What is the Health Insurance Marketplace?
The Health Insurance Marketplace is an online system run by each state that lets people compare options and shop to find an affordable health insurance plan that works for them.
Through the online Health Insurance Marketplace, you can look to see what options are available if you want to purchase insurance. With the Health Insurance Marketplace, you can compare plans and their costs in terms of premiums, deductibles, and how much you can expect to pay out-of-pocket. You’ll also be able to find out if you qualify for any form of public health insurance. Depending on your income level, you might qualify for Medicaid. Any dependent children in your household might qualify for the Children’s Health Insurance Program (CHIP). If you are over the age of 65, you can find out about your Medicare options.
By shopping the Health Insurance Marketplace, you’ll also find out if you qualify for two kinds of savings:
- Advanced premium tax credits, which bring down your monthly health insurance premiums.
- Cost sharing reductions, which lower your out of pocket costs, like deductibles and copays. If you qualify for a cost sharing reduction, you can only use it if you enroll in a Silver plan.
Nearly 9 out of 10 people who enroll in a Marketplace plan qualify for at least one kind of savings. New data shows that in 2020, at least one third of people can find a plan for less than $10/month.
After you’ve done your research and compared plans, you can enroll in your new health insurance plan online through the Health Insurance Marketplace.
HealthSherpa is a certified enrollment partner of Healthcare.gov and has helped over 2 million Americans find affordable, comprehensive health coverage since 2014. You can easily find out if you qualify for financial assistance, find the perfect plan, and enroll at Saverlife.HealthSherpa.com or by calling 844.984.0731. *The link above is an affiliate link. If you click and enroll in their service, we will earn a commission that will go 100% back into supporting SaverLife members and building a better product for you. All suggested products go through our vetting process, and we only share resources that we believe will benefit our members.