The Affordable Care Act was a legislation to change the administration of health coverage in the United States. It was designed to decrease the number of people who are uninsured, and change the major benefits plans must cover. It also removes the ability of carriers from denying any individual due to preexisting conditions.
In addition to the laws and mandates, it requires states to form their own state run exchange or participate in the Federally Facilitated Exchange or Marketplace. “As of 2014, 17 states have created their own Marketplace, 27 states are participating in the Federally Facilitated Marketplace (FFM), and 7 marketplace partnerships within states.” Utah is a state that uses the FFM.
The Marketplace is where individuals and small business can fill out an application and based on their income level, The Exchange determines whether those persons can enroll in individual coverage, Medicaid, or the Children’s Health Insurance Program (CHIP). Each state was given the option to expand their Medicaid programs to make sure that individuals above the 138% poverty level can get coverage.
After you determine whether or not you can enroll in an individual plan, you can receive a tax subsidy based on your poverty level. The subsidy will help pay for your monthly premium. Then you are able to shop for a health insurance plan that meets your needs. Most of the local-state carriers will be on the exchange. (Many more will be entering The Marketplace for the year 2015). You will have many carriers and plans to choose from.
At the Health Insurance Specialists we pride ourselves in understanding the Federal Facilitated Marketplace and can help you find the best plans with the best carriers that meet your needs.
This article was written by Corbin, a contributing writer and employee of The Health Insurance Specialists Inc.
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