Marketplace / Affordable Care Act

Affordable Care Act (ACA) / Marketplace / Obamacare

In summary, the Affordable Care Act, the Health Insurance Marketplace, and “Obamacare” are closely correlated terms that all relate to the comprehensive healthcare reform efforts undertaken in the United States to expand access to affordable health insurance coverage, improve the quality of care, and reduce healthcare costs. 

Affordability: Getting a health insurance policy through the Marketplace is often more affordable than people think.  The marketplace takes into consideration your income, zip code, household members, and a few other questions to determine if you will get your plan subsidized.  If you qualify, you could get your plan partially, or completely subsidized leaving you with little to no cost each month for your health insurance plan premium.  Many families can even make into the six figure mark and still get their plan’s premium subsidized.

Access to Subsidized Health Insurance: The Marketplace, established under the Affordable Care Act (ACA), offers health insurance plans that are often more affordable than those available through private insurers. Depending on your income and household size, you may qualify for premium tax credits and cost-sharing reductions, which can significantly lower your monthly premiums and out-of-pocket expenses. These subsidies make health insurance coverage more accessible to individuals and families who may not otherwise be able to afford it.

Comprehensive Coverage and Essential Health Benefits: ACA plans sold on the Marketplace are required to cover essential health benefits, including preventive care, prescription drugs, mental health services, maternity care, and more. This ensures that you have access to comprehensive coverage that meets your healthcare needs, regardless of pre-existing conditions. Additionally, ACA plans cannot deny coverage or charge higher premiums based on health status, ensuring that everyone has access to affordable health insurance regardless of their medical history.

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