Cigna Health Insurance

Knowing what the health insurance marketplace is will help you find the right medical coverage that suits your medical care needs and budget.

What Things You Should Know About the Marketplace? 

It is an online shopping center where you can find various health insurance options such as Cigna health insurance. You can apply for coverage straight from the healthcare.gov. If you wish to know your eligibility for savings, then the Marketplace is the best place to go. On the other hand, if you have a health plan but you want to change it, you can do so from there.

Although the Health Insurance Marketplace houses health insurance options, it is different from your employer’s private exchange. This private exchange is provided by your employer or company where you are working. You will find different healthcare plans in such an exchange. But this marketplace is not a state or federal marketplace.

People visit the Marketplace because they wish to find health care protection that will suit their budget and satisfy their health care needs.

If you wish to obtain a Cigna policy, you can view, compare and apply for one of Cigna’s individual health plans through its website. Cigna’s official website will also help you determine whether or not you qualify for federal financial assistance. If you are qualified for it, you should apply for the assistance when you obtain a Cigna plan.

Can You Shop on the Marketplace? 

A Marketplace is an ideal place for you to find health insurance not just for yourself but also for your family. It has different individuals and family plans that you can choose from. However, when you purchase one, you will have to pay the full price. Your employer will not share the cost.

On the other hand, if you are unemployed or self-employed, you can still shop here. What if you are working and your employer offers health protection. You can still shop for coverage here. It may be the best place for you to find a supplement plan. However, you will pay the full price.

Who are Not Allowed to Shop at the Marketplace? 

Any person can visit the Marketplace. However, you can only purchase a health plan if you are a US citizen. If not, you must be residing in the United States for at least 6 years.

Are you qualified for Medicare? If you are, then you cannot shop for health coverage here. Furthermore, individuals who are in jail are not allowed to buy coverage from the Marketplace.

When to Look for a Plan and Buy One from the Marketplace? 

The best time to purchase a health plan is during the Open Enrollment Period. If you were not able to buy a plan during this period, you may have to wait for the next Open Enrollment period next year or you can try the Special Enrollment Period.

For next year’s health plans, the Open Enrollment Period will begin on November 1, 2019, and will end on December 15, 2019. But some states have extended enrollment periods. Some of them begin in October 2019 while others will end in January 2020.

What to do When You Missed the Enrollment Period? 

You have several options if you missed the Open Enrollment Period. One option is to wait for 2020’s Open Enrollment dates. The second is to find out if you have a qualifying event. If you have, then you can apply through the Special Enrollment Period. The third option is to obtain short-term health insurance.

What Will Make You Qualify for Special Enrollment Period? 

To be eligible for the special enrollment, you need a major change in your life. Are you getting married? Are you having a baby or adopting a child? These are just some of the qualifying events that may help you eligible for special enrollment.

Losing health coverage is a qualifying life event. It could be because you have lost your job, thereby, losing your employer-based protection. You might have lost your eligibility for Medicare or coverage via your parent’s policy.

Getting divorced or married is another life-changing event. If you are adopting or having a child may also qualify you for special enrollment. Moving to a new state or zip code will also make you eligible for it.

If you became a US citizen or left jail or prison, then you can get health coverage outside the Open Enrollment Period through the Special Enrollment.

What Health Plans Can You Find on the Marketplace? 

There are four metal levels that you can purchase on the Marketplace. Bronze and silver are the low-priced plans while gold and platinum are the high-priced policies. Each level will have an option on how to pay your healthcare bill.

Regardless of what health plan you have, you will need to handle a portion of your healthcare bill. It means that you need to pay its monthly premium, copay, deductible, and coinsurance. The total amount will vary depending on your policy. The higher the premium, the lower the out-of-pocket expenses will be.

When you look for a health plan, make sure that you have evaluated your health status and other factors of your life. For example, if you have a certain medical condition and you require a frequent visit to your doctor’s office or a hospital, then you should opt for a higher premium plan. But if you have excellent health, you may choose a lower-priced plan with a lower premium but high out-of-pocket expenses.

How to Obtain a Federal Financial Assistance? 

To obtain federal financial assistance, you will need to qualify for it. One of the qualifications is the annual household income. You must also evaluate the number of people living in your house. There is a certain poverty level that you must meet to qualify for federal financial assistance. If you are qualified for it, the assistance can help you pay your overall health plan cost. It can significantly lower the overall cost of the premium or out-of-pocket expenses. Head over to the Marketplace to find out your eligibility for federal financial assistance.