If you’re reading this, then you’re probably looking at your life and thinking about what changes you need to make to ensure financial security for the future. After all, who wants to work for their money instead of have it work for them? But changing jobs or careers isn’t easy when you have a family and other commitments as well. This is why more Americans are choosing to remain in their current positions than ever before. At the same time, this also means that more Americans are forced to think of new ways to save for retirement and other goals without breaking the bank or sacrificing their current lifestyle. Fortunately, there are a variety of steps you can take to help ensure financial security while still maintaining a level of flexibility throughout your lifetime. These steps include preparing your financial affairs by understanding your various insurance needs and how much those costs will affect your monthly budget. Below we break down the details on which types of insurance are available through the marketplace, as well as how much they cost and what they cover.
What is the Marketplace?
The health insurance marketplace is a centralized platform where individuals and small businesses can compare different health insurance options and find the right plan for them. The HealthCare.gov website is where most people will submit an application for health insurance through the Marketplace. Most Americans are required by law to have health insurance or face a fine, although there are some exceptions.
Types of Insurance Available Through The Marketplace
There are three main types of health insurance available in the United States – health plans that cover medical expenses only, plans that cover medical expenses and also provide a certain amount of financial assistance (e.g., prescription drugs, maternity care), and plans that cover both medical expenses and financial assistance (known as comprehensive coverage). There are a number of other variations on these three basic types of coverage as well. – Medical plans cover all medical expenses incurred by an individual and their family members. The individual must pay for all service and treatment related to their condition. However, if the individual is able to remain in the hospital for an extended period of time, or receives treatment in a nursing home, or other institution, they may be eligible for some financial assistance. – Medical expense only plans usually cover expenses like doctor visits and prescription medications, but not hospital stays or other services associated with the condition being treated. Since the plan does not cover medical expenses, the individual is responsible for all costs associated with their condition, including the cost of any treatment or hospitalization. – Comprehensive coverage plans cover both medical and non-medical expenses, and are the most common type of coverage available through the Marketplace. This type of coverage typically includes a set amount of financial assistance in the event that someone needs to go to the hospital or receive treatment.
How Much Does Marketplace Insurance Cost?
There are a number of factors that will affect the final price of your health insurance through the Marketplace, such as your age, location, and the cost of coverage in your area. To get a better idea of the price of Marketplace insurance for yourself, you’ll need to enter some basic information about yourself and your household into the Marketplace’s website. After you enter your information, you’ll be able to find a price comparison for different types of plans based on your current geographic location. You can also look at monthly premiums for different ages, genders, and geographic locations. Once you’ve found a price comparison that best represents your current location and demographics, you’ll be able to see what it will cost to get coverage through the Marketplace.
Which Types of Coverage are considered essential?
Purchasing a health plan through the Marketplace is mandatory. However, different types of insurance are available. You’ll need to choose between a plan that covers medical expenses only, a plan that covers medical expenses and financial assistance, or a comprehensive plan that covers both medical expenses and financial assistance. If you opt for a comprehensive plan, you will be required to cover certain essential benefits, such as:
How Much Does Other Types of Insurance Coverage Cost?
Once you’ve selected a plan through the Marketplace, you can then begin the enrollment process and select your preferred dates for coverage to begin. Each type of health insurance coverage that you select through the Marketplace will be subject to a standardized federal tax, which means that the cost of that coverage will be reflected in the monthly premium you’ll pay.
The cost of health insurance can be a challenging issue for many Americans. Even those with employer-sponsored health insurance are likely to face significant increases in their monthly expenses as a result of the new tax law. Consequently, the Marketplace may provide a valuable source of coverage for millions of people.