The health insurance law means you can now get affordable health coverage through the health insurance marketplace, also called an exchange. The deadline to sign up was February 15, 2015, but for people receiving tax penalties for 2014, the deadline has been extended to April 30, 2015. Here are some common questions and answers about the marketplace:
An insurance plan through your job will usually cost less than buying your own through the marketplace. You can still shop the marketplace, but you may pay more for plans there. If you are considering a new health plan, make sure it includes your Vanderbilt doctors.
The marketplace gives you access to insurance plans from private companies as well as programs from the federal government. The insurance plans on the marketplace must cover core health benefits such as hospital stays, maternity and newborn care, prescription drug coverage, and mental health and substance abuse services. Some preventive services are offered at no cost as well.
To use the marketplace, you fill out an application with details about your household and income. You can then see if you qualify for Medicaid, low-cost coverage or financial help from the government to pay for health insurance. Health insurance exchanges also let you see and compare insurance plans from private companies.
No plans on the exchanges can turn you down or charge you more because you have an illness or medical condition. This is sometimes called a "pre-existing condition."
Yes. All health insurance plans have copays and out-of-pocket costs. You can compare plans to see what your costs would be for monthly premiums as well as copays and out-of-pocket costs.
Health insurance plans in the marketplace each have their own provider lists. Check the list for the plan you want or contact your provider before you choose a plan.
If you'd like to keep the doctors you know and trust at Vanderbilt, you can pick any of these plans on the marketplace:
The law requires everyone to have some form of health insurance. If you don't, you may be penalized.