Some people are able to gain health insurance through their jobs. Others, such as those who are self-employed, often use health insurance marketplaces to enroll in a plan that meets the requirements of the Affordable Care Act (ACA). Most health insurance marketplaces offer standardized access to various types of health insurance, including individual, family, and small business plans. Marketplace health insurance can be purchased on private or government-run sites. Licensed health insurance brokers often operate private marketplaces. Some states have their own government marketplaces, while most states rely on a marketplace operated by the federal government.

What is a health insurance marketplace?

As mentioned above, a health insurance marketplace is a website where individuals, families, and small businesses can learn more about available insurance plans before selecting the option that is best for their medical needs and budget. Through health insurance marketplaces, people can:

• Ask questions and receive answers about health insurance plans from, sometimes with the assistance of navigators or licensed agents
• Compare and contrast health insurance plans based on their features, affordability, and coverage
• Discover if they (or their family members) are eligible for tax credits on private insurance or other health programs
• Enroll in a major medical health insurance plan that is designed to meet your needs

Differences between a private health insurance marketplace and a government-run marketplace

Both private and government-run health insurance marketplaces are designed to help individuals more easily shop for, compare, and enroll in an affordable health insurance plan.
Contrary to popular belief, the federal marketplace known as Healthcare.gov is not the only health insurance marketplace. The federal government operates it; however, many states also run their own state-based health insurance marketplaces such as Covered CA in California. There are also private health insurance marketplaces that offer individuals, families, and small businesses a chance to find the ideal health insurance.  These private health insurance marketplaces sometimes have plans not available on the government-run marketplaces.  eHealth is one of these private health insurance marketplaces, where you can buy Obamacare plans and other health insurance products.

Health Insurance Marketplace FAQs

Here are a few health insurance marketplace FAQs.

What are non-marketplace health insurance premiums?

Non-marketplace plans are those plans that are not present on federally run or state run marketplaces. 

Both marketplace and non-marketplace plans will have a health insurance premium.

These non-marketplace plans or off marketplace health insurance options will potentially  have comparative or lower premiums. 

Premiums are the price health coverage enrollees pay to the insurance firm to obtain and maintain health insurance coverage.

How to cancel health insurance on marketplace?

It is possible to cancel your health insurance policy on the marketplace at any time. Individuals may seek to do so if they obtain better health coverage from their employer, through another organization, or because they feel they can get other options.

Individuals can cancel health insurance on the marketplace for themselves and their families 

You may login and end the health insurance coverage. 

When you login to your account, you will have an option to terminate your coverage, click on that and there will be a few more steps, and you will terminate it. 

You may call a Healthcare.gov health insurance representative and notify them of your intent to cancel and they can take care of it for you.

If you are interested in switching to another plan, remember to have that set up to where you can have that coverage before you cancel your current plan.

What is form 1095-a health insurance marketplace statement?

Individuals who purchase health plans through the Health Insurance Marketplace may be eligible for a Premium Tax Credit. 

The Form 1095-A will provide you with details on when the coverage starts and when it ends. It will note the regular premiums that you will have to pay to be in good standing with your insurance provider. 

It will offer other details, such as the premium tax credit and other information.

If you are eligible for the credit, you will receive a Form 1095-A, also known as the “Health Insurance Marketplace Statement.” The Federal Tax Agency or the IRS will also obtain receipt of the form.

Can I get individual health insurance outside of the marketplace?

Yes, you can get individual health insurance outside of the Health Insurance Marketplace or Exchange. 

If you are looking to obtain health insurance outside of the marketplace, you will have a host of resources, and individual health insurance options available to you. 

It is a fantastic idea to look at your options on the government marketplace and on private marketplaces to find an option that works best for you. If you have questions or concerns about gap gender aspects, tax credits, or the best individual health insurance policies, remember that you can turn to many key resources.

What is the health insurance marketplace tax credit?

The government offers a tax credit to help you lower your overall premium costs. The extent of this tax credit will vary based on a few factors. 

The tax credit is present to help you with your insurance payment obligations. 

You can obtain premium tax credits by exclusively shopping on the government healthcare marketplace.

Can I deduct marketplace health insurance premiums?

If you choose to purchase health plans through the Obamacare or ACA established government-run marketplace or another government-run marketplace, you can expect to have the ability to account for out-of-pocket premiums as tax-deductible.

In addition, if you are an individual that works in the gig economy or have a business where you are self-employed, it is possible to deduct the cost of health insurance and qualified long-term care from your income.

Does marketplace insurance qualify for self employed health insurance?

A growing portion of self-employed small business owners purchase health plans via the federally run insurance marketplace at Healthcare.gov or a state run exchange.

If you are interested in doing so, know that you can obtain subsidies if you are within the right income range. If you do qualify for a subsidy, the government will help to cover a portion of the premium, helping you reduce your premium cost obligations.

Buy family or individual health insurance on eHealth

eHealth’s team of trusted agents can answer any questions you may have and help guide you to a ACA-compliant health insurance plan that is right for your needs and budget. Get started today by comparing individual and family health insurance plans available in your area!