Health insurance is something that covers your medical expenses. Just like auto insurance covers your car if you get into an accident, health insurance covers you if you get sick or injured. Health insurance also includes preventive care, that is, doctors visits and tests before you get sick. Health insurance usually does not always cover 100% of your costs. It is created to split costs with you up until a particular point which is known as the out-of-pocket limit. After you hit this out-of-pocket limit, health insurance pays 100% of your healthcare expenses.
There are a number of ways through which health insurance companies might share costs with you, and they make up a significant part of your health insurance plan that you have to be aware of. These are your deductible, your coinsurance, your copayment, and your out-of-pocket limit.
Usually, there is only one period of time in which you are allowed to shop for a new health insurance plan on the Obamacare marketplace. This period is called the open-enrollment period. You can’t buy a health insurance plan outside of this open-enrollment period unless you qualify for a special-enrollment period.
Health insurance companies are mandated to cover people regardless of preexisting conditions. The Affordable Care Act mandated that everyone has to buy health insurance, even if they believe that they are healthy and do not need health insurance. Premiums from healthier customers who do not use a lot of health care services help balance the cost of covering people who need to use more health services.
Now, there are four ways to apply for coverage in the Health Insurance Marketplace:
- Apply online – You can visit this page and select your state and plan to get started.
- Apply by phone – You can call up health insurance providers and apply for health insurances over the phone.
- Apply in person – You can visit a trained counsellor in your community to get information, apply, and register.
- Apply by mail – You can complete a paper application and mail it in.