Who can buy on the Marketplace or State Exchange?
Anyone can purchase insurance whether you are eligible for a tax credit or not; however, if you are eligible for a tax credit and want to take advantage of it, you must purchase on the Marketplace or State Exchange.
You may qualify for a tax credit if your modified adjusted gross household income is below:
Individuals
- Prescription drugs
- Rehabilitative and habilitative services and devices
- Laboratory services
- Preventive and wellness services and chronic disease management
- Pediatric services, including oral and vision care
Improvement to Individual and Small Group Health Plans
Individual health plans will be guaranteed issue.(no more underwriting-no one can be declined.)
All health plans will have at least the government defined:
10 Essential Health Benefits
Health Insurance/Affordable Care Act
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- Ambulatory patient services
- Emergency services
- Hospitalization
- Maternity and newborn care
- Mental health, substance use disorder services, and behavioral health treatment
Health insurance for individuals refers to policies that individuals purchase for their own medical insurance needs outside of a plan sponsored by an employer or the government. You may hear it referred to as health insurance for individuals and families as it’s not limited solely to policies that are meant to cover just one person. Instead, it’s any policy that is privately purchased for a person or family group.
Individual and family health insurance is permanent, renewable coverage and is considered creditable coverage. There are a large variety of plans available but are now ranked to help narrow down your search. All plans are ranked from Catastrophic, Bronze, Silver, Gold, and Platinum with Platinum being the best.
Why do people choose to purchase individual health insurance? There are a wide variety of reasons but here are the most common:
- Employer does not offer coverage or the coverage they offer is poor or too expensive
- Self-employed
- Unemployed
Health insurance for individuals is often portrayed as being extremely expensive. While some policies can indeed have high monthly premiums, there are affordable individual health insurance options out there to give individuals and families coverage.
With the recent passage of the Affordable Care Act, the government his put some restrictions on the cost and minimum benefits that must be included in your health plans. This law has prompted the creation of a Federal Exchange and many State Exchanges . (these are places to shop for insurance)