What Are Health Insurance Exchanges?
When the government enacted a law requiring all citizens to hold valid health insurance, the state of California created a new market where different carriers could try to win over those purchasing policies. When you apply for Covered California, you’re able to access this market—which just happens to be the first state marketplace created following the passing of the law in 2013.
To purchase subsidized health insurance, buyers must utilize the health insurance exchange to compare and contrast different providers. The marketplace is home to a variety of actions; buyers can enroll in a new plan, switch their current plan, enroll in Medicaid and access forms for cost assistance. While providers’ plans aren’t all the same, there are certain benefit levels they must maintain according to the government. The exchange marketplace can also be used to apply for tax credits, making health insurance exchanges and the Affordable Care Act in California beneficial to certain members of the community.
There is an open enrollment period each year, which is the only time most are able to apply for or change their insurance plan. It typically lasts for a few months and those who don’t enroll during this period will face fees on their taxes for not having the required insurance.
How do I know which carrier to choose in the marketplace after I apply for Covered California?
When it comes to health insurance exchanges and the Affordable Care Act in California, few are thoroughly knowledgeable on which carriers to choose and why. With over 15 years of experience in the insurance industry and exceptional understanding of the new health exchange market, California Exchange Plans is the ideal source for you to get answers to your questions and to learn about the marketplace. To get started, give us a call at 714-960-4700 or contact us using our online form.