As part of the Affordable Care Act, the Health Insurance Marketplace reopened in November 2015, when open enrollment for 2016 health care coverage began. An online marketplace is website where you can explore, compare, and buy different plans.

 

In addition to finding health coverage, you can use the Marketplace to determine if you are eligible for a federal subsidy, cost sharing reductions, which reduces your out-of-pocket expenses, tax credits, which lower your premium.

These subsidies can make a momentous differentiation in the kind of coverage you can pay for. During open enrollment you can set up an account and complete an application online in your state's marketplace to view and find out the health coverage options available to you.

 

On January 28, 2021, President Biden signed an executive order and extended in March to implement the special enrollment period, reopening the federal insurance marketplace from February 15 to August 15, 2021.

 

All the insurance plans are classified as bronze, silver, gold, and platinum, depending on how you and the plan share healthcare costs.

The amount you pay for coverage each month when you buy health insurance is called the premium. You pay for this regardless of whether you go to the doctor, hospital, or buy prescription drugs or not.

 

When you seek medical care, your costs beyond the premium are based on your plan deductible, copayments, coinsurance, and out-of-pocket costs. It is important to understand what these terms mean to compare health plans and make informed decisions.

Deductible: It the amount you must pay for covered services before insurance payment begins. For example, if you have a deduction of 100 dollars, you will pay all the health care costs until the amount you paid reaches the deductible. When you meet your deduction, some services may cover the entire cost, while others will require you to pay for coinsurance.

 

Copayment: This is a fixed dollar amount that you pay for certain health services. Generally, you will have different payments for different types of services, such as 50 dollar copay for a doctor's office visit or 500 dollar for an emergency room visit.

Coinsurance: Your share of the cost of the health care service is called coinsurance. Generally, this is defined as a fixed percentage of the total charge for a service, for example 15 percent. Coinsurance begins when you reach your deductible.

 

Out of pocket maximum: This is the max you pay over the term of the policy before your plan starts paying 100 percent of the amount. Depending on your plan, your deductible, copayments and coinsurance may be applied to out of pocket maximum. Different plans have different out-of-pocket maximum.

So, these are some of the terms that you need to understand when looking at Biden health insurance plan on Biden-care. The website has widespread network of health insurance providers throughout the country.

 

This network has created an online marketplace with a number of options and offers. It does not matter if you are looking for a bronze, silver, gold or a platinum plan, you can easily find what you are looking for.

 

All you have to do is enter your zip and answer basic questions related to coverage needs and affordability, and medical history/ prescription details. After this, you can compare and choose from a large list of suggestions.