The Affordable Care act has provided for creation of Health Insurance marketplace. It will come into existence in 2014. It will ensure that individuals and small businesses can buy health insurance in easy and transparent way without hassles of running around gathering information about different health insurance options. It will also give consumers an easy option to choose health insurance from different available option to fit into their budget. Different health insurance options available in the marketplace will offer comprehensive coverage and give customers freedom to compare all insurance options based on different factors including price, benefits, quality, and other features.
From October 2013 all the information about all the plans available in specific area will be available and customers will be able to enrol themselves in the plan available in marketplace through the website, or a toll-free phone hotline. The marketplace will also offer personalized help with different available choices to the customers. While buying health insurance through Marketplace a customer will be aware of all the costs and benefits of the plan. Affordable care act has also prohibited health insurance companies from denying coverage or charging more because of a chronic or pre-existing condition or on gender bias.
New rules also offer help to even working families through the Health Insurance Marketplace. More people are going to qualify for free or low-cost health insurance programs in future. People can get a break on cost through Marketplace if their income is higher to get help.
How to Prepare for Enrolment
The Health Insurance Marketplace will help all the people uninsured, needing insurance for small business, or just wanting to explore health insurance choices. The enrolment in the Marketplace starts in October 2013. There are few things one can do to get prepared for enrolment in Marketplace and reaping its benefits.
Things to do for Individuals
- They can learn about different insurance options so that it will be easy to evaluate them after being enrolled in the Marketplace.
- They can list all their queries before starting to shop for health insurance in the Marketplace. This will help them while choosing a health insurance plan. They can also seek help in the Marketplace to get answers to their query.
- They can collect information about cost and procedures of health insurance. There are many factors involved in health insurance plans including deductibles, out-of-pocket maximums, copayments, etc.
- To avail a break on costs they must be aware of their household income and how much break on cost they are eligible for. They can also set a budget based on their income to get a suitable health insurance fitting into their budget.
- They must be aware if they will get a job based health insurance through their employer.
- They must be aware of existing options on offer and changes that are already in effect from the new health care law and changes to be made further.
Things to do for Small Businesses
- They should understand working process of insurance including premiums and out-of-pocket costs, like deductibles and co-payments.
- Through the Marketplace they will be able to offer coverage to their employees that give them and their employees the right balance of cost and benefits. So they must be aware of different available health insurance options.
- They can decide in advance, when to start a coverage that will suit best to them and their employees.
- They should set their budget for group coverage so that they can choose the best option available in their budget once the Health Insurance marketplace comes into existence.
- They must organize all the information needed like a list of employees to be covered, tax ID number and other such information. It will help in buying the right insurance without any hassle.
- They can also list all the questions they need answer to before choosing a health insurance plan. Later they can get answers to them at the Health Insurance Marketplace while buying the insurance.
- They can seek out for help to figure out their options. Small businesses using a health insurance agent or broker can take help from them to choose their options.
Small business owner can offer their employees new health plan choices through the Small Business Health Options Program (SHOP). They must be aware of SHOP.