The deadline to get the Health Insurance Marketplace up and running was October 1. If you’re uninsured, you may be wondering about the Marketplace and what it will take to get signed up for insurance. The good news is there is a wealth of information available on everything from how much time and how much money it will take to get health insurance through the Marketplace.
How the Marketplace Works
Don’t be mistaken. If you already have insurance and are happy with it, you do not have to sign up for a new plan through the marketplace. Those that lack insurance and those that are under-insured can visit HealthCare.gov and enter their zip code to be taken to their state’s options. Applicants will be asked a series of questions about their household and income and then be presented with plans that meet their needs. It’s easy to compare different plans and some may discover that they qualify for free insurance through Medicaid or another program.
What You’ll Need to Apply
It’s easy to apply and applicants only need a few documents. What is required is Social Security numbers and birth dates for all those that are applying, income totals from W-2 or pay stubs, policy numbers for any current insurance plans, and information on health insurance plans the applicant’s employer currently offers.
How Much You’ll Pay
The amount paid will be based on a number of factors, such as what state the applicant lives in, income level, type of plan chosen, etc. Something to consider though is if someone chooses not to become insured he will be charged a fee of 1% of his yearly income or $95 per person, depending on which fee is higher. However, that fee increases in 2015 to 2.5% or $695. Uninsured children will result in a $47.50 fee per child, but no family will be charged more than $285 in 2014.
How Long the Application Takes
This is not a complicated process. Most people can complete their application in 30 to 60 minutes. This is much faster than visiting a local insurance office and filling out a mass of forms.
Help Is Available
Those that are technologically impaired can get help. Each state is required to have help bases where individuals can go to apply for health insurance through the Marketplace. There is also live help through telephone service that will walk applicants through the entire process.
The Health Insurance Marketplace is meant to be quick and easy to use, and it will ultimately stimulate the economy by creating Health It Jobs as well. Applicants can expect to find the plans that meet their needs and budgets in an hour or less. What are you waiting for? Log on today and find an affordable health insurance plan for you and your family.