Insurance Marketplace, you are free to shop around for health insurance plans during Open Enrollment.
Watch this short video and learn more.
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