Health insurance Marketplace or health insurance exchange is a place where people without health insurance learn about special options and purchase health insurance plans. It’s possible there to find information about how to pay off premiums and reduce out-of-pocket costs. The registration period is possible once a year.
There are two types of the Marketplace: federally-facilitated and state-based The type of Marketplace that suits your needs depends on where you live (which state). If you want to know about possible options from federal health insurance Marketplace, you should visit HealthCare.org.
Before applying for Marketplace health insurance, you will get and fill in a Form 1095-A, health insurance Marketplace statement. It will happen at the beginning of the tax filing season. Marketplace’s website has a guideline to filling in Form 1095-A.
Speaking of the federal health insurance Marketplace, it’s important to know whether you are eligible for federal tax credit subsidies on premiums.
You can also consider a help of the non-marketplace health insurance. There are many private insurance plans affordable online and near you.
It’s difficult to name the significant drawbacks of the Marketplace and non-marketplace health insurance. It’s very individual. So, consider all pros and cons beforehand.