What is the Health Insurance Marketplace?

Imagine a food market, a place where people come to purchase their produce, a Health insurance marketplace is a place where people seek to purchase an affordable health insurance plan. The insurance marketplace is a Federal service created in 2010 by the Affordable Care Act (ACA) also known as Obamacare. The marketplace offers Federal assistance that helps you pay for your insurance plan. There are two types of assistance you could qualify for, one of them is the Advanced Premium Tax Credit and the other one is Cost Sharing. You will know if you qualify for a subsidy based on your income. Although the Marketplace website was created for everyone, some states that run their own marketplace and have their own platform.

So what exactly does the health marketplace help you with? Although the marketplace was created to help consumers find affordable health insurance, it can often be overwhelming by all the information. The marketplace website lists different carriers with different options, however, the health plan options usually list the minimum essential coverage. Because the marketplace only lists the options that meet the minimum essential coverage, you will have to do your own research to find out what other benefits are covered under your plan.

How can you have the peace of mind knowing that you are choosing the plan with the coverage you need? The best way to find an insurance plan that meets all your needs is by searching different options with different insurance companies. If you are trying to do this alone then you will have to call each insurance company to ask for quotes, benefits covered, etc. Because this is a long process we recommend contacting a Licensed Insurance Agent. Agents are FREE to use and they have access to many health insurance options that can be tailored specifically for your needs. Furthermore, because Licensed Agents have access to a wide array of insurance carriers and healthcare options, you have the ability to choose a better and more affordable plan. Contact one of our Compass Insurance Agents (801) 901-3519 to help you with all your insurance process so you don’t have to worry whether you are paying for the right plan or not.

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Health Insurance Payback Limits

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Because the marketplace application requires an estimated income for the year you want insurance coverage, it can be quite stressful predicting and figuring out your adjusted gross income. Unbelievably enough, many refrain from purchasing health insurance because they believe their gross income wil

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