ACA Marketplace Basics
As we identified in the intro, one of the ways that the ACA increases accessibility to insurance plans is through marketplaces that enable individuals to compare and buy insurance.
However, the marketplace isn’t just an enrollment method or platform. In fact, the marketplace was designed to fill six different roles.
In addition to enrollment, marketplaces help clients and brokers with assessing eligibility for a plan, eligibility for Medicaid or CHIP, and eligibility for either of the ACA subsidies we discussed earlier.
Depending on the states you’re selling in, you may run into one of three different marketplaces: federal, partner, or state.
The Federally-Facilitated Marketplace uses HealthCare.gov as the enrollment platform and the Department of Health and Human Services performs all marketplace functions.
The partner marketplace, more officially known as State-based Marketplace-Federal Platform, is considered a state-based marketplace, and performs all marketplace functions other than eligibility and enrollment. These marketplaces still use HealthCare.gov for their enrollment.
The last marketplace to discuss is the full state-based marketplace. These marketplaces have their state handle all functions of the marketplace, and each state has set up separate state websites for enrollment.
To review the marketplace option in your state, check out the resources for this module.
In addition to HealthCare.gov and state websites, ACA enrollments can be done on approved third-party sites as well. Some of these sites will enable you to quote, and then redirect your client to the federal or state marketplace for enrollment. Others enable you and your clients to go through the full enrollment process on a third-party site.
If you’d like to review the sites we partner with here at Ritter, you can do so in the resources of this module!