What is the Health Insurance Marketplace?
- December 19, 2019
- by Health Sherpa
The Health Insurance Marketplace is an online system run by each state that lets people compare options and shop to find an affordable health insurance plan that works for them.
Through the online Health Insurance Marketplace, you can look to see what options are available if you want to purchase insurance. With the Health Insurance Marketplace, you can compare plans and their costs in terms of premiums, deductibles, and how much you can expect to pay out-of-pocket. You’ll also be able to find out if you qualify for any form of public health insurance. Depending on your income level, you might qualify for Medicaid. Any dependent children in your household might qualify for the Children’s Health Insurance Program (CHIP). If you are over the age of 65, you can find out about your Medicare options.
By shopping the Health Insurance Marketplace, you’ll also find out if you qualify for two kinds of savings:
- Advanced premium tax credits, which bring down your monthly health insurance premiums.
- Cost sharing reductions, which lower your out of pocket costs, like deductibles and copays. If you qualify for a cost sharing reduction, you can only use it if you enroll in a Silver plan.
Nearly 9 out of 10 people who enroll in a Marketplace plan qualify for at least one kind of savings. New data shows that in 2020, at least one third of people can find a plan for less than $10/month.
After you’ve done your research and compared plans, you can enroll in your new health insurance plan online through the Health Insurance Marketplace.