What is Marketplace Insurance?
The marketplace insurance plans are medical plans that cover pre-existing conditions. By law, these health insurance policies are required to provide coverage for 10 essential health benefits. Out of all the health insurances that are available, the marketplace insurance plans are usually the most comprehensive coverage. Since these plans tend to provide the most coverage’s, they usually have a higher price than other options.
The marketplace insurance plans may or may not be your best option for coverage, it depends on your situation. The high price of these plans might be lowered if your income is within acceptable ranges.
Should I Get a Marketplace Insurance Plan?
Marketplace insurance plans were created to cover pre-existing conditions. If you don’t need coverage for a pre-existing health condition, then you don’t need a marketplace plan. If your income qualifies you for a lower price, then it might make financial sense to go with a marketplace plan, even if you don’t need the comprehensive coverage.
Also, if you are pregnant or planning on it, or need coverage’s for mental health, preventative care, and prescription drugs; then a marketplace insurance plan is probably the best option for you. These are just some of the most common factors in deciding to go with a marketplace plan, but we highly recommend talking with one or our licensed expert advisors before making any decisions.
Do I Qualify for a Lower Price on a Marketplace Plan?
To qualify for a lower price, your total household income must be between 100% and 400% of the federal poverty level for the size of your family. It gets based on your tax household, not based on who coverage is for. This calculation can also vary slightly by area. We recommend getting a quote to find out if you qualify or not.
If your income is below 100% of the poverty level, then you might qualify for Medicaid depending on your State’s guidelines for Medicaid eligibility. We can also look at other options that might be a lower price than the marketplace insurance plans.
If your income is over 400% of the FPL, you can choose to pay full price for a marketplace plan or we can explore lower cost health insurance options to see if they would be a good fit for you.