The Health Insurance Marketplace Explained

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The Health Insurance Marketplace Explained! What it is. What it does. What it costs. Straight answers to your questions about buying insurance on the new Health Insurance Marketplace (also called State Exchanges) established under the new Healthcare Law (Obamacare).

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The Health Insurance Marketplace Explained

  1. 1. The Health Insurance Marketplace Explained What It Is. What It Does. What It Costs. © 2013 WNC Health Insurance / The Asheville Blue Cross and Blue Shield of North Carolina® Store
  2. 2. Do I need health insurance? The Patient Protection and Affordable Care Act states that beginning in 2014 all Americans with the means to afford health insurance MUST obtain healthcare coverage, or else pay a penalty in 2015.
  3. 3. What if I can’t afford health insurance? The federal government is offering subsidies to help people with incomes from 100% to 400% of the poverty level purchase health insurance. Exception: Families that qualify for state or federal healthcare assistance programs are not required to purchase healthcare coverage on the Health Insurance Marketplace.
  4. 4. Where can I buy cheap health insurance? As of October 1, 2013 everyone has access to the new Health Insurance Marketplace. The cost of plans varies by state and where you live in your state. Some states manage their own Marketplace. In other states, the Federal Government manages the Marketplace.
  5. 5. How are plans on the Health Insurance Marketplace different? All plans offered through the Health Insurance Marketplace must cover ten essential benefits. To learn what those benefits are, visit: www.BlueStoreAshevilleNC.com
  6. 6. How much do plans through the Health Insurance Marketplace cost? Healthcare plans offered on the Marketplace are broken down into five categories: Bronze Silver Gold Platinum Catastrophic (special conditions apply)
  7. 7. How much do plans through the Health Insurance Marketplace cost? The amount you pay will depend on the deductible you select and the percentage of medical expenses paid for by the plan and your household income. People with lower incomes will pay less and have lower out of pocket costs. People with higher incomes will pay more.
  8. 8. If I buy health insurance, do I have to go through the Marketplace? No. However, to qualify for a government subsidy, you must purchase a plan through your state’s Health Insurance Marketplace.
  9. 9. What if I already have insurance? If you have an insurance carrier already, you may choose to stay with the same carrier and your existing plan may be grandfathered. Grandfathered plans are not required to offer the same coverage benefits as plans through the Health Insurance Marketplace. The premiums for grandfathered plans may be less than plans available through the Marketplace, or they may be more.
  10. 10. Where can I go to learn more about the Health Insurance Marketplace? WNC Health Insurance The Asheville Blue Cross and Blue Shield of North Carolina® Store: www.BlueStoreAshevilleNC.com © 2013 WNC Health Insurance / The Asheville Blue Cross and Blue Shield of North Carolina® Store

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