Health Insurance Marketplace

The Health Insurance Marketplace (pronunciation: /ˈhɛlθ ɪnˈʃʊərəns ˈmɑːrkɪtpleɪs/), also known as the Exchange, is a service available in each state that helps individuals, families, and small businesses shop for and enroll in affordable health insurance plans.

Etymology

The term "Health Insurance Marketplace" is derived from the concept of a marketplace or exchange where consumers can compare and purchase goods or services. In this case, the goods are health insurance policies.

Related Terms

Affordable Care Act: The law that established the Health Insurance Marketplace.
Premium: The amount that must be paid for your health insurance or plan.
Deductible: The amount you owe for health care services your health insurance or plan covers before your health insurance or plan begins to pay.
Out-of-pocket Maximum: The most you pay during a policy period (usually a year) before your health insurance or plan begins to pay 100% of the allowed amount.
Network: The facilities, providers and suppliers your health insurer or plan has contracted with to provide health care services.

Function

The Health Insurance Marketplace is designed to help people more easily find health insurance that fits their budget. The Marketplace can't refuse to sell you coverage or charge you more because you have an illness or medical condition. They must cover treatments for these conditions. The Marketplace must also cover preventive services, like vaccines and check-ups, at no cost to you.

Eligibility

To be eligible to enroll in health coverage through the Marketplace, you:

must live in the United States
must be a U.S. citizen or national (or be lawfully present)
can't be currently incarcerated

How to Apply

You can apply for health coverage through the Health Insurance Marketplace by visiting HealthCare.gov or your state’s Marketplace website. You can also apply by phone or with the help of a trained assister in your community.

External links

Medical encyclopedia article on Health Insurance Marketplace
Wikipedia's article - Health Insurance Marketplace

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Health Insurance Marketplace