What is the Health Insurance Exchange?

What is the Health Insurance Exchange?

As a result of the the Affordable Care Act, the health insurance exchange (often referred to as the health insurance marketplace) was implemented by the federal government in 2013.  This organization is dedicated to helping individuals and families research affordable major medical plans. The health insurance exchange is a helpful tool to show you if you and your family qualify to save money on your insurance. Similarly, the health insurance exchange will also help you find out if you qualify for programs such as Medicaid  or Children’s Health Insurance Program (CHIP).

How much do plans cost?

The cost of your health insurance on the exchange is determined by these main factors:

  • First, where you live.
  • Second, how many people are in your household.
  • Third, the age of you and your enrolling dependents.
  • Finally, your expected modified adjusted gross household income.

Depending on your responses to these questions, you could be eligible for lower monthly premiums and/or lower out of pocket costs.

  • Lower monthly premiums: Based on your income, you may qualify for an Advanced Premium Tax Credit (APTC). Advanced Premium Tax Credits will reduce the cost of your monthly insurance bill.  
  • Lower out of pocket costs: Based on your income, you may qualify for Cost Sharing Reduction (CSR). On eligible Silver plans, Cost Sharing Reductions will lower your out of pocket expenses. This includes copayments, coinsurance, deductible, and maximum out of pocket.
Nevada State Exchange

How do I know if I qualify?

Many states in the U.S. have their own dedicated marketplace websites. If you would like to see if you qualify for lower costing health insurance in Nevada please visit Nevada Health Link Window Shopping. Likewise, if you would like to see what you qualify for lower costing health insurance in California please visit Covered California Shop and Compare. Also, HealthCare.gov provides a list of marketplaces for all states “The Marketplace in your state“.