Health Insurance Marketplace

There have been many different health insurance changes in the past year under the Affordable Care Act, or ACA, which may have left you confused on how your coverage fits into the rules. In 2015, everyone is required to carry a minimum amount of health insurance coverage or face a heavy fine. Knowing how the health care changes have affected you will help to ensure that you are not stuck paying a fine this year.

Under the ACA, states have the freedom to choose how they want to run their health care marketplaces. They have the option to develop their own marketplace, join the federal exchange program, or take part in a joint federal-state fun marketplace.

Marketplaces are meant to benefit people who do not get health insurance coverage through their employer. Many small businesses can also benefit from the marketplaces, since it gives them the opportunity to invest in group plans for their employees. Anyone who invests in health insurance through an exchange program is eligible for financial assistance if their income is no more than 400 percent of the federal poverty level. This financial assistance is provided in either cost sharing assistance or a premium tax credit.

There are four levels of health insurance that is offered in all states, bronze, silver, gold, and platinum. The level that you choose will determine how much coverage you have, with bronze levels offering the least amount of coverage, and platinum offering generous coverage. Before you invest in any policy, make sure that it meets the minimum requirements for health insurance coverage that is set by the state.

For all of your health insurance coverage needs, contact the insurance professionals at Steve Wilk Insurance Agency in Lombard, Illinois. We will work with you to ensure that you have the right amount of coverage, at a price you can afford.