Buying a Medical Coverage at the Health Medicare supplement plans Marketplace
When it is time for you to shop for health medicare supplement plans, you must know how to buy at the health medicare supplement plans marketplace. In that way, you can discover the coverage that fits your medical needs and your budget.
What is Exchange or Health Medicare supplement plans Marketplace?
Health Medicare supplement plans Marketplace or Exchange is where you shop for health medicare supplement plans options that are Affordable Care Act compliant. You can find this shopping center at healthcare.gov. You can go there to browse for coverage. Then, when you find a plan that fits your needs and budget, you can apply for it. You may also visit it to find out if you qualify for savings or if you wish to change your existing plan.
This Marketplace is different from the Marketplace of your employer. If your employer offers health medicare supplement plans coverage, which is likely, then you can visit its private exchange to shop for health medicare supplement plans coverage. But this marketplace is not the same as the federal or state marketplace.
The Marketplace is where you can compare and find the health coverage that fits, not just your medical care needs but also your budget. As soon as the open enrollment period begins, you should compare, evaluate and apply for a Cigna individual health plan. And you can do that through Cigna’s website. This site will also give you information if you are eligible for federal financial assistance. If you qualify for it, you can apply for a health plan directly to Cigna and use that assistance to pay for the plan.
Who is Shopping at the Marketplace?
You can choose health coverage through the Marketplace, especially if your employer does not offer it. However, companies with a certain number of employees are required to offer health coverage.
When you purchase a health plan, however, you will pay it on your own. You can pick an individual plan. Or if you have a spouse and kids, you can purchase a family policy.
Self-employed and unemployed individuals can also shop at the Marketplace to find the right coverage. They, too, have to pay for the policy using their own money.
Even if you are employed and your employer offers a health plan, you can still shop at the Marketplace and purchase a plan. But your employer will not pay for it. Your employer will also not share the cost.
To shop at the health medicare supplement plans marketplace, though, you must be a US citizen and living in the United States.
However, if you qualify for Medicare, the Marketplace is not the best place for you to shop for healthcare coverage. You are also not eligible to buy a plan here if you are in jail or prison.
When Should You Buy a Plan at the Marketplace?
Before, you can buy health coverage at any time. But now, with the healthcare reform, you will have to wait for the Open Enrollment Period to start. You can still buy a health plan after this period ends. But you need to qualify for the special enrollment.
The open enrollment period for 2020 health plans starts on November 1, 2019. It stops on December 15, 2019. But some states have longer open enrollment periods. If you experience a qualifying event, you can shop for a health plan even if the open enrollment period stops.
If you have experienced a certain life change, you are qualified for the special enrollment period. This life change may include getting married or moving to a new state or location. But you have within 60 days to apply.
What If You Did Not Meet the Open Enrollment?
If you missed the open enrollment period, you have to wait for next year’s open enrollment period. But, as mentioned earlier, if you have qualifying events, you can purchase coverage during the special enrollment period. This life change can arise before or after the open enrollment period.
What are the qualifying events for special enrollment?
You can be eligible for special enrollment if you lost your employer-sponsored health plan. It happens when you get fired or lost your job.
Another qualification is when you get married or divorced. It is also a qualifying event that may enable you to purchase a plan outside the open enrollment period.
You can also purchase it within this period if you are adopting or having a child, gaining a dependent through birth or losing Medicaid. If you are moving to a new medicare supplement plans coverage area or changing your immigration status, then you may qualify fo it. Losing government financial assistance is also a qualifying life event.
To know whether or not you qualify to purchase healthcare coverage during a special enrollment period, you may visit healthcare.gov.
Overall, you must ensure that you apply for health medicare supplement plans during the open enrollment period.
There are four types of health plans that you can find in the marketplace. These are metal levels: bronze, silver, gold, and platinum. You can also purchase here catastrophic plans. However, not all individuals can qualify for it. Every plan level has a way to pay you.
When you have a health policy, your carrier will pay a portion of your health care bills but not the entire amount. That said, you still have to settle some out-of-pocket expenses. And it is one of the reasons some individuals would choose to obtain supplemental coverage to help them pay the copays and comedicare supplement plans. The amount of out-of-pocket expenses will depend on your plan.
Are You Qualified for Federal Financial Help?
It will depend on the annual household income and the number of people in your household. There is a certain poverty level you need to meet before you become eligible for some assistance. With federal financial help, it makes paying for your health medicare supplement plans more affordable and a lot easier. It also reduces the overall premium and the cost of having healthcare.