The Affordable Care Act (ACA) Marketplace provides a means for those without employer health insurance to find affordable health insurance coverage. The ACA Marketplace encourages competition among private insurers and is a place where individuals can compare plans and enroll in the most suitable policy for them and their families.
Plans may vary from one another, but all policies must provide the same essential benefits. These benefits include:
While there are four different tiers that plans are categorized into, the only difference between them is the percentages of costs they cover, not the benefits they offer.
With an ACA Marketplace plan, you will pay the following:
Monthly payments to retain the policy; you can apply for premium tax credits for further discounts depending on your income
The percentage of costs you have to cover after your Marketplace insurance covers its share
The amount you pay each time you get medical services
The amount you pay out-of-pocket before coverage becomes effective
The amount you will pay also depends on the following:
Plans are divided into the following tiers:
Bronze covers 60% of your medical costs and is the most inexpensive.
Silver covers 70% of the costs and is slightly more expensive than bronze.
Gold is more costly than silver and covers 80% to 90% of medical treatment costs.
Platinum is the most costly and also covers 80% to 90% of medical treatment costs.
Enrollment can occur during the Open Enrollment Period or the Special Enrollment Period. Different states have different timelines for the Open Enrollment Periods, but in many states, it lasts from November to January of the following year.
If you’re outside the Open Enrollment Period, you may be able to enroll during the Special Enrollment Period. If you have gone through a qualifying event such as marriage, the birth of a child, or loss of health insurance coverage, you can get an ACA Marketplace plan.
At The Health Insurance Value, we’ll help you get the best ACA Marketplace plan you can get. We’ll help you choose based on your medical and financial needs, and you will soon have the policy you deserve at the lowest price.
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