Essential Benefits of Health Care Marketplace

Health Care Marketplace

To discuss the essential benefits of the health care marketplace, we must first be aware of what is healthcare marketplace. Health Care Marketplace or Health insurance markets, often known as health exchanges, are institutions in each state in the United States where individuals may buy health insurance. 

At the Patient Protection and Affordable Care Act’s (ACA’s) health exchanges, where they can select from a variety of government-regulated and standardized health care plans provided by the insurers participating in the exchange, people can purchase health insurance that complies with the ACA, also known as Obamacare.

By January 1, 2014, ACA health marketplaces had been federally approved and were fully running. From October 1 to December 31, 2013, anyone could enroll in the markets. Through the health insurance markets, 8.02 million people had registered as of April 19, 2014. 4.8 more million people signed up for Medicaid.

New private insurance policies must provide a core set of services known as essential health benefits. The requirement that all individual and small group Health Care Marketplace plans – for people who don’t have traditional job-based coverage – offer critical health services like maternity, preventative, mental health, and pediatric dental care is a popular feature of the Affordable Care Act.

The mandate that basic health Care Marketplace benefits be covered without yearly dollar restrictions under the Affordable Care Act offers individuals more health benefits while reducing their financial burden.

The Affordable Care Act (ACA) is a major health-reform bill passed in 2010. The law’s primary objectives are as follows:

  • Make more people eligible for affordable health insurance.
  • Medicaid should be expanded.
  • Encourage cost-cutting innovations in medical care delivery.

For residents of 33 states, Affordable Care Act health plans are available on a national Health Care Marketplace. There are ACA markets for residents of 17 states and the District of Columbia.

Top 10 Health Benefits Of The Health Care Marketplace

  • Ambulatory patient services are outpatient services provided without the need for hospitalization.
  • Services for emergencies
  • Services for laboratories
  • Hospitalization includes procedures such as surgery and overnight stays.
  • Services for prevention and wellness, as well as care of chronic diseases
  • Care for pregnant women and newborns
  • Services and equipment for rehabilitation and rehabilitation
  • Services for mental health and drug abuse disorders, including behavioral health care, counseling, and psychotherapy
  • Prescription medications

What Preventative Health Care Is The ACA Required To Provide? 

Preventive care is one area of vital health benefits that practically everyone receives. Preventive health treatments, such as immunizations and screenings, are offered at no cost under the ACA.

Preventative Care Advantages For Children

  • Visual examination
  • Depression screening begins frequently from the age of twelve.
  • Autism screening for children between the ages of 18 months and two years
  • Lead testing for children at risk
  • Screening for obesity and counseling
  • Visits for well-baby and well-child
  • Varnish with fluoride

Adults Can Benefit From Different Types Of Preventive Care:

  • Lung cancer screening for persons aged 50 to 80 who are at high risk due to heavy smoking or quitting within the last 15 years.
  • One-time screening for abdominal aortic aneurysm for men of particular ages who have ever smoked
  • Statins are used to prevent heart attacks and strokes in adults aged 40 to 75.
  • Adults aged 45 to 75 are eligible for colorectal cancer screening.

Preventive Care Advantages For Women:

  • Bone density screening for women 65 and older, or 64 and younger who have had menopause
  • Birth control, including contraception, sterilization & patient education – excludes health plans funded by exempt religious employers.
  • Folic acid supplementation for potential pregnant women
  • Maternal depression screening during well-baby visits
  • Visits to the well-woman
  • Breast cancer genetic test counseling for women who are at a higher risk due to a family history of the disease
  • Mammography screenings for breast cancer

How Much Do You Pay For Critical Health Benefits Out Of Pocket?

A monthly premium is required for an ACA health insurance plan, and out-of-pocket costs may be higher when you receive care. According to the Centers for Medicare and Medicaid Services, four out of five consumers will be able to select a plan for $10 or less per month. 

If you are eligible for a premium tax credit, also known as a premium subsidy, this financial assistance will lower your monthly bill. Some persons may pay no charge.

Read More: What Is Affordable Healthcare Act & What Does It Mean For You?

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