That is a great question! The exchanges offered in the Affordable Care Act (Obamacare) are essentially marketplaces where you can compare several companies, and the plans that they offer. One of the best things about the exchanges are that the Federal one, www.healthcare.gov and the States that offered them allow for the folks who purchase from them to have the opportunity to have the prices rebated if they fall under certain income levels. Cheap, affordable coverage is a great thing. But look fast, as our new Congress is already talking about removing the benefits of the act, and the Supreme Court in it's wisdom will probably help. This may well be the last year that many Americans can afford coverage for a while. Thanks for asking!
The health insurance marketplaces (exchanges as they were originally referred to) are a creation of the Affordable Care Act (ObamaCare) and the first exchange based plans were effective on January 1, 2014. The marketplaces are set up under either direct state supervision or are managed by the Federal government is the vast majority of states. Their purpose is to provide a web site based means for people to comparison shop between health insurance plan options, determine if they qualify for any premium subsidies and/or cost sharing reductions, and enroll in a health insurance plan.
The stated objective of the health insurance marketplaces was to get more people covered under health insurance, enhance competition and to lower health insurance costs while improving overall coverage levels. While we have seen some reduction in the numbers of uninsured Americans we have also seen a shift in coverage from middle class to lower income Americans. It is debatable as to whether the competitive landscape has changed significantly and the general perception is that most people's benefit levels have decreased while their net costs have increased.
The main reason a consumer would want to make use of the government health insurance marketplace would be if they are in the income range (100% to 400% of the Federal Poverty Level) where they would qualify for subsidies of their health insurance premiums. A person can only receive premium subsidies for approved health insurance plans purchased through the marketplace in your state. Even in this case, you should seek out the guidance of an experienced health insurance agent to explain the products you are considering purchasing.
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The stated objective of the health insurance marketplaces was to get more people covered under health insurance, enhance competition and to lower health insurance costs while improving overall coverage levels. While we have seen some reduction in the numbers of uninsured Americans we have also seen a shift in coverage from middle class to lower income Americans. It is debatable as to whether the competitive landscape has changed significantly and the general perception is that most people's benefit levels have decreased while their net costs have increased.
The main reason a consumer would want to make use of the government health insurance marketplace would be if they are in the income range (100% to 400% of the Federal Poverty Level) where they would qualify for subsidies of their health insurance premiums. A person can only receive premium subsidies for approved health insurance plans purchased through the marketplace in your state. Even in this case, you should seek out the guidance of an experienced health insurance agent to explain the products you are considering purchasing.