Health Insurance Marketplaces, which are also called Exchanges, are recently started organizations that are designed to create competitive and organized markets for the average American citizen to buy health insurance. These Markets are designed to offer different health insurance options, certify the various insurance plans that participate and offering in-depth information to help buyers get a better understanding of their various options.
Both individuals and families that want to buy health insurance can shop for coverage through the Marketplace. This is an option for those who need to buy insurance on their own, such as if it isn't provided through their employers. Different subsidies, such as cost sharing and premium types, are offered to various families and individuals and are based off of individual and household income.
Additionally, those who come from low-income homes can use these Marketplaces to help determine if they qualify for Medicaid or CHIP. Also, small business owners who are interested in securing coverage for their employees can use the Small Business Health Options Program, which is available through these Marketplaces.
Most Americans who are interested in buying health insurance can shop through a Marketplace to find out more about coverage and to secure a policy. Buyers should be either legal American citizens or individuals who are in the country legally and who are not currently in jail or prison. They should also shop through the Marketplace for the state that they live in.
Although most everyone can shop through a Marketplace to find health insurance, however, it is important to understand that not everyone qualifies for a subsidy. Also known as premium tax credits, subsidies are only available to individuals who meet requirements related to their income and their eligibility for health insurance coverage.