The Affordable Care Act put in place health reforms that have improved access, quality and affordability of health care in the United States. All Americans are required to have health coverage and the Health Insurance Marketplace is where you begin if you don’t already have insurance.
The Marketplace is available for people who need coverage, including people who are insured by their employer but the coverage does not meet the minimum standard of care. For those on Medicare, you cannot switch to Marketplace insurance, buy a Marketplace dental plan or supplement your coverage with a plan through the Marketplace.
The savings you can expect by buying health insurance through the Marketplace will depend on an estimate of your expected income for 2016. Approximately 8 out of 10 of those not insured and are eligible for Marketplace coverage will qualify for financial assistance to help reduce the cost of the monthly premiums.
Saving with Insurance Plans
A premium tax credit that will lower the monthly insurance bill is available for those who apply and qualify. There will likely be savings on out-of-pocket costs such as copayments and deductibles.
The insurance plans available through the Marketplace are offered by various private insurance companies who have a wide range of features and prices.
All plans offered must cover the following:
- Essential health benefits
- Pre-existing conditions
- Preventive care
Dental plans are also available for purchase if you want to add one to your health plan. Dental plans are optional but you cannot buy a dental plan unless you enroll in a health plan.