The Marketplace
What Is The Marketplace?
The FEDERAL HEALTH INSURANCE MARKETPLACE, which is also known as the "MARKETPLACE" or "EXCHANGE," is a site where individuals can see the health care plans available under the AFFORDABLE CARE ACT (ACA), commonly known as "OBAMACARE," as well as compare them, and purchase health insurance. You are also able to purchase a dental plan for an additional monthly premium.
The Marketplace is a great place for individuals who are uninsured or underinsured. This also includes anyone who may not have any health insurance currently through their employer or their spouses employer. You can find coverage that meets your needs and budget.
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Although you are able to purchase these plans on your own, it is a good idea for you to involve an advocate such as myself. These plans only have one open enrollment period per year unless you have a special election period. You do not want to be "stuck" in a plan for an entire year if it is not the best fit for your needs.
This is also where small business owners can purchase health insurance plans for their employees. Also known as Small Business Health Options Program (SHOP) plans.
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Every health plan in the Marketplace offers the same set of essential health benefits, including hospitalization, preventative care, doctor visits, prescriptions, and more.
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I feel these type of plans are better used for catastrophic coverage as they have high deductibles and high out of pocket costs associated with your healthcare needs.
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A couple of very important things to pay attention to is whether your physicians are in network with the plan you choose and also to evaluate how your medications are covered on the plan. Overlooking these two may warrant you having large out of pocket costs. These plans should also be evaluated every year during open enrollment period. The plans change every year and we will also need to determine if your current plan continues to meet your needs for the coming year.
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If you have any questions in regards to this plan, do not hesitate to reach out to me via phone, email, or fill out the form on this site. I would be happy to assist you with getting you into the right plan!
Information About The Marketplace:
It is important to note that Medicare is not part of the Marketplace. If you currently have Medicare, you are not eligible nor do you need the Marketplace. Currently, it is against the law for someone who knows that you have Medicare to sell you a Marketplace plan.
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Who is eligible for Marketplace Plans?
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You must live in a Marketplace service area
You must be a U.S. Citizen/National or a lawfully present non-citizen
You must not be incarcerated
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Please remember, that I am always here to help. If you choose me to be your insurance advisor, then you will have exclusive contact to me via phone or email.
If you have any questions in regards to this plan, don't hesitate to reach out to me via phone, email, or fill out the form on my site. I would be happy to assist you with getting you into the right plan!