The ACA health insurance marketplace is the online exchange operated by the Federal government or states in which individuals and small businesses can purchase health insurance.
Individual and Family Marketplace
The health insurance exchange offers comprehensive plans at different prices for individuals and families who don’t receive health coverage through an employer. Depending on income, applicants may be eligible for subsidies or tax credits that help make coverage more affordable.
Small Business Marketplace
Small business employers with fewer than 50 full-time or full-time equivalent employees and who do not offer health insurance coverage may obtain coverage through the Small Business Health Options Program (SHOP). Employers can choose from different plans, compare premiums, and offer tax credits.
Enrollment Process and Deadlines
Individuals and businesses may enroll in health insurance plans offered through the marketplace during the open enrollment period, which usually begins in late fall and ends in early winter. Depending on the state, there may be extended or emergency enrollment periods for individuals and businesses.
ACA Health Insurance Plans
The Affordable Care Act (ACA) offers a range of plans to help Americans get coverage and stay healthy. There are four plan categories- Bronze, Silver, Gold and Platinum- with different levels of coverage and out-of-pocket costs.
Understanding the differences between them and evaluating factors like premiums, deductibles, and networks can help you choose the right plan for your healthcare needs.
ACA Plan Categories
The ACA created four different plan categories- Bronze, Silver, Gold and Platinum- to help people find coverage that meets their needs and budget. Bronze plans generally have lower premiums and higher deductibles and out-of-pocket costs, while Platinum plans have the highest premiums and lowest deductibles and out-of-pocket costs.
Here is an overview of each plan category:
- Lowest premiums
- Highest deductibles and out-of-pocket costs
- Middle range of premiums
- Lower deductibles and out-of-pocket costs than Bronze plans
Gold plans are the second highest tier of plans offered by the ACA. These plans typically have even higher premiums than Bronze and Silver plans, but with an even greater level of coverage. Gold plans
- Higher premiums
- Lower deductibles and out-of-pocket costs than Silver plans
- Highest premiums
- Lowest deductibles and out-of-pocket costs
ACA Enrollment Options
Under the ACA, individuals can obtain health insurance through either the Healthcare.gov marketplace, or a state-based marketplace. Healthcare.gov is a federally facilitated marketplace that offers healthcare coverage to individuals in all 50 states, as well as the District of Columbia, Puerto Rico, the US Virgin Islands, and Guam. State-based marketplaces are independently operated, and offer their own suite of health insurance plans to individuals in their respective states.
Free Assistance for Enrollment and Application Process
As licensed agents, we can explain your enrollment options, provide you with an overview of the associated costs, help you apply for subsidies, and assist you with the application process… all at NO COST to you! Contact us today for assistance!