Video: Shopping for insurance in the Marketplace
Keira McGuire | 09.30.13
You now have a new way to find quality health coverage. Maybe you’ve heard of it... it’s called the Insurance Marketplace.
Basically, it’s a place to shop for an insurance plan if you don’t have one, or a place to explore your options if you’re already insured. Take a look at how it works in the video below:
Here’s how it works:
First you fill out an insurance marketplace application. It includes basic information about you and your family – like income and household size.
Based on the application, you can compare insurance plans side by side on your time to see if you can lower your monthly premiums or out-of-pocket costs.
- A monthly premium is the amount you pay each month for health coverage.
- Out-of-Pocket costs are costs not covered by your insurance plan – they could be deductibles or copays.
In the marketplace, you can compare insurance plans side by side to see if you can lower your monthly premiums or out-of-pocket costs.
When you’re shopping in the marketplace – you’ll see the plans are divided into 4 categories: Bronze, Silver, Gold and Platinum.
These categories do not reflect the quality or amount of care a plan provides – instead they’re designed to make shopping easier.
In general, someone with a bronze plan will pay a lower premium but a higher share of costs when they receive care. On the other end, someone with a platinum plan will likely pay the highest monthly premiums but the lowest out-of-pocket costs. So the platinum plan would be good for someone who needs a lot of care.
In the marketplace, you’ll see the plans are divided into 4 categories: Bronze, Silver, Gold and Platinum.
So there you have it- health insurance shopping at your fingertips.
Follow our multimedia coverage on the opening of the insurance marketplaces on October 1st.
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