We explain, in understandable terms, how insurance works...
The Marketplace is also known as Affordable Care Act health insurance (aka ACA, aka Marketplace, aka ObamaCare, aka healthcare.gov) has enrollment windows. There is an annual Open Enrollment which opens November 1st and closes January 15th. If you enroll before the December 15th, your coverage starts January 1st. If you enroll after December 15th to January 15th your coverage is effective February 1st. Other special enrollment periods vary during the year if you have any of the specific life events listed on healthcare.gov.
Contact us for an easy discussion and accurate quote.
The Markeplace is federally subsidized health insurance plans which have standardized benefits offered to qualified individuals and families who do not have or cannot afford the usual options for health insurance.
Plans are offered by insurance companies which are compliant with federal standards and designed to provide coverage to individuals and families who would otherwise not have a viable option for coverage.
We offer 3 companies to choose from.
Marketplace Coverage is standardized so all qualified plans offer Essential Coverage. Plans vary in deductibles and coverages so individuals and families can choose the plan which best fits their needs. Typically, these are catastrophic plans, meaning a high deductible before coverage starts, however, depending on circumstance, some have $0 deductible. To get an accurate quote, contact us; we'll go through the process and generate the plan choices. Usually about 35 plans to choose from. Plans are renewable annually.
Marketplace premiums are subsidized by the federal government depending on a number of factors. The most accurate premium (showing the subsidy) is shown after completing an application. Premium subsidies are tax related and require filing a form with tax returns.
For most applicants, a policy offered within the Exchange (subsidized plans) will be the most economical. However. Depending on household income and other factors, plans offered that are not subsidized (Off Exchange) may better suit needs.
Congress has a penalty provision in the statute should one qualify for coverage and decline to enroll. However. Currently, the penalty is not being enforced. Be certain to confirm the current situation before making a decision to decline coverage.