Health Insurance Marketplace

President Obama signed the Patient Protection and Affordable Care Act (ACA) into law in March 2010. The primary objective of this law is to make preventive healthcare more affordable and accessible for Americans. Some provisions of this law have taken effect and many more will be implemented in the following years.

Global Payer Resource, a division of Global Healthcare Resource, brings to the table a deep understanding of ACA and its business implications for payers.
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Health Insurance Exchanges are online state specific website (often referred as marketplace) where small businesses and individuals can buy subsidized insurance with price and benefit comparison facility. People can access these exchanges through internet or phone and walk into select locations. Health Insurance Marketplace is a more convenient way to find the most suitable healthcare coverage that is within your budget and can meet your healthcare needs.

Also known as the ObamaCare Health Insurance Exchange (HIX) opens on Oct 1st, 2013 and continues enrollment until March 31, 2014. People have to buy their insurance during this open-enrollment period for coverage in 2014. Special enrollment is available in the case of major life events. These Health Insurance Marketplace are Federal/State or jointly run online exchanges to buy health insurance.

For using the Health Insurance Marketplace, one needs to fill up an application and browse through the available health plans. You can choose a plan that will cover your medical needs and is affordable. Health exchange can tell you if are eligible for Medicaid  or the Children's Health Insurance Program (CHIP).

There are three ways for applying for Marketplace coverage:

1. Apply online through email.

2. Walk in to the nearest exchange, available in select locations only, use navigator.

3. Apply by mail

For clarifications and assistance, online chat and telephone support are available 24/7.

Insurance is offered by private companies, and insurance marketplace is run by State or Federal Government. In the insurance marketplace, you can compare prices and plan benefits offered by the private companies. There are essential coverage listed by the Government that every plan must cover, additional benefits depends on the plan and the company that offers.

 There are 10 mandatory benefits that all plans need to cover:

1. Ambulatory patient services

2. Emergency services

3. Hospitalization

4. Maternity and newborn care

5. Mental health and substance use disorder services, including behavioral health treatment

6. Prescription drugs

7. Rehabilitative and habilitative services and devices

8. Laboratory services

9. Preventive and wellness services and chronic disease management

10. Pediatric services, including oral and vision care

 The insurance marketplace enables you to compare and choose the most appropriate plan for you and your family members.

Marketplace makes your search for good health coverage simple by displaying all of the available plans at one place. You have the right information to make a decision based on the factors such as price, benefits, premium, quality, special needs etc. Marketplace also gives you the correct information on the premiums you need to pay, the benefits and protections you will get before you enroll for a plan. Insurance is a personal preference and each one has individual needs, make the purchase decision according to your needs and affordability.

By 2019, roughly around 29 million people will be provided with affordable health insurance through the health insurance exchanges.

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