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Originally Posted On: https://www.therealinsurancelady.com/what-is-marketplace-health-insurance/
Did you know that a record number of over 35 million people were enrolled in Obamacare in April 2022?
Obamacare is another name for the Affordable Care Act, and it also refers to health insurance plans that require both state and federal checks. People typically apply for these policies when they don’t have health insurance through their employer, or if they require specific plans for low-income households.
Typically, you’ll enroll for marketplace health insurance on the healthcare.gov website, but there are other ways to get health insurance, and we’re here to teach you about them all. Read on to learn everything you need to know.
Preparing Your Application
The open enrollment period for Obamacare begins on Nov. 1 and those healthcare plans will take effect on Jan. 1, 2024. The deadline to apply, however, is Jan. 15, 2024.
Outside of that, you’ll have to follow a special enrollment period calendar to gain the coverage you need. Typically, this needs a qualifying event like gaining a family member or losing health insurance. Whatever the case is, it’s essential to prepare your application before you start applying.
You’ll need to know how much you can afford on a monthly basis, which means familiarizing yourself with your income. Knowing this will give you better options regarding the plans you can afford and any subsidies you might qualify for.
Remember, though, while you can use resources to understand which subsidies you qualify for, you won’t have an exact dollar amount until you fill out an application.
How to Apply for Obamacare
To fill out the application, you’ll need to provide some basic information, like your name, address, household size, and income. Primarily, you’ll apply for health insurance through Healthcare.gov, or many resources will redirect you back there.
If you’re eligible for any premium tax credits, it’s important to remember they can only be used through healthcare.gov or an enrollment partner. You’ll have the option to claim these tax credits on your return the following year, or you can have them applied on a monthly basis.
However you’d like to apply, it’s important to remember that you do have options available. Here are a few of the most common.
Managing the Marketplace
The easiest way to find yourself a marketplace plan is to apply for it on the marketplace itself. It’s easiest to apply online, but there are alternate ways, like over the phone or by mail. These two options take longer, but they might be easier for some.
When you apply online, you can create an account and see each plan that’s currently available to you.
Some states have their own health insurance website, so it’s important to know which you need to use if it’s different from the healthcare.gov site. In these instances, you’ll still be getting marketplace insurance, just through the state’s rules and regulations rather than the federal government’s.
Applying via a Health Insurance Company
If you’d rather, you can also search for Obamacare plans directly through health insurance companies.
Whether it’s an insurer you trust or a newer company that exists only online, it’s important to remember these companies will only show you their policies, not each one available to you. At some point, the insurer might also have to redirect you back to healthcare.gov to complete your application.
In many cases, if you’d like to be able to compare prices and different policies, using healthcare.gov is a better idea. If you decide on a particular insurer, then you can go and apply directly with them.
Applying for Obamacare as an Immigrant
Remember that you can apply for Obamacare even if you’re not a US citizen. Whether you’re a permanent resident, have a Visa, or are a green card holder, you can qualify for health insurance coverage while in the country. This also includes asylum seekers, refugees, and anyone else with temporary protected status (TPS).
If you don’t have citizenship, you’ll likely need to submit documents proving your immigration status. Whether it’s your green card, employment authorization, or a foreign passport, it’s smart to have it on hand. Undocumented immigrants, unfortunately, cannot apply for healthcare via the marketplace.
Working With a Health Insurance Agent
If you find yourself needing assistance throughout the process, you can always work with an agent to fill everything out. The right agent is going to make things simple and easy to understand. You’ll leave with the best possible coverage at the best possible price, and you won’t have to worry about anything.
If you qualify, you’ll be able to receive assistance in paying your premium and selecting the right plan. Working with an agent can help simplify the entire process for you and your family. If you need to switch doctors, providers, or even pharmacies, they’ll be able to give you each resource you need.
They can also help ensure everything is done correctly the first time around so you’re not stuck filling out multiple applications while confused and frustrated. They’ll be by your side every step of the way, meaning you can feel safe and secure during what might be a vulnerable time.
Don’t Underestimate Marketplace Health Insurance
There are a lot of things to consider when it comes to getting marketplace health insurance, but that doesn’t mean the process has to be a complicated one. Whether you’re enrolling for the first time or renewing your coverage, there are ways you can find help when it’s needed.
Luckily, that’s where we come in. The “REAL” Insurance Lady is here to help you and your family find coverage whenever you need it. Contact us today to get started.
Here at the “Real” Insurance Lady our team of insurance agents is available to help you enforce not only a health insurance plan, but even help you get dental, vision, and life insurance coverage. We help individuals and families of all sized gain affordable health insurance coverage in less than 30 minutes.