The Health Insurance Marketplace is a newly launched channel for purchasing and comparing private health insurance policies. It is designed to help people find the health insurance option that best fits a particular budget and set of pressing needs. Future clients are advised to review these facts before proceeding to utilize the Marketplace.
The Marketplace is intended to be a one-stop resource for private health insurance options available in a particular area. Individuals and families alike are encouraged to search through the Marketplace as they may find themselves eligible for a new type of tax credit that can lower their monthly premium as soon as they start with their desired policy.
However, prospective health insurance applicants should take note that they can pay lower monthly premiums only when their employer does not offer any coverage or offers coverage that costs more than 9.5% of an applicant’s annual household income.
In addition, applicants can be eligible for tax credit if their employer’s policy does not meet certain Marketplace standards, such as the minimum standard coverage value as ordered by the Affordable Care Act.
The U.S. Department of Labor recommends that interested parties approach their employers and discuss their current coverage first so that they can make the most out of the Health Insurance Marketplace.