The ACA was set up to make healthcare more accessible and affordable to more Americans. One way this is done is to employ the use of health insurance subsidies to offer assistance in helping someone get a plan that might not have been able to afford one before. Essentially on a sliding scale is used so that households with the lowest income will be offered the most subsidized assistance. These subsidies are administered in the form of a tax credit during your annual income tax filing process. These tax credits can only be used on the health insurance exchange, and can be used when insurance coverage is purchased, no matter if you owes taxes or not.
The Health Insurance Marketplace, also referred to as Exchanges, are set up to offer a competitive platform to purchase health insurance, compare options, and provide information regarding plans for the consumer. The Marketplace allows you to shop for coverage and compare and contrast plans to find one that will best meet the needs of you and your family. Through the use of premium and cost-sharing subsidies, the Marketplace allows millions of Americans to obtain health insurance at an affordable price, based on income level. Low income individuals and families can also use the Marketplace to find if they are eligible low-cost/free coverage through Medicaid and CHIP programs.
To be eligible you must purchase through the state’s marketplace in which you live. You must also be a U.S citizen, and cannot be currently incarcerated serving time in jail or prison.
Since the advent and implementation of the ACA legislation, much energy and focus has been put into making applying, enrolling, and purchasing health insurance coverage a dimple and convenient process. Healthcare.gov was the internet portal created to answer questions, provide assistance, and allow you access to purchase a health plan. There are four ways in which you can apply for coverage through the Marketplace and any of these methods can be used, whichever is most comfortable and convenient for you.
We all know that sickness and injury can occur at any moment unexpectedly. Without health insurance coverage, proper medical attention can be very costly. Affordable coverage is very important, as this is your protection from high medical bills through the cost-sharing between you and your insurance company. Oftentimes, you receive savings before you ever meet your deductible, simply by choosing to use in-network healthcare providers that offer a discounts to you insurance company for their services. Savings can also be found in preventative care such as vaccinations, screenings, doctor visits, etc.
Three ways in which we can find protection from high medical costs by purchasing Marketplace health insurance can be found below:
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