For Individuals and Families
The Marketplace Exchange was launched to help comply with Healthcare Reform (ACA) and is often referred to as The Exchange. It is a federally regulated on-line health insurance marketplace where consumers can purchase healthcare insurance for themselves and their dependents. In the Exchange, no one can be denied coverage or quoted different or higher rates than others because of pre-existing conditions. Also, many consumers are eligible for subsidy (discounted premium) which is only available when purchasing healthcare insurance through the Exchange.
There are multiple standardized options in plan choice beginning with the least coverage at 60/40 (Bronze Plan) which meets the minimum essential benefit requirement for the ACA (see below). The best coverage (Platinum Plan) is 90% insured and would have the highest premium.
We know that not everyone will find it advantageous to purchase health insurance through the Exchange. Because of the ACA, you can't be denied coverage on the open market and you should be able to purchase the same (or very similiar) plans - all containing the essential benefits. We'd be happy to help you determine your best options, both on and off the exchange.
What is Healthcare Reform and the ACA?
Healthcare reform is legislation intended to better our healthcare systems in the US. Recent healthcare reform, known as the Affordable Care Act (ACA), will continue to be implemented over the next several years. It's main purpose is to ensure that all US Citizens and legal residents have access to affordable, quality healthcare. It imposes new rules and guidelines for insurance companies, individuals and employers. One of the biggest impacts it has on individuals (and their families) is the individual mandate that requires everyone to obtain health insurance, either through their employer, or on or off the exchange or possibly face a large tax penalty. To make it easier to comply with the individual mandate, the Marketplace Exchange (as discussed above) offers affordable health benefits to individuals and their families. However, not all individuals will find it advantageous to purchase health insurance through the Exchange. We urge you to contact an expert at American Benefit Advisors to review all of your options, both on and off the Exchange. The open market still has a wide selection of benefits that meet all the requirements of new healthcare reform and may be better suited to your needs and budget.