How the Marketplace works

9:07 AM, Oct 1, 2013   |    comments
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Every Michigan resident can choose from at least 31 health insurance plans.

GRAND RAPIDS (WZZM) The Marketplace for Obamacare officially opened at midnight.

It's the place the uninsured go to sign up for what the Obama administration describes as 'affordable' healthcare.

Michigan currently has 14 health insurance companies offering plans in the marketplace.

The marketplace is designed to make insurance companies compete for your healthcare dollars. It's a way to make sure you are getting the best healthcare for your dollar.

Most insurance companies are offering both individual and small group plans. And the good news is that most Americans will qualify for tax credits to help pay for health insurance. There are also different types of plans available for purchase. The Bronze level pays for 60% of expected health care costs, the Silver Level covers 70%, the gold level covers 80%, and the platinum level covers 90%. The higher the coverage the more expensive your monthly premium will be.

If you're just looking for catastrophic insurance that's also offered by several of the plans. Tuesday is the day you will actually be able to shop for your insurance. And that's when you'll find out just how much health insurance will cost you. Consumers will be able to compare prices of each of the 14 company plans.

The Marketplace opens October 1, but you have until March 31 to sign up.









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