An overview of Health Insurance Marketplace
The Healthcare.gov Marketplace, also known as the Health Insurance Marketplace or simply the Marketplace, is a vital element of the Affordable Care Act (ACA). The federal government established the Healthcare.gov Marketplace as a comprehensive online platform to help individuals and families find and purchase health insurance plans that comply with the ACA. It is basically a one-stop shop for comparing health insurance options, checking financial assistance eligibility, and enrolling in a plan meeting coverage needs. Open Enrollment Period The Healthcare.gov Marketplace operates on an annual enrollment schedule. The deadline typically starts from November 1st and is open till December 15 th . During this open enrollment period, eligible applicants can apply for health insurance, renew existing coverage, and even update coverage for existing plans if previously enrolled in the scheme. Where individuals miss complying with the OEP deadlines, a Special Enrollment Period (SEP) is applicable, where individuals can enroll and make changes. Most U.S. citizens and legal residents are eligible to use the Healthcare.gov Marketplace to find health insurance coverage. These are the qualifying criteria to avail the federal benefit: Applicant must reside in the United States. Applicants cannot be incarcerated. Eligible applicants should not have existing coverage through a job-based plan that meets certain minimum standards of affordability and coverage.
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