4 Things You Should Know About The Health Insurance Marketplace

​The health insurance marketplace enables qualified individuals to seek suitable insurance, compare plans, receive financial assistance, and enroll in healthcare. States can establish their markets, operated by either a non-profit or a government body. Here's a rundown of important information about the health insurance marketplace:

​Who's Eligible?
The marketplace was created to provide previously uninsured persons and families with health insurance. Early retirees, self-employed individuals, and those who are not offered insurance via their jobs or cannot afford their companies' plans fall into this category.

People who currently have health insurance are ineligible to participate in the marketplace. Furthermore, those 65 and older are ineligible for a marketplace health plan due to their eligibility to enroll in Medicare.

What Are the Available Plans on the Marketplace?
The health insurance marketplace categorizes plans into four metal levels: bronze, silver, gold, and platinum. Each group pays a different portion of your medical bills. Federal law limits how much insurers can vary premiums based on age or geography, though states may impose stricter limits.

You might also pay a portion of your healthcare costs through your monthly premium, copays, deductibles, and coinsurance. Your plan determines your payment.

When Can You Buy Health Insurance?
Every year, people can enroll in or change their marketplace coverage for the following year during the open enrollment period. Each year, the open enrollment period begins on November 1 and ends on December 15. People can enroll for a remarkable period of 60 days after certain life events, such as moving, getting married, or having a baby.

Marketplace Health Insurance Plan Possible Coverage
The marketplace plans may include essential benefits such as ambulatory and emergency patient services. Surgery, overnight stays, pregnancy, maternity, and infant care are covered under hospitalization benefits. Pediatric services are also available, including dental and eye care.

The insurance benefits may include rehabilitative and habilitative services and devices. Laboratory testing, preventative and wellness treatments, and chronic illness management may also be included. Mental health and rehabilitation services, including behavioral health treatment and prescription drugs, might be covered by marketplace health insurance plans. 

Get Assistance With Health Insurance!
With escalating medical prices, access to appropriate medical facilities and hospitalization fees might be financially challenging. Obtaining health insurance for yourself and your family can give you the extra security you need in these challenging times. 

At Choice Enrollment, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (719) 481-1616. Get your free quote today by CLICKING HERE. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!