Health Insurance Marketplace
You’ve heard a lot of buzz about healthcare reform and now you want to know how it will affect you and your family! We’ve got the answers on everything you need to know about what’s new in the health insurance market.
The Marketplace (sometimes called the Exchange) is an online hub where individuals and families can compare different health insurance options available to them.
The Marketplace offers premium tax credits and cost sharing reductions to those that qualify. These benefits are only available to you when you purchase a plan through your state’s Marketplace. Even if you’re covered under a Sanford Health Plan, it’s important to remember that you need to update your information on healthcare.gov annually (or as major changes arise) to keep receiving any appropriate tax credits or cost sharing reductions.
Eligibility for the new tax credit is based on
- Household income and family size for the year
- Income between 100% to 400% of the Federal Poverty Level (FPL)
- Ineligible for other health insurance coverage, such as through an employer or government-sponsored health plan
Eligibility for reduced cost sharing is based on
- Incomes between 100-250% of the Federal Poverty Level (FPL) based on family size. If your state has Expanded Medicaid Services, then incomes between 138-250% of the FPL can qualify.
- Enrolling in a Marketplace silver-level plan
- Members of Federally-recognized Indian Tribes
The information provided above is for educational purposes only and not a substitute for professional advice. While Sanford Health Plan tries to keep the information as accurate as possible, health care information changes rapidly and thus this information should not be relied upon as comprehensive or error free. In no event will Sanford Health Plan be liable to you or anyone else for any decision made or action taken by you or anyone else in reliance upon the information contained on this page.