What Are Marketplace Plans?

The term “Marketplace Plans” is a term used to describe a type of health insurance plan that is offered through the Affordable Care Act’s online health insurance marketplace. They provide individual health insurance coverage and are operated with an online portal on the federal and state governments website. They can be both employer-based and individual plans, depending on the coverage type being offered.

Marketplace Plans Have Many Benefits

Marketplace plans are a great way for individuals to purchase health insurance at individual prices, while still receiving the same high-quality coverage as employer-based plans. These plans can provide more coverage than employer-based plans and often include coverage for preventative services, prescription drugs, mental health services and even dental care. They are also typically more affordable than employer-based plans because of the subsidies and cost-sharing offered by these plans.

Subsidies and Cost-Sharing Makes Marketplace Plans Affordable

For those who qualify, marketplace plans can be an even more affordable option. These plans are subsidized by the government and offer cost-sharing reductions, which can bring the cost of premiums down for those who qualify. Subsidies are based on an individual’s income and household size, and can result in lower monthly premiums. Cost-sharing reductions will also lower the amount you will have to pay for copayments and deductibles.

In conclusion, Marketplace Plans are a great way for individuals and families to purchase health insurance that offers the same high-quality coverage as employer-based plans. They are often more affordable as well, due to the government subsidies and cost-sharing offered by these plans. If you are thinking of signing up for health insurance, take a look at the plans offered through the online health insurance marketplace and see if one might be right for you.