If you don’t have health care coverage, there are four ways you can apply through the Marketplace - online, over the phone, in-person or by mail. The majority of Americans have employee-sponsored health insurance plans or Medicaid, but if you currently do not have any health insurance, the Marketplace is the place to shop.
You should have certain documentation on hand for yourself, as well as anyone in your household that you plan on claiming on your tax return. Here is a list of important information you may need for the application: (You can find more about the Marketplace Application Checklist here)
- Information about your household size
- Home address or mailing address
- Social Security Numbers
- Document information for legal immigrants
- W-2 forms for every member in your household
Here are a few glossary terms for you to know:
Premiums: How much you pay the insurance company either every month, quarterly or yearly. Typically, the higher your premiums, the lower your out-of-pocket costs.
Out-of-Pocket Costs: These are expenses for medical care that are not reimbursed by your health insurance company and include copays, coinsurance, and deductibles. Typically, higher out-of-pocket costs generate lower premiums.
Health Plan Categories: The plan that you choose will affect how much will be spent on essential health benefits. The four categories are: Bronze, Silver, Gold or Platinum. There is also catastrophic coverage which is offered to people who qualify for a hardship exemption.
In-Network: When you use a physician that is within your network, the costs are usually less than out-of-network. When searching for a physician, make sure they are within your network.
Hopefully, this information has helped you become more familiar with the health insurance process and the Marketplace. Using the Marketplace application to enroll in health insurance coverage will give you a comparison of the plans that are available. Also, be sure to check out healthcare.gov. Just by entering your zip code, you can find out if you qualify.
To find a Liberty Tax ACA Advisor at your local Liberty Tax office, call 800-673-8600 or visit www.healthcaretaxinfo.com.