What is the Health Insurance Marketplace?

The Health Insurance Marketplace is an online system run by each state that lets people compare options and shop to find an affordable health insurance plan that works for them.

Through the online Health Insurance Marketplace, you can look to see what options are available if you want to purchase insurance. With the Health Insurance Marketplace, you can compare plans and their costs in terms of premiums, deductibles, and how much you can expect to pay out-of-pocket. You’ll also be able to find out if you qualify for any form of public health insurance. Depending on your income level, you might qualify for Medicaid. Any dependent children in your household might qualify for the Children’s Health Insurance Program (CHIP). If you are over the age of 65, you can find out about your Medicare options.

By shopping the Health Insurance Marketplace, you’ll also find out if you qualify for two kinds of savings:

  • Advanced premium tax credits, which bring down your monthly health insurance premiums.
  • Cost sharing reductions, which lower your out of pocket costs, like deductibles and copays. If you qualify for a cost sharing reduction, you can only use it if you enroll in a Silver plan.

Nearly 9 out of 10 people who enroll in a Marketplace plan qualify for at least one kind of savings. New data shows that in 2020, at least one third of people can find a plan for less than $10/month.

After you’ve done your research and compared plans, you can enroll in your new health insurance plan online through the Health Insurance Marketplace.

Take Charge of Your Savings
Earn rewards for creating a brighter future
Sign up to save more

Recommended Articles

Program Spotlight – Medicare & Medicaid

One of the most significant costs Americans face is the cost of healthcare. US healthcare spending was estimated to reach $14.5 trillion in 2022, roughly $13,500 per person. Healthcare spending can put a burden on already tight budgets. While having insurance can help ease this burden, for some living on lower incomes, coverage isn’t affordable. … Read more

How to Get the Most Out of Your Health Savings Account

Looking to save and invest your money over time? One resource that you can take advantage of is in a very unlikely place: your health care. Introduced in 2003, health savings accounts, or HSAs, can help you reduce healthcare costs and increase your long-term savings. Learn more about HSAs, and how you can get the… Read more

Program Spotlight: WIC & CHIP

SaverLife member Tiffany often feels like she has to make tradeoffs between providing her family with nutritious food and reliable healthcare and ensuring that her other bills are paid on time. “Just eating healthier is so expensive,” she explains. To make sure that her family has access to nutritious food and quality care, Tiffany takes… Read more