Health insurance marketplace
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.
Etymology
The term "Marketplace" is derived from the Old English word "mearcet", which means a place where business is conducted. "Insurance" comes from the Middle French word "ensurer", meaning to make sure or secure, and "Health" is from the Old English "hælþ", meaning wholeness, being whole, sound or well.
Overview
The Health Insurance Marketplace is a key component of the Affordable Care Act (ACA), enacted in 2010. It is designed to help people more easily find health insurance that fits their budget. The Marketplace is not an insurer, but a method for individuals and small businesses to compare and purchase private health insurance plans.
Related Terms
- 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/limit: 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.
- Copayment: A fixed amount you pay for a covered health care service, usually when you receive the service.
See Also
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