Your health insurance plan can really affect your finances, not to mention your health. When it comes to covered benefits, today’s health plans look very similar.
All qualified major medical plans sold inside and outside of the marketplace are regulated by the Affordable Care Act (ACA) and offer the same basic benefits, rights, and protections. All ACA plans count as minimum essential coverage, and will protect you from the per month fee for not having coverage. The main differences you’ll find in plans are costs and benefits beyond the minimum standards.
The Health Insurance Marketplace, also called the Federally-facilitated Marketplace or Exchange, is the name of the exchange that the federal government established in South Carolina for the individual market. Plans sold through the Marketplace may be eligible for federal subsidies depending on your income. Every plan available through the Federally-facilitated Exchanges must cover 10 categories of coverage, which are called Essential Health Benefits (EHBs).
If your household income is too high for cost assistance you may want to shop outside of the Health Insurance Marketplace.