Marketplace Insurance Ohio: Everything You Need to Know

If you’re a resident of Ohio, you may be in search of affordable health insurance options. The good news is that Ohio has a marketplace insurance program that offers a range of plans to choose from. In this article, we’ll take a closer look at marketplace insurance in Ohio, what it is, how it works, and what you need to know before enrolling.

What is Marketplace Insurance in Ohio?

Marketplace insurance, also known as the health insurance marketplace or the Affordable Care Act (ACA) marketplace, is an online platform where people can buy health insurance plans. The marketplace was created as part of the ACA, which was signed into law in 2010. The goal of the ACA was to increase access to affordable health insurance for all Americans.

In Ohio, the marketplace is run by the federal government, through the website healthcare.gov. Ohio residents can use this website to compare health insurance plans, enroll in coverage, and see if they qualify for financial assistance to help pay for their premiums.

How Does Marketplace Insurance Work?

Marketplace insurance works by allowing consumers to shop for and buy health insurance plans. The plans available on the marketplace must meet certain criteria set by the ACA, such as covering essential health benefits like preventive care and prescription drugs. All plans also have to cover pre-existing conditions.

When shopping for a plan on the marketplace, you’ll be able to compare different options side by side. You’ll be able to see the monthly premium, the deductible (the amount you have to pay out of pocket before your insurance kicks in), and other out-of-pocket costs like copays and coinsurance. You can also see which doctors and hospitals are in each plan’s network.

If you decide to enroll in a marketplace plan, you’ll pay your monthly premium directly to the insurance company. If you qualify for financial assistance, this amount may be reduced. You’ll also be responsible for paying any out-of-pocket costs associated with your plan.

Who is Eligible for Marketplace Insurance in Ohio?

To be eligible for marketplace insurance in Ohio, you must:

• Live in Ohio
• Be a U.S. citizen or legal resident
• Not be incarcerated
• Not be enrolled in Medicare

If you have access to affordable health insurance through your employer, you may not be eligible for financial assistance to help pay for your premiums. However, you can still browse and purchase plans on the marketplace.

What Are the Different Types of Marketplace Plans?

There are four different types of marketplace plans, each with different levels of cost-sharing:

• Bronze: These plans have the lowest monthly premiums but the highest out-of-pocket costs. You’ll pay less per month, but more when you need care.
• Silver: These plans have moderate premiums and out-of-pocket costs. They may be a good choice if you need a balance between cost and coverage.
• Gold: These plans have higher monthly premiums but lower out-of-pocket costs. You’ll pay more each month, but you’ll save money when you need care.
• Platinum: These plans have the highest monthly premiums but the lowest out-of-pocket costs. You’ll pay more each month, but you’ll have more coverage when you need care.

There is also a catastrophic plan available for people under the age of 30 or those who qualify for a hardship exemption. This plan has the lowest monthly premiums but the highest out-of-pocket costs, and is meant to provide coverage in case of a serious medical emergency.

FAQ About Marketplace Insurance in Ohio

1. When can I enroll in marketplace insurance in Ohio?

Open enrollment for marketplace insurance in Ohio typically runs from November 1 to December 15 each year. However, if you experience a qualifying life event (like losing your job or getting married), you may be able to enroll in coverage outside of this window.

2. How do I know if I qualify for financial assistance?

You can use the online calculator on healthcare.gov to see if you qualify for financial assistance to help pay for your premiums. The amount of assistance you receive will depend on your income and family size.

3. Can I keep my current doctor if I enroll in marketplace insurance?

It depends on the plan you choose. You can see which doctors and hospitals are in each plan’s network when you’re shopping for coverage.

4. What happens if I don’t enroll in marketplace insurance?

If you don’t have health insurance, you may have to pay a penalty when you file your taxes. The penalty for not having insurance in 2021 is $0.

5. What should I do if I have more questions about marketplace insurance in Ohio?

You can visit healthcare.gov for more information about marketplace insurance in Ohio, or contact a licensed insurance agent who can help guide you through the process.

Conclusion

Marketplace insurance in Ohio is a valuable resource for anyone in search of affordable health insurance. By understanding how it works, who is eligible, and what plans are available, you can make an informed decision about your healthcare coverage. Whether you’re shopping for a plan during open enrollment or considering a change in your insurance coverage due to a life event, marketplace insurance in Ohio can provide you with the peace of mind that comes with having access to quality healthcare.