What is a Marketplace Plan?
- October 15, 2019
- by Health Sherpa
Have you ever wondered what the difference is between a Marketplace plan and Obamacare? Good news: They’re one and the same.
The Affordable Care Act (ACA), also known as the Patient Protection and Affordable Care Act, is the landmark healthcare reform legislation. It became the law of the land in the U.S. after President Barack Obama signed it in March 2010. The ACA primarily ensures that more people have access to more affordable and more comprehensive health insurance. It does this in a number of ways.
One of the biggest ways that the healthcare law expanded health insurance coverage to more people was by creating a way for people to shop for their own, high-quality health plans through something known as the Health Insurance Marketplace. The law also guaranteed that people could get most forms of preventive care at no cost, and that people could get the coverage they needed regardless of pre-existing conditions. Plans purchased by individuals for themselves and their families from the Health Insurance Marketplace are known as Marketplace plans. Some people also refer to these kinds of plans as Obamacare.