The health insurance marketplace is the place from where the people with no health insurance
buy policies to satisfy their health care needs. This is the alternate way for the 50 million people
having no health insurance to buy a health policy. Otherwise, they would have to pay a
fine.Some people, even though, they have a health insurance plan, buy one from the marketplace.
This is because they believe the cost of a premium is a little low here. Nowadays, even the
employers also ask the employees to buy health insurance policies from the marketplace. There
are five basic things you have to be aware of the new health insurance marketplace. They are:
1. Know about the health plan categories: Basically, there are four types of plans, namely,
bronze, silver, gold, and platinum. Another thing which you have to know is about how much the
plan spends for you and how much you spend for yourself. For example, in the bronze plan, the
plan pays only 60% of the cost of the health insurance plan you own. In the case of silver, gold
and platinum, it is 70-30, 80-20 and 90-10 respectively. This information simply tells you that in
the bronze plan the level of coverage the plan offers you is the least. So the premium you have to
pay for the plan is also less. From this, you can easily comprehend that if you pay a lesser
premium the coverage you get is also low. If you take a platinum plan you pay a higher premium
and get a higher coverage. Similarly, this insurance plan has got various components. They are deductibles, copayments and coinsurance. Deductibles are the part of the extra amount you have to pay to the health insurance company before it can pay you any amount for the expenses incurred. Copayments are the amount which you have to pay for the services rendered by the insurance company. Coinsurance is a certain percentage of the amount you pay to share the expenses.
2. These marketplace insurance plans should cover Essential health benefits: Every plan
bought from the marketplace should cover all the essential health benefits. The essential benefits
are Care for newborn and children, addiction treatment, emergency, hospitalization and the like
treatments. This list is by no means exhaustive. The list goes on.
3. Check whether you are eligible for lower premiums and subsidies: Try to find out
whether you are eligible for paying a low premium. Through this, you get a cost -sharing
reduction and you can now pay only a reduced premium. You have to also understand that these
subsidies are available to you when you can&t get yourself a public health policy or your
employer doesnt provide this service.
4. Take a health insurance plan or pay a fee: According to the US law, you have to either
have a health insurance plan or pay 1% of your annual income as fees to the government. You
may also be asked to pay $95 per person as a fee. It was the situation during 2014. But during
2016, it has been increased to 2.5% of your income.
5. Know the date when it will be available: Open enrolment starts on 1st November 1016 and
ends on January 31st, 2017.
These are the essential things you need to know about the marketplace.
buy policies to satisfy their health care needs. This is the alternate way for the 50 million people
having no health insurance to buy a health policy. Otherwise, they would have to pay a
fine.Some people, even though, they have a health insurance plan, buy one from the marketplace.
This is because they believe the cost of a premium is a little low here. Nowadays, even the
employers also ask the employees to buy health insurance policies from the marketplace. There
are five basic things you have to be aware of the new health insurance marketplace. They are:
1. Know about the health plan categories: Basically, there are four types of plans, namely,
bronze, silver, gold, and platinum. Another thing which you have to know is about how much the
plan spends for you and how much you spend for yourself. For example, in the bronze plan, the
plan pays only 60% of the cost of the health insurance plan you own. In the case of silver, gold
and platinum, it is 70-30, 80-20 and 90-10 respectively. This information simply tells you that in
the bronze plan the level of coverage the plan offers you is the least. So the premium you have to
pay for the plan is also less. From this, you can easily comprehend that if you pay a lesser
premium the coverage you get is also low. If you take a platinum plan you pay a higher premium
and get a higher coverage. Similarly, this insurance plan has got various components. They are deductibles, copayments and coinsurance. Deductibles are the part of the extra amount you have to pay to the health insurance company before it can pay you any amount for the expenses incurred. Copayments are the amount which you have to pay for the services rendered by the insurance company. Coinsurance is a certain percentage of the amount you pay to share the expenses.
2. These marketplace insurance plans should cover Essential health benefits: Every plan
bought from the marketplace should cover all the essential health benefits. The essential benefits
are Care for newborn and children, addiction treatment, emergency, hospitalization and the like
treatments. This list is by no means exhaustive. The list goes on.
3. Check whether you are eligible for lower premiums and subsidies: Try to find out
whether you are eligible for paying a low premium. Through this, you get a cost -sharing
reduction and you can now pay only a reduced premium. You have to also understand that these
subsidies are available to you when you can&t get yourself a public health policy or your
employer doesnt provide this service.
4. Take a health insurance plan or pay a fee: According to the US law, you have to either
have a health insurance plan or pay 1% of your annual income as fees to the government. You
may also be asked to pay $95 per person as a fee. It was the situation during 2014. But during
2016, it has been increased to 2.5% of your income.
5. Know the date when it will be available: Open enrolment starts on 1st November 1016 and
ends on January 31st, 2017.
These are the essential things you need to know about the marketplace.