Are you feeling overwhelmed by the thought of navigating the health insurance marketplace? You’re not alone. Many people are unsure if they need to go through the marketplace to get insurance or if there’s another way.
In this blog post, we’ll break down everything you need to know about getting health insurance and whether going through the marketplace is necessary for you. So sit back, grab a cup of coffee, and let’s dive in!
The Health Insurance Marketplace
The Marketplace is an online resource that allows people to compare health insurance plans and select the one that fits their needs. The Marketplace is open for enrollment from November 1, 2013, through January 15, 2014. You can find out more about the Marketplace at www.Marketplace.gov or by calling 1-800-318-2596.
If you are uninsured or have a low income, you may be eligible for financial assistance through the Marketplace. Your state also may have additional resources available to help you enroll in coverage.
The Marketplace provides a variety of options for people of all ages and incomes. If you are not sure whether you need health insurance, the Marketplace can help you find the right plan for your needs.
If you already have health insurance, check with your carrier to see if there are any changes that need to be made to your policy in order to take advantage of the benefits offered through the Marketplace. Your carrier should be able to provide information about how these changes might affect your premiums and coverage.
Buying Health Insurance on the Marketplace
In order to purchase health insurance through the federal government’s Health Insurance Marketplace, you will first need to qualify for a healthcare.gov account and create an online account. You can qualify for a healthcare.gov account by meeting one of the following criteria:
Being uninsured for three months or fewer, being 18 to 34 years old, having a household income of 100% or less of the federal poverty level (which is $11,670 for an individual and $23,850 for a family), or being eligible for Medicaid or Medicare.
Once you have an account and are logged in, you will be able to explore different types of plans and make a selection. The Marketplace also offers tax credits that can be used to help cover the cost of coverage. To find out if you are eligible for a tax credit, visit healthcare.gov/credit-calculator/.
The Average Premiums for Health Plans in the Marketplace in 2019
In 2019, the average monthly premiums for health plans in the marketplace will be $328. This is an increase of $20 from 2018. If you are below the poverty line, your premium will be reduced by a further 50% bringing it to $154 per month. The following table shows the percentage increase or decrease in premiums for various income levels:
Income Level % Increase Over 2018 Monthly Premium (without subsidies) Percent Increase With Subsidies Near Poverty Line $35,000 – $44,999 4% $5,500 10% 100% Below Poverty Line N/A N/A
The good news is that the majority of Americans will receive financial assistance when buying insurance through the marketplaces. In 2019, those who earn between 100 and 400 percent of the federal poverty level will be eligible for subsidies that bring their total monthly premium down to just $154 per month. For those who make more than 400 percent of poverty level, their premiums will still be reduced significantly, but they won’t qualify for any financial assistance.
How to Lower Your Premiums on the Marketplace
There are a few ways to lower your premiums on the marketplace.
One way is to have a good health record. This means that you’ve had no major medical bills in the past year, and if you have any health conditions, they’re listed on your application.
Another way to save on premiums is to be a high-risk patient. This means that you have a history of serious health problems or accidents. If you’re deemed a high-risk patient, your premiums will be higher, but you may be eligible for financial assistance from the government.
A final way to reduce your premium costs is to shop around and compare rates before selecting an insurance plan. You can use websites like healthcare.gov or CompareTheMarket.com to find the best deal for you.
Conclusion
No, you don’t have to go through the marketplace to get insurance. There are a number of affordable and reliable options available to you, whether you want individual or family coverage. You can also find health insurance plans that cover specific needs like pregnancy or mental health conditions. If you’re not sure where to start, our team at HealthPocket can help you find the best policy for your needs.
