The Health Insurance Marketplace Basics

If you are new to applying for insurance on healthcare.gov, here are the basics to know about the Health Insurance Marketplace.

1. Who's it for'
The health insurance marketplace is for those without health coverage through any job, Medicaid, the Children's Health Insurance Program, Medicare or other sources. If you do have insurance through your job, you can buy through the Marketplace but you will have to pay full price. Unless, your employer's insurance does not meet standards except most based plans do. If you do have Medicare, you cannot switch to marketplace insurance or buy a marketplace dental plan.

2. How much is it usually'
Your insurance prices will depend on your income, but you will probably save. Your expected household income dictates your savings. 80 percent of people are eligible to save, and most can find plans below 100 dollars.
You may be eligible for a premium tax credit to help lower the monthly insurance bill. They are offered by private insurance companies.
Medicaid and the Children's Health Insurance Program help those with extremely limited income, disabilities or other circumstances. If you don't qualify for Medicaid, your child might still be able to quality for CHIP.

3. How can I apply'
You can apply on healthcare.gov easily, and many people can apply and choose a plan in just one sitting. You can try online, by phone, in-person help or with a paper application.

4. Is there a fee if I don't pay for health insurance'
Yes, most people pay a penalty unless they have qualifying health coverage. In 2017, the penalty is 2.5% of your household income or 695$ per adult and 347.50$ per child. There are some exemptions for the from the health insurance requirement.

Date Posted: 2017-06-15