Health Insurance Marketplace Letter
- Mar 31, 2023
- 2 min read
To make sure that people have access to affordable healthcare, the United States Congress passed the Patient Protection and Affordable Care Act (ACA) in 2010. The law required the development of a digital marketplace where individuals could shop for affordable healthcare plans that meet ACA price and quality standards.
The Marketplace is a convenient online insurance exchange where you can compare and purchase health coverage. Depending on your income, you may qualify for cost-saving subsidies that lower your monthly health insurance premiums.
Who can use the Marketplace?
The Health Insurance Marketplace is a federally-run marketplace where you can compare and buy health coverage from private insurance companies. The Marketplace offers health plans that are certified by the federal government and offer a variety of pricing options, including four different tiers with differing cost-sharing structures.
Can I get health coverage through the Marketplace if I already have private insurance?
Individuals who currently have private insurance and want to continue that coverage can enroll in a Health Insurance Marketplace plan for 2017. This is the only time of year that you can do this.
What are the benefits of buying through the Marketplace?
The federal government provides health insurance tax credits, called advanced premium tax credits, to help lower the cost of your monthly premiums. These credits are based on your family income and your coverage needs.
What are the costs of buying a Marketplace plan?
The Marketplace can be confusing, so you should consider working with a qualified healthcare agent to help you find the best health insurance policy for your needs. They can also help you navigate the Marketplace, determine your eligibility for tax credits, and enroll in a plan that fits your budget.
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