The Health Insurance Marketplace®, also just called the Marketplace, allows people who do not have health insurance to enroll. Although health insurance exchanges have existed for several decades, the Affordable Care Act (ACA) enacted by the Obama Administration in 2010 increased accessibility to exchange coverage.
Do you need to enroll in Marketplace coverage?
If you have any part of Medicare, you cannot be sold a Marketplace plan. If you are looking for coverage in addition to Original Medicare, you may enroll in a Medicare Supplement Plan. Alternatively, you can choose to enroll in a Medicare Advantage Plan, which may offer some extra benefits.
Are you enrolled in a Marketplace plan, but will soon become eligible for Medicare?
You can drop your Marketplace coverage and enroll in Medicare during your Initial Election Period (IEP), which starts 3 months before your 65th birthday (or 25th month of Social Security disability).
You typically cannot stay in Marketplace coverage when you become eligible for Medicare. If you stay in Marketplace coverage, you will not be eligible for help from the Marketplace with your premiums or other medical costs. If you decide to enroll in Medicare later, you may have to wait until the next General Enrollment Period (GEP) to sign up and you may be subject to a late-enrollment penalty.
By: Steven Thomas Smith
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