Marketplace Enrollment
Marketplace Enrollment Process
Getting started with the Marketplace enrollment process is quite simple as you will need to visit www.healthcare.gov or your state’s healthcare website. Once on the site, you will be able to quickly scan and compare plans in a side-by-side manner to determine what is available to you. From there the database will allow you to choose from four different tiers of health insurance including bronze, silver, gold, and platinum. On one end of the spectrum, the bronze plans are the least expensive but will require the highest deductibles and copays. Platinum plans, however, will be the costliest, but have many more options and coverages compared to the other tiers.
It is also during this time that you will find out whether you are eligible and qualify for the premium tax credit or a cost-sharing reduction. Cost-sharing reductions are only available on silver plans though but can help with lowering the out-of-pocket costs for copayments, coinsurance, and deductibles. If you do qualify for these benefits, then you will need to buy the pan through the marketplace in order to see how much you can save.
Marketplace Enrollment Timeline
The cost of Medicare Part B is standard for most people but about five percent of beneficiaries could pay more due to higher incomes. Premiums for Part B are based on an individual’s modified adjusted household gross income. Modified adjusted household gross income is calculated by adding together any money earned through dividends from investments, wages, capital gains, wages, Social Security benefits, and pensions The Social Security office will use your tax returns from prior years to determine how much you will have to pay monthly.
For the majority of people, this means that a monthly premium of around $145 is to be expected. Anyone who is in high tiered income brackets should expect to pay between $400 and $500 a month in premiums.
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