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Marketplace Insurance, commonly referred to as the “health insurance marketplace,” or “exchange,” is a key component of the Affordable Care Act (ACA).

From plans designed for individuals to those catered to families, the health insurance marketplace, which is available in every state, provides essential health benefits, ranging from preventive care to maternity and newborn care.

If you’re self-employed, unemployed, or don’t receive coverage through your employer, marketplace insurance may be the solution for you. 

The marketplace simplifies your search for health coverage by gathering all plans available in your state in one place. You can compare plans based on price, benefits, and other important features before making a decision. Plans in the marketplace are presented in four categories – Bronze, Silver, Gold, and Platinum – to make comparing them easier.

Major Medical Insurance refers to a comprehensive health care plan that covers a wide range of health services, from preventative care and outpatient services to hospitalization and surgical procedures. The coverage provided by Major Medical Insurance is designed to protect individuals without access to employer-provided group health insurance from the financial risks associated with severe illnesses or injuries requiring extensive medical treatment.

Anyone without employer-provided group healthcare has two options when it comes to obtaining health insurance on their own. Private/Self-Pay options and Marketplace Insurance – commonly referred to as Obamacare. As far as which plan is right for you, there are a few things one must consider.

On one hand, Private Pay options offer the benefit of choice, speed, and flexibility. They can often provide quicker access to specialists and treatments without the need for referrals, which may be particularly attractive to individuals with specific health concerns or who value convenience and control over their healthcare decisions.

However, these plans may not cover individuals with pre-existing conditions, and some are not obligated to meet the comprehensive coverage standards of Major Medical Insurance.

On the other hand, Marketplace Insurance is regulated by the government to ensure comprehensive coverage, including for pre-existing conditions. These plans must meet the Minimum Essential Coverage (MEC) requirements, which cover an extensive list of health services. However, they may come with longer wait times for certain procedures and restrictions on healthcare providers.

Your choice between Private Pay and Marketplace Insurance will depend on your individual healthcare needs, budget, and personal preferences. Remember, the goal is to find a plan that offers you the best possible coverage for your specific circumstances, while also fitting into your financial plans.

Life is full of uncertainties, and while we strive to keep ourselves and our families healthy and safe, some events are simply beyond our control. Sometimes traditional health insurance isn’t enough to fend off the financial strain that can be caused by a critical health condition, hospitalization, or accident. Hospitalization, accident, and critical illness insurance policies offer a solid plan of action when life takes an unexpected turn. Let's explore these policies and understand how they can work to safeguