Affordable Care Act Topics
Joseph L. Mitchell, Jr.
January 22, 2014
Dr. Michael Minor
The Marketplace is a new method of finding health coverage that best fits an individuals needs and budget. Prior to the Affordable Care Act being approved, individuals were not able to acquire health insurance benfits as easily as it is now. Individuals simply apply for coverage based on options that available on the Marketplace website. Regardless of the state one lives in, he or she is able to compare health insurance plan options to determine the exact fit for what he or she needs. Under the new Marketplace, consumers are allowed to apply for insurance even if he or she has a pre-existing condition. The law protects them from being denied coverage. Applicants must apply by March 31, 2014 for 2014 open enrollment and apply between November 15, 2014 and January 15, 2015 for 2015 open enrollment.
Consumers are able to apply and save money when choosing the health care option he or she wants. They can preview the Marketplace health plans and prices available in each area. Premiums listed should should what consumers will save and qualify for based on their income. If consumer’s income is considerably high, he or she can purchase coverage through an insurance company, broker, internet or through the Marketplace, it is their choice regardless of income. Of course if consumers are in the lower income bracket, they simply apply according to the income level. Consumers have to provide household information, along with household income to qualify for lower income benefits.
Young people have various choices when it comes to Marketplace insurance. If the young person does not have coverage and is on their parents insurance, he or she can remain on their parents insurance until they reach 26 years old. However, young consumer can purchase insurance for themselves if they so choose. Consumers on 30 and some consumers with limited...
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