Health Insurance Marketplace

Many of the key provisions of the Affordable Care Act have already taken effect, and many more will be implemented as we head into 2014. People who obtain insurance coverage through their employer will continue to do so and will benefit from positive provisions in the law. For example, starting in 2014:

  • Insurers are barred from denying coverage for preexisting conditions
  • All youths under 26 can stay on parents’ coverage
  • Insurers must spend 80%  of premiums on health care or give consumers a refund
  • Insurers must provide a written explanation for rate increases over 10%
  • Insurers can no longer put lifetime limits on how much care they will cover

On October 1st, people without insurance and those who have been buying insurance on their own will be able to shop for affordable, quality health insurance plans in a new convenient marketplace. 

Below you will find useful information about the Individual Marketplace and how to prepare for open enrollment:

 If you are a Small Business looking to find informaiton regarding the Small Business Health Options Program click here.

 

About the Marketplace

The new health insurance Marketplace is a one-stop shop where you can compare insurance plans and prices and purchase insurance that works for you. Whether you’re uninsured, or just want to explore new options, the Marketplace will give you more choice and control over your health insurance options.

The Marketplace is designed to help you find health insurance that fits your budget, with less hassle.  

The Marketplace is an online site where you can choose among quality private health insurance plans.  And, tax credits to help make the insurance you choose more affordable are widely available.

Get Quality Health Insurance Options

Insurance plans in the Marketplace must meet various quality and affordability standards.  For example, Every health insurance plan in the Marketplace is required to:

  • provide free coverage for preventive services.
  • offer comprehensive coverage, from doctors to medications to hospital visits.
  • grant access to a range of doctors and clinicians.
  • cap your out of pocket costs
  • not have annual or lifetime limits on coverage
  • not deny you care for having a pre-existing condition
  • charge women the same rates as men

All plans will have to provide clear information on plan premiums, deductibles, and out-of-pocket costs before you decide to enroll, so you know what you are buying.  All information on the health plans must be in easy-to-understand language and there can be no fine print.

Enrollment in the Marketplace begins on October 1, 2013 for health coverage starting on January 1, 2014.

Get a Break on Costs

More people than ever will qualify for free or low cost health insurance in 2014. 

More than 80 percent of those buying coverage in the Marketplaces will qualify for premium tax credits, which will significantly reduce what you actually pay in premiums.  The tax credits are provided immediately and directly to the health plan you have chosen – immediately lowering what you pay in monthly premiums.

The tax credits are available on a sliding-scale for those with incomes between 100% and 400% of the poverty level (between $23,500 to $94,200 for a family of four in 2013). 

To find an estimate of your eligibility for subsidies and how much you could spend on health insurance please use the below subsidy calculator.  Please keep in mind this is an estimate as premiums and eligibility requirements may vary, contact your state’s Medicaid office or exchange with enrollment questions.

How to Prepare for Enrollment

Here is a helpful checklist to help individuals and families, prepare for open enrolled starting October 1, 2013. You will be able to enroll in the Marketplace online at Healthcare.gov ,by phone, or by mail. 

Still have Questions & want to speak to someone about them?

The national toll-free consumer call center is open to answer those questions.  The center will be open 24 hours a day, seven days a week. The number is 1-800-318-2596. The call center will be able to provide the following assistance.

Stay up to date with the changes in your state by signing up for email and text updates.

How is the Affordable Care Act Working?:

 

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