What Is Health Insurance Marketplace, And List Of Insurance Marketplaces For Each State In USA
Being insured in the United States is one of the most important things. It will be beneficial in a medical emergency and give you a feeling of protection and being covered. If you are not insured yet and are thinking about it, this article is perfect for you. This article will explain what a health insurance marketplace or exchange is. Later on, it will also briefly discuss each states’ individual health insurance marketplace.
A health insurance marketplace, also known as an insurance exchange, is a platform where people may shop for health insurance. These marketplaces are organizations in each state that allow consumers to compare and purchase insurance policies from them. They will assist you in choosing health insurance that is both affordable and matches your needs.
Private medical insurance carriers publish their health plans with the exchange. Customers compare shops from among the various health plan listings on the exchange.
Understanding Health Insurance Marketplace
The Health Insurance Marketplace is a crucial component of the Affordable Care Act, commonly known as Obamacare, signed into law by President Barack Obama in 2010. The bill directed states to establish exchanges where individuals and families who did not have employer-sponsored insurance could compare policies.
The Marketplace encourages competition among insurance companies in a central area where those without access to employer-sponsored coverage may select a suitable plan. Individuals may also use the Marketplace during the open enrollment period to compare and apply for coverage.
Individuals and families that utilize it and insurance firms that provide coverage must meet certain conditions. You must reside in the United States and be a United States citizen to be eligible to buy coverage via the exchange.
List of Insurance Marketplace in the United States
The Affordable Care Act (ACA) launched its Federal health insurance exchange, or “Federal Marketplace,” in 2014, at www.healthcare.gov. It also permitted states in the United States to establish their State Exchanges or Marketplaces. These are referred to as the Health Care Reform Insurance Exchanges or the Marketplaces.
Following is the list of all the states with a health insurance marketplace. These exchanges are either federally owned or State-owned.
California
The Health Insurance Exchange of California (Covered California) offers a wide range of health insurance. HMO and PPO plans are the two most common options. Both PPO and HMO plans provide you with access to a network of hospitals, physicians, and specialists that provide subsidized medical services.
PPO plans are more adaptable, enabling you to see a primary care physician and any other specialist without requiring a referral. HMO plans let you have a primary care physician, but your general physician must refer you to a specialist if you want specialized treatment.
Colorado
The health insurance exchange in Colorado is called Connect for Health Colorado. Before the ACA, 14% of Coloradans were uninsured. The percentage of Coloradans without health insurance has decreased to 6.5 percent after Connect for Health Colorado.
In addition, those who qualify can get financial aid to help them purchase private health insurance through this Marketplace.
Connecticut
The people of Connecticut can buy coverage through Access Health CT, the state’s official health insurance marketplace.
Connecticut Health Marketplace has lowered the state’s uninsured rate by 45 percent since implementing the Affordable Care Act. Despite efforts to end ACA coverage, enrollment in 2018 was more significant than the previous year.
District of Columbia
The District of Columbia provides its residents with a comprehensive variety of health insurance alternatives through the District’s Health Insurance Exchange (D.C. Health Link).
Residents, including non-US nationals on work or student visas, can purchase health insurance.
Idaho
The Idaho Insurance Exchange (Your Health Idaho) is a marketplace where people and small companies with up to 100 workers can purchase health insurance without having coverage from another provider. They do not need to use the exchange if they have healthcare from another source (work, retirement benefits, or spouse benefits).
To fully participate in the Idaho Insurance Marketplace, providers must enter into individual contracts with each of the plans in the Marketplace.
Kentucky
Kentucky was one of the first states to create a health insurance exchange. Kentuckians can compare private plans in the state’s health care marketplace on the web portal, known as kynect.
The exchange offers income-based incentives to families and individuals seeking insurance. Small companies may also use the exchange to purchase staff health insurance and obtain tax credits.
Maine
At the beginning of 2019, the State of Maine introduced a state-based health insurance marketplace (CoverME). This procedure streamlined shopping for healthcare coverage under the Affordable Care Act.
This groundbreaking step has improved healthcare access in Maine by making it more affordable and insuring tens of thousands of formerly uninsured Mainers.
Maryland
Maryland Health Connection is the state’s health insurance exchange. It helps qualified residents across the state to obtain subsidized ACA insurance.
For its exchange, Maryland Health Connection employs an active purchaser strategy. It means that the exchange works directly with health insurance companies to obtain the most significant rates, coverage, and benefits for its people.
Massachusetts
Massachusetts has the highest number of covered citizens due to many years of pursuing health care reform and taking steps to get more residents covered.
Individuals, families, and small firms in Massachusetts can use the Massachusetts Health Connector to find affordable coverage. It is both a state organization and an exchange for health insurance. Most people who apply via the Health Connector can obtain a policy at a low monthly cost, and some may even earn a $0 monthly premium.
Minnesota
ln Minnesota, health insurance exchange (MNsure) is accessible to Minnesotans and their family members. They do not have employer-based coverage and are not qualified for protection via governmental programs like Medicare, Medicaid, and MinnesotaCare.
