What is a Health Insurance Marketplace?

A Health Insurance Marketplace is an online exchange where individuals and small businesses can shop for and compare health insurance plans. The Marketplace was created under the Affordable Care Act (ACA) to make health insurance more accessible and affordable.

ACA Health Insurance and Eligibility

To be eligible for health insurance through the Marketplace, you must be a U.S. citizen or legal resident and not incarcerated. You must also meet income requirements, which vary by state. In general, you must have an income between 100% and 400% of the federal poverty level (FPL) to qualify for subsidies to help pay for your premiums.

How to Apply for Health Insurance

You can apply for health insurance through the Marketplace online, by phone, or in person.

Open Enrollment Period

The Open Enrollment Period (OEP) is the time of year when you can enroll in or change your health insurance plan. The OEP for 2023 coverage runs from November 1, 2022, to January 15, 2023.

Special Enrollment Period

You may be eligible for a Special Enrollment Period (SEP) if you have a qualifying life event, such as losing your job, getting married, or having a baby. SEPs allow you to enroll in or change your health insurance plan outside of the OEP.

Types of Health Insurance Plans

There are four main types of health insurance plans available through the Marketplace:

Bronze: Bronze plans have the lowest monthly premiums but the highest deductibles and out-of-pocket costs.
Silver: Silver plans have higher monthly premiums than Bronze plans but lower deductibles and out-of-pocket costs.
Gold: Gold plans have the highest monthly premiums but the lowest deductibles and out-of-pocket costs.
Platinum: Platinum plans have the highest monthly premiums but the lowest deductibles and out-of-pocket costs.

Financial Assistance

If you meet income requirements, you may be eligible for financial assistance to help pay for your health insurance premiums. Financial assistance is available in the form of premium tax credits and cost-sharing reductions.

Premium Tax Credits

Premium tax credits are a type of financial assistance that is used to lower the cost of your monthly premiums. To be eligible for premium tax credits, you must have an income between 100% and 400% of the FPL.

Cost-Sharing Reductions

Cost-sharing reductions are a type of financial assistance that is used to lower the cost of your deductibles, copayments, and coinsurance. To be eligible for cost-sharing reductions, you must have an income between 100% and 250% of the FPL.

Additional Resources

[HealthCare.gov](https://www.healthcare.gov/)
[National Association of Insurance Commissioners (NAIC)](https://www.naic.org/)
[Kaiser Family Foundation](https://www.kff.org/)