If you’re new to the world of health insurance, there are several technical terms that may make it seem very daunting at first, but we aim to clear things up within this article. The health insurance marketplaces has provided insurance coverage to millions of individuals over the years. Selecting the right insurance plan is important, because getting an expensive plan that doesn’t contain coverage for what you need is of no use.
The Health Insurance Marketplace
This marketplace offers visitors an opportunity to purchase all types of health insurance plans ranging from individual to family health plans. The primary benefit of this marketplace is that it allows users to compare plans to evaluate pricing, coverage and more. Each state has their own version of the marketplace, while some only utilize the federal one. There is an enrollment period every year where you can purchase plans in the marketplace.
The insurance marketplace stems from Obamacare through the ACA in 2010. As the years passed, around fourteen different states have chosen to create their own health insurance marketplace. One of the biggest benefits is that the plans listed on these health insurance marketplaces provide coverage for the ten necessary health requirements.
Categories of Insurance Plans in the Marketplace
There are 4 different categories, i.e. Bronze, Silver, Gold and Platinum. Platinum level plans are the most expensive, but they also provide the maximum amount of expense coverage. Users can view and compare the coverage of each plan alongside their costs.
While you do need to keep your budget in mind as well, it is important to remember that the price of healthcare in the US is extremely high. Getting a plan that provides better coverage is always the best option.
One important thing to remember is that the platinum level plans do NOT guarantee quality care. You need to go through the list of accepted healthcare professionals to see if the plan is a good fit.
You may also be eligible to obtain financial assistance for your plans if you meet a certain criteria. This can help take care of the high costs of monthly premiums. Once you select a plan, more details about financial assistance will be available to you on the health insurance marketplace.
To shop in the marketplace, you have to meet certain eligibility requirements. For example, you must be a lawful U.S. Citizen, or a U.S. National. Individuals who are incarcerated cannot purchase healthcare. Another important thing to remember is that you cannot be enrolled in Medicare when purchasing the health insurance marketplace.
If your current employer offers healthcare benefits, do evaluate those options first instead of purchasing directly from the marketplace. This is because employer-based premiums are normally lower with better coverage since the employer obtains them at bulk pricing.
However, if you’re handicapped or unemployed, purchasing directly on the health insurance marketplace is a perfect choice. With numerous options available for you to compare and select from, it is important to take your time to carefully evaluate coverage, premiums, and more.