The Health Insurance Marketplace

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the definition

The health insurance marketplace is the health care “mall” established by the Patient Protection Affordable Care Act (PPaca) or “Obamacare” where Americans can purchase health insurance and receive financial assistance from the government .

the market, also known as “the exchange”

Covered California

Reading: What is california marketplace insurance

When the Affordable Care Act (ACA) was passed in 2010, the term “health insurance exchange” became much more widely known. however, the exchanges are not new. Health insurance exchanges have been around since the early 1980s and have operated primarily in an employer/employee setting. offered a convenient way for members to view their health insurance options online, select or change plans, and/or access information about their health insurance benefits.

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to shop for marketplace insurance plans, get california health insurance quotes, and then apply. If you live outside of California, visit healthcare.gov.

the federal market

In 2014, the ACA launched its federal health insurance exchange or “Federal Marketplace” located at www.healthcare.gov. it also allowed individual states in the us. uu. to create their own state exchanges or markets. These exchanges are known as health care reform insurance exchanges or marketplaces.

affordable health care

In these state and federal marketplaces, not only can you find an easy way to shop for your health insurance, but it’s the only place to receive (if you qualify) government-subsidized assistance. This means cheap health insurance coverage for those who previously couldn’t afford a health plan. Financial assistance can come in the form of a tax credit to help lower the cost of your health insurance, or it can come in the form of cost-sharing reductions that lower copays or deductibles. some people qualify for a tax credit of $900 per month. That’s a lot of savings to look at on your health insurance bill!

minimum essential coverage

In addition, all state and federal marketplaces offer health insurance with minimum essential coverage. this means you can be sure that the plans offered here will meet the individual mandate to have health insurance so you are not subject to paying the shared responsibility payment or tax penalty.


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the aca also enabled marketplaces that were created to process coverage applications/forms for medicaid and other government programs. This means you can apply for a subsidized health insurance plan, Medicaid and similar programs, or both, all in one Marketplace application. This offers convenience to the public, especially for families where some members qualify for Medicaid while others qualify for a subsidized plan.

When you complete an application, you will receive an application ID or case number. this unique identifier can be used when communicating with the exchange about their plan, subsidies, etc.

contact phone numbers for obamacare enrollment

For obama care california application and quote information, call 1-877-752-4737 or click on the covered california website. If your residential address is outside of California, call 1-800-318-2596.

1095 statement

Each year before your tax date, you should receive your 1095-a, 1095-b, or 1095-c notice. this statement lists which months during the previous calendar year you were covered by a qualified health plan. If you were without health insurance coverage for less than 3 months, then you will not have to pay the health insurance penalty. some groups, such as federally recognized Native Americans, are exempt from this penalty.

quick overview of the health insurance market

  • The Marketplace is an easy place to shop online, apply and enroll in minimum essential coverage health insurance that helps you avoid the tax penalty.
  • You can view and compare benefits across plans and carriers, all in one place.
  • It’s the only way you can receive the premium tax credit if you qualify.
  • You can see if you or a family member qualifies for Medicaid in one application.
  • Source: https://amajon.asia
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