Health Insurance Marketplace Exchange

Running head: HEALTH INSURANCE MARKETPLACE EXCHANGE 1

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HEALTH INSURANCE MARKETPLACE EXCHANGE 2

Health Insurance Marketplace Exchange

A health insurance marketplace exchange is a service that helps individuals, families,

and businesses shop for and enroll in a plan that is affordable to them. The federal

government is the authority that runs the Marketplace, and which is available at

HealthCare.gov, for almost all states. A few states, however, operate their Marketplaces. The

federal marketplace provides the required services through call centers, websites, and in-

person assistance.

There are aspects that people are supposed to consider relating the marketplace and

how it operates. First, there are facts about the exchange that make it unique. The first reality

is that most non-exempt Americans would be required to have a health coverage plan by

2014 (Obamacare Facts, 2017). No citizen can be denied to have a plan of their choice for

any health-related issues. If one already has insurance, he or she can keep it. The exchange

provides the estimates on healthcare.gov of what one’s insurance plan will cost (Almgren,

2016). Employer-based insurance, health insurance marketplaces, and Medicare have periods

for open enrollment. Last, as explained by Obamacare Facts (2017), individuals and families

whose earnings are less than 400% of the FPL can get help via the health insurance

marketplace exchange.

It is important for people to understand why they need to use the marketplace

exchange to shop for and enroll in a given plan. First, the shop provides a platform that

eligible Americans can exploit to scout for and enroll in a health insurance plan that is most

affordable and most suitable for them (Obamacare Facts, 2017). The marketplace creates a

competition and easier access to cost assistance that ensures the ordinary citizen ends up with

a cheaper but comprehensive coverage plan.

There are factors that determine the eligibility of those who qualify to use the

marketplace. First, anyone who has not insurance and does not have access to affordable and

HEALTH INSURANCE MARKETPLACE EXCHANGE 3

comprehensive employer-based coverage plan can use the shop (Almgren, 2016). One can

equally get cost assistance from the exchange if they earn less than earn less than 400% of the

FPL (Federal Poverty Level) and lacks access to employer-based insurance (Pozen &

Stimpson, 2017). Last, anyone that is already enrolled in government health programs does

not need to use the insurance marketplace exchange.

Another important aspect of the marketplace is knowing how to sign up on the site.

There are four ways one can use to sign up for their state’s health insurance marketplace: find

the website of their state’s marketplace, get in-person assistance via

LocalHelp.Healthcare.gov, mail in a paper application, or call the 1-800-318-2596, which is

the 24/7 marketplace helpline number (Obamacare Facts, 2017). If one chooses to access the

marketplace via the website, which is the most preferred method for most Americans, there

are steps to follow (Obamacare Facts, 2017). They will, first, need to set up an account and

then proceed to fill out the online application form. Second, he then will need to compare the

available options before enrolling in the one he finds most suitable to him. Once on the

marketplace, there are four types of qualified health plans that one can purchase: Platinum,

Silver, Bronze, and Gold. Platinum contains 10 percent out-of-pocket cost on non-covered

items, with Bronze, Silver, and Gold having 40, 30, and 20 percent respectively. Affordable

insurance assumes that one will purchase a silver plan (Obamacare Facts, 2017).

Concisely, a health insurance marketplace provides an excellent platform where

Americans can shop for and buy a plan that most suits them. The service explains vital details

of why an individual needs to have health insurance coverage and also how the platform

operates. The marketplace enables eligible citizens to acquire affordable plans. Besides,

people are equally entitled to similar subsidies or cost-assistance, including help with out-of-

pocket costs, Medicaid or CHIP, and premium tax credits, as is the case with other platforms.

HEALTH INSURANCE MARKETPLACE EXCHANGE 4

References

Almgren, G. R. (2016). Health care as a right of citizenship: the continuing evolution of

reform. New York, NY: Columbia University Press.

Obamacare Facts. (2017). What is the health insurance marketplace? Retrieved from

http://obamacarefacts.com/insurance-exchange/health-insurance-marketplace/

Pozen, A., &Stimpson, J. P. (2017). Navigating health insurance. Burlington, MA: Jones

Bartlett Learning.

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