The new U.S. Health Care Reform Act took effect on January 2014, and Americans now have a new way of buying health insurance. Operating in a manner similar to a shopping mall, the new Health Insurance Marketplace is intended to assist uninsured citizens with a market that provides easier access to affordable insurance plans and offers more coverage options.
In the new Marketplace, health plans are categorized into four segments: bronze, silver, gold, and platinum. Lower premium means lower coverage, and vice versa (so if you choose bronze, the plan with the lowest premium, you’ll have a lower coverage). All of the plans in the Marketplace are required to cover basic health benefits like maternity care, emergency and laboratory services, hospitalization, and other services that most of job-based plans do not cover.
Marketplace plans are considered better alternatives to job-based plans. Employees with job-based plans can consider switching to Marketplace plans if the job-based policy doesn’t meet the minimum requirements of coverage or if its premiums are simply too high. Switching to a Marketplace plan means you won’t have to pay insurance contributions to your company anymore.
The new Health Insurance Marketplace gives uninsured and insured Americans more coverage options for more affordable prices. Consider a Marketplace health insurance plan today for greater security and more savings in the long term.