Why Use the Health Marketplace?
The Health Marketplace is a simple way for Americans to obtain quality health insurance without the use of an agent. Because of the competition in the health marketplace, the guess work is removed and it makes coverage less expensive.You can only apply for healthcare tax credits via the health marketplace.
The health marketplace can also be used to apply for CHIP and Medicaid. Getting health insurance through your job does not always allow for tax credits.
Who Uses the Health Marketplace?
Uninsured Americans that are seeking family or individual private health plans along with those that are eligible for cost assistance tend to use the health marketplace.
If you do not have access to quality, affordable healthcare, you should use the health marketplace.
If you do not have access to employer insurance or make less than 400% of the federal poverty level, you may qualify for cost assistance through the health marketplace.
Making less than 133% of the federal poverty level may qualify you for Medicaid.
If you have Medicare, you can simply just keep it as Medicare is not part of the health marketplace.
Approximately 170 million Americans will be covered by their employer and will not have to access the health marketplace. However, many employers will make use of the health marketplace to obtain group health plans.
Is it mandatory to use the Health Marketplace if you do not have health insurance?
If you do not have a health insurance plan, you will penalized in the amount of $95 or one percent of your yearly income, whichever is greater. This is going to rise every year with a cap of $695 or 2.5% by the year 2016.
The health marketplace option is just that, one option, it is not mandatory, you can buy health insurance privately via a broker or through the company itself.
The Health Marketplace: What is Affordable Health Insurance?
Health insurance that is considered affordable is a plan that costs less than eight percent of your income. Health insurance from your employer can costs up to nine percent of your income and still be viewed as affordable. Not being able to purchase affordable health insurance could possibly exempt you from having to buy a health insurance plan.
How the Health Marketplace Works
The Health Marketplace works similar to other websites. Find your state’s health marketplace, fill out some basic information, then use the price calculator to compare benefits and rates of different health insurance plans and choose the one that best fits your family and budget.
To apply in the Health Marketplace you can do so by mail, online or with a qualified Navigator. Use the telephone or chat online 24/7 for help completing your application. Questions? call us today at (855) 505-0888.