After writing about contracted positions and how some may need to find insurance on the Marketplace, a reader asked, “What’s the Marketplace?”
The Marketplace was established by the Affordable Care Act (ACA) in 2014 to increase access to healthcare for people who could not find it through their job or school. These plans are often subsidized by the government either via tax breaks or lower monthly costs for those who meet income eligibility.
How it works: Visit healthcare.gov and fill out an application to find out if you qualify for Medicaid, CHIP, or insurance subsidies. Healthcare.gov also has resources to help people enroll in a plan. If you are interested in Marketplace coverage, now is the time to do it! Open enrollment for 2023 is from November 1-December 15.
Marketplace Plans
There are four tiers of plans: Bronze, Silver, Gold, and Platinum. You will pay the most for health expenses with the Bronze plans, and the least for Platinum plans. Silver and Gold fall in the middle. However, Bronze plans are the cheapest and Platinum plans are the most expensive. If you have few healthcare costs each year, a lower cost plan may be a good choice for you. If you have chronic illnesses or need frequent medical services, a plan that covers more medical expenses may be better.
If you are eligible for subsidies, then you must pick a Silver, Gold, or Platinum plan. Bronze plans may be a good option if you are healthy, make too much money or are otherwise not qualified for subsidies. and have enough money to cover the deductible in case of an emergency. For more information, see www.healthcare.gov.