For millions of Americans, access to coverage has improved thanks to the health insurance marketplace. However, it’s easy to get confused quickly if you've never shopped for health insurance before. 

How can you make the most out of the health insurance marketplace experience? 

Allow this blog to guide you through understanding what the marketplace can really do for you if you are eligible to use the marketplace, and how to get coverage on the marketplace. In the end, we’ll show you how Bankers Hill Insurance can help you land the best health insurance that fits your needs. 

What is the Health Insurance Marketplace®? 

The health insurance marketplace, also known as the health insurance exchange, is a public online “store” where US citizens can shop for both individual and family health insurance policies in their state. On the platform, you can easily compare the costs, features, and advantages of a wide variety of health plans to help you choose the best one. A multitude of insurers is on the marketplace offering different plans that suit various demands and budgets so there truly is something for everyone in the marketplace. 

Some states have their own marketplaces but most states in the US make use of the HealthCare.gov Health Insurance Marketplace®. Not only is the marketplace a place for shopping and selecting health insurance plans, but you can also enroll right on the platform for your convenience. Those who qualify for the service can get some type of savings. Read on to find out who is eligible to use the platform. 

Who are Eligible to Use the Health Insurance Marketplace®?

It’s possible that you are qualified for financial assistance to cover the cost of your health insurance. The amount of assistance you receive is based on your annual income and the size of your household. Being qualified can result in a reduction in your monthly premium, the cost of your care, or both. You can learn more about potential financial assistance you can get throughout the application process on the health insurance marketplace. 

To be able to shop in the market, you must meet a few (but crucial) requirements: 

• You must be an American citizen.
• You must be a lawful permanent resident, a citizen, or a national of the United States.
• You cannot be imprisoned (serving time in jail or prison).
• You should not be currently enrolled in Medicare. 

If you pass all four of these conditions, you can enroll on the Health Insurance Marketplace®.

How to Get a Health Insurance Marketplace® Plan

If you are qualified to use the marketplace, and you are certain that you want to get coverage using this service, here are the steps you should follow to get a plan: 

1. Sign-up for a Marketplace account. 

Enter your basic information such as your name, address, and email address and log in to your marketplace account. 

2. Get ready for your application. 

Gather all that you need before applying for a plan. You will find a checklist of everything you need to prepare here. You will also be asked about your expected income during the year you applied for coverage so you should make an estimate in advance. Use this as a guide to estimate your expected income. 

3. Submit your application and wait for eligibility results. 

Complete your application online and click on submit. Your application will be assessed and you will know if you qualify for a health insurance market plan or Medicare. 

4. Choose and enroll in a health coverage plan. 

On the marketplace, you can compare plans and prices that are available in your area. Choose whichever suits your needs best and pay the fees to the insurance company for the coverage to start.    

Need help finding the right insurance plan for you? Bankers Hill Insurance provides insurance policies at the most competitive rates due to the partnerships we have developed with top-rated insurance companies throughout the nation and the variety of products we can offer. Finding plans that meet our customers' demands is our top priority—get a personalized quote from us now!