Consumer protections needed in these policies include preexisting condition insurance, free preventive care, and insurance for prescription medicines and mental health therapy. MNsure also provides free in-person assistance via a statewide network of trained navigators and brokers.
Nevada
Nevada citizens who qualify for health insurance can obtain it through the state’s official Affordable Care Act (ACA) marketplace (Nevada Health Link).
They are giving additional money to assist pay for the coverage due to the newly enacted American Rescue Plan. Most individuals who now have a Nevada Health Link plan will notice a significantly reduced monthly premium cost.
New Jersey
GetCoveredNJ, New Jersey’s health insurance marketplace, is available for state residents to buy health insurance from.
If you formerly did not qualify for financial assistance based on your income, you may now be eligible. This is because New Jersey and the federal government are providing unprecedented financial aid to cut the cost of health insurance for the vast majority of consumers.
New Mexico
The Health Insurance Exchange, beWellnm, is the state-based health insurance marketplace in New Mexico.
New Mexicans who go through specific life events have a 60-day opportunity to enroll in health insurance. It is referred to as a Special Enrollment Period. Moreover, suppose you are not eligible for Medicaid and have just lost your work. In that case, you may qualify for this particular enrollment period with beWellnm and premium aid to help cover your insurance.
New York
The New York State of Health is the state’s official Marketplace for public and private health insurance for individuals, families, and small companies.
There is also financial assistance available to aid with the cost of coverage. The New York State of Health is mostly for persons who do not have health insurance via their employment or Medicare and people under 65 and small enterprises with 100 or fewer employees.
Pennsylvania
Pennie is Pennsylvania’s official dental and medical coverage exchange, and it is the only place that provides financial aid to help pay for coverage and services.
Regardless of whether they are already covered or not, most Pennsylvanians are eligible to purchase health insurance via Pennie. Some non-US nationals may be entitled as well. Medicaid may also qualify low-income individuals and families for free and low health insurance.
Rhode Island
Healthsource RI is the official Rhode Island health insurance exchange. The initiative to establish a state-based marketplace was critical in assisting the state in improving coverage and affordability. The state provides its funds for advertising and navigators who help people understand and select health insurance.
Under the ACA, there is an annual Open Enrollment Period (OEP) during which Rhode Island residents can purchase or renew health insurance. The dates for Open Enrollment vary from year to year, but they have always begun on November 1st.
Vermont
The Vermont Health Insurance Exchange (Vermont Health Connect) is a marketplace where Vermont residents, families, and small companies may review health insurance policies and choose one that meets their requirements and affordability. All plans are Qualified Health Plans (QHPs) that comply with federal regulations.
The Vermont Health Insurance Exchange provides information about tax credits and government programs. It also assists residents in picking a health plan or utilizing the service by phone or in person.
Washington
Citizens in Washington state who do not have healthcare coverage via their employers can research health plans using the state’s official health insurance exchange, Washington Healthplanfinder. Residents can also use this exchange to apply for Medicaid.
Individual insurance customers have a one-year window to assess and alter their health policies using the Washington Healthplanfinder. Individual insurance policies might vary every year, so it’s critical to check your existing coverage to ensure it still meets all of your expectations and needs.
State-Based Exchanged On Federal Platform
Three of the 33 states that presently utilize HealthCare.gov run what’s known as a state-based exchange on the federal platform, or SBE-FP.
These SBE-FPs might be considered a hybrid model. They utilize HealthCare.gov to determine eligibility and enroll in plans. Still, the state is in charge of other exchange components, such as health plan approval, Navigator financing, and consumer engagement. These states include:-
- Arkansas
- Oregon
- Virginia. REST OF THE UNITED STATES OF AMERICA
The remaining states of the U.S. use the federally run exchange, HealthCare.gov, for reviewing and purchasing health insurance policies. This implies that residents of these states can enroll in health insurance through it. The following States use healthcare.gov for medical insurance:-
Alabama
Alabama has not yet increased Medicaid coverage. You’d have to meet the old requirements to enroll.
Alaska
A major medical individual health insurance plan in Alaska will cost an average of $280 per person.
Arizona
You must be a state resident, a U.S. national, citizen, permanent resident, or legal immigrant, and need health insurance to be eligible for Arizona Medicaid.
Delaware
The exchange in Delaware is a collaboration between the State (Choose Health Delaware) and HHS, with residents enrolling through HealthCare.gov.
Florida
Despite state officials’ resistance to the federal healthcare legislation, Florida has had the most significant number of sign-ups for individual Healthcare plans since 2015.
Georgia
Georgia is the first state to declare its intention to withdraw from the Affordable Care Act’s enrollment site, Healthcare.gov.
Hawaii
Hawaii began using HealthCare.gov in 2015, and the state now has over 20,000 citizens with private, individual market coverage.
Illinois
Although private firms provide all insurance plans, the federal government manages the Illinois Marketplace.
