Health Insurance Marketplace Eligibility: Everything Millennials Need to Know

Do you need health insurance but don’t know where to start with the health insurance marketplace?

Are you trying to figure out your health insurance marketplace eligibility requirements but need a little help?

Have you tried looking for more information about the health insurance marketplace eligibility requirements but haven’t found what you’re looking for?

Understanding health insurance is challenging enough, but you don’t need the added stress of trying to figure out if you’re eligible for it or not.

Keep reading to find out what the health insurance marketplace eligibility requirements are, the income limits for the marketplace, plus tips on how to choose a health insurance plan.

Health Insurance Marketplace eligibility
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Health Insurance Marketplace Eligibility Overview

The health insurance marketplace was put together to give Americans affordable healthcare options. Whether you’re newly unemployed or work as a freelancer, the health insurance marketplace has choices for you.

Depending on your situation, you’ll need to apply for health insurance through the marketplace by the end of the enrollment deadline:

  • Open enrollment period: Anyone that wants health insurance through the marketplace can apply for coverage from November 1, 2020, to December 15, 2020.
  • Special enrollment period: If you have a qualifying change in your health insurance situation, you can apply for coverage during a special enrollment period.

If you apply for coverage during the open enrollment period, your insurance coverage should begin by January 1, 2021. Whenever you apply for coverage during a special enrollment period, your insurance will typically begin at the start of the next month.

Health Insurance Marketplace Eligibility Income Limits

The health insurance marketplace eligibility requirements for income limits vary, depending on your family size.

1. Income Limits for Individuals

When you apply for health insurance coverage through the marketplace, you’ll have to provide some basic information about your income and employment situation. Income limits determine whether or not you qualify for Medicaid or other assistance with your premiums.

Individuals who want to apply for coverage through the health insurance marketplace do not need to meet a certain income amount to receive coverage. However, to qualify for Medicaid, you’ll needed to earn $17,236 in 2019 or less per year as a single person. Due to Covid-19, we recommend contacting your insurance provider for this year’s Medicaid or CHIP enrollment details because they have changed frequently in each state.

2. Income Limits for a Family of Three

One way the health insurance marketplace eligibility requirements work is that your assistance is based on your income and household size. A family of three will have higher income limits than a single person trying to apply for health insurance coverage.

A family of three that is applying for coverage through the health insurance marketplace will need to make less than $29,435 per year to qualify for Medicaid coverage. Higher income levels will still be able to purchase insurance through the health insurance marketplace.

3. Income Limits for Premium Tax Credits

To help offset the financial burden of paying monthly health insurance premiums, the Affordable Care Act provides premium tax credits to qualifying families. These tax credits help pay for the cost of your health insurance each month.

An individual who makes between $12,760 and $31,900 per year may qualify for premium tax credits through the marketplace, whereas a family of three may qualify if they make between $21,720 and $54,300 per year.

Even if you exceed the income limits for premium tax credits, you’ll still be eligible to apply for coverage through the health insurance marketplace. You just won’t get a tax credit for your premiums.

How to Choose a Health Insurance Marketplace Plan for Millennials

There’s more to choosing the right health insurance than just meeting a few income requirements and filling out an application. You need to spend some time picking the right plan for your healthcare needs.

But choosing the right health insurance plan can be trickier than it seems. There’s a lot of lingo and jargon that doesn’t make sense and getting a clear picture of your healthcare costs can be a challenge.

Use these three tips to narrow down your health insurance choices:

  • Healthcare costs: Once you’ve applied for coverage and have your insurance options available, you can use the tool in the marketplace to figure out how much your healthcare is expected to cost for the next year. This is a critical tool in finding out whether you need a more comprehensive health insurance plan or not.
  • Comparison shop: You don’t want to choose the first insurance option you see, nor do you necessarily want the least expensive insurance option available. You want to compare things, like how much your deductible is, what your copays and coinsurance requirements are, and what your out-of-pocket maximum costs are.
  • Carefully read: Taking the time to understand your health insurance policy will go a long way in making sure you’ve got the plan you need. Make sure you’ve covered all of the financial aspects of the policy, plus what type of exclusions your health insurance plan may have. You’ll want to know what doctors and hospitals are covered, too.

Thankfully, the health insurance marketplace has a tool that can compare plans for you, which helps make choosing insurance much simpler.

How an Insurance Agent Can Help You with Your Health Insurance Marketplace Eligibility Requirements

It doesn’t matter if you are new to the health insurance marketplace or not, you’ll be able to apply for coverage and get health insurance options quickly. But it can still take a lot of time to figure out exactly which plan is best for you.

An insurance agent or broker that works with health insurance marketplace plans can help you figure out the best health insurance policy for your needs. They’ll be able to compare plans and help you determine your healthcare costs, plus make sure your coverage starts when you need it.

Need help figuring out if you qualify for the health insurance marketplace? Contact Fiorella Insurance Agency today to get your application for health insurance started.

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