Health insurance options vary widely from one nation to another. According to The Commonwealth Fund, just 34% of Americans have access to public health insurance, which is less than the universal coverage in nations like Canada and the United Kingdom. Marketplace Health Insurance may be the solution to this problem, and here's what you should know about the health insurance marketplace.

What Is Marketplace Health Insurance?

The health insurance marketplace is designed to help you find an option that meets your needs and is within your budget. Every health plan in the Marketplace comes with the same core health services, including prescriptions, hospitalization, preventive care, doctor visits, and more. Before making a decision, you can evaluate different plans based on their quality, benefits, costs, and other relevant features.

With just one application, you can check your eligibility for free or low-cost insurance through Medicaid, the Children's Health Insurance Program (CHIP), or discounts on Marketplace plans. The majority of applicants are typically eligible for discounts of some type. In the U.S., everyone is required to have some form of health insurance.

Who Qualifies for Marketplace Health Insurance?

The Marketplace can allow you to obtain coverage through your employer, the Children's Health Insurance Program (CHIP), Medicaid, Medicare, or another source that offers acceptable health coverage if you don't have one. To qualify for the health insurance marketplace, you:

• Must be a United States national or citizen
• Must currently reside in the United States
• Can’t be in prison

Certain states run their own Marketplace Health Insurance, while in others, the federal government is responsible.

How Do You Apply for Marketplace Health Insurance?

You can only enroll for a Marketplace plan during an Open Enrollment Period. However, Medicaid or CHIP enrollment is open at all times. You can apply online, by phone, through a paper application, or have a trained assistant guide you through the process during the Open Enrollment Period.

In some cases, you may be eligible for special enrollment periods if life events such as having a baby, getting married, or losing coverage hinder you from enrolling for a Marketplace Health Insurance plan. This will allow you to sign up for a Marketplace plan outside the Open Enrollment period.

The 2023 Open Enrollment will run from November 1 to January 15, 2023. Should you enroll by December 15, 2022, your coverage will be active by January 1, 2023.

Marketplace Health Insurance makes it easy for small businesses, families, and individuals to access health care insurance. For help enrolling for a Marketplace Health Insurance plan, give Insurance Products Source a call today.