Indiana
Federal Marketplace handles enrollment in Obamacare in Indiana. At the closing stages of open enrollment for 2020 coverage, about 125,000 residents had signed up for coverage.
Iowa
Iowa participates in a federal-state cooperative exchange. Iowa citizens utilize HealthCare.gov, the federal Marketplace, to compare and purchase health insurance coverage.
Kansas
Kansas has many plans that fulfill the government’s standards under the Affordable Care Act.
Louisiana
Individuals and families in Louisiana can obtain ACA health insurance. Individual coverage is available if you are self-employed and have no workers. During the 2021 Open Enrollment Period, about 77,000 individuals joined up (OEP)
Michigan
In 2018, 86 % of Michigan residents who signed up for insurance on the exchange received a discount to cut their premiums. In 2019, 29 % of uninsured Michiganders had access to $0 monthly plans.
Mississippi
Mississippi has not decided to expand Medicaid; however, enacting the original ACA reduced the state’s uninsured rate by 17 percent in 2013. From 2016 to 2019, this figure stood at 12% of the population.
Missouri
In 2018, 88 percent of Missouri’s 208,395 registrants were eligible for premium discounts. In 2019, 26 percent of uninsured persons got a health plan for free.
Montana
Approximately half of Montana’s population has health insurance through Medicaid or Medicare. These are government-funded initiatives. A small number of people also obtain private insurance through the Health Insurance Marketplace.
Nebraska
In 2018, 96 percent of Nebraskans who signed up for health insurance through the exchange were eligible for a tax credit to help pay for their premiums
New Hampshire
In New Hampshire, Ambetter, Harvard Pilgrim, and Matthew Thornton are the three insurers that provide exchange plans for 2022 coverage.
North Carolina
Obamacare mandates everyone who can afford health insurance to keep it. Individuals and families in North Carolina with incomes between 100 percent and 400 percent of the federal poverty line can apply for benefits to help pay for a part of their premiums
North Dakota
North Dakota’s Insurance Commissioner authorized a state-based reinsurance scheme in the autumn of 2019, resulting in a 20% reduction in 2020 premiums on the state’s individual health insurance market.
Ohio
Ohio has a variety of low-cost healthcare insurance choices. Marketplace rates have typically been lower than the national average.
Oklahoma
Oklahoma citizens can buy insurance through the national exchange. Individual health plans are available from six insurers on Oklahoma’s 2021 health insurance Marketplace.
South Carolina
Through 2019, the uninsured rate in South Carolina has decreased in most years. The proportion of uninsured residents has dropped from 15% in 2013 to about 11% in 2019. In 2016, only a little more than 10% of the population was uninsured.
South Dakota
South Dakota residents have several alternatives for enrolling in ACA coverage. Residents can apply through the government Marketplace at healthcare.gov, an insurance provider, or a registered agent.
Tennessee
Six health insurance companies provide individual and family coverage via the federal Marketplace, while not all providers serve all counties in Tennessee. During the 2021 Open Enrollment Period, over 212,000 residents joined up.
Texas
Texas has one of the nation’s highest exchange enrollment rates. The Marketplace is the only area in Texas where citizens may get financial help depending on their household income. In Texas, fourteen insurers provide exchange plans as of 2022.
Utah
Individuals in Utah use the federally operated Marketplace (HealthCare.gov). Five health insurance providers sell policies through the exchange to Utah residents.
West Virginia
Most West Virginians who have private health insurance do so via their employer. Individual coverage through Marketplace plans is available to a small fraction of the population. West Virginia has two insurers that provide exchange plans for 2022 coverage.
Wisconsin
Wisconsin uses the federally administered exchange, which implies residents must enroll in exchange through HealthCare.gov.
Wyoming
Wyoming citizens can purchase an individual insurance policy and may be eligible for premium welfare benefits assistance through the health insurance marketplace under the Affordable Care Act. In 2022, two Wyoming health insurance firms will be offering Affordable Care Act plans.
FINAL THOUGHTS
In the United States, every State and the District of Columbia has its health insurance marketplace. In certain states, it is managed by the state, and in others, it is managed by the federal government. Healthcare.gov, the national Affordable Care Act platform, is the enrollment portal for consumers in 33 states. It may alter when a state builds its exchange or returns to the national market.
Seventeen states and the District of Columbia control their ACA exchanges, complete with their websites. State-based markets provide governments greater flexibility in overseeing client engagement, offering insurance, and having open enrollment schedules that vary from the national platform.
You can discover your state’s exchange at HealthCare.gov, whether your state or the federal government manages it.
FAQs
- What is the health insurance marketplace?
It is a platform that provides healthcare insurance to individual people, families, and small businesses. It is also known as health insurance exchange. - Which health insurance marketplace is for my state?
HealthCare.gov is the nationally administered exchange. As of the 2022 coverage year, it is utilized in thirty-three states. The remaining seventeen states and the District of Columbia operate their exchanges. To learn about your state’s health insurance marketplace, go to healthcare.gov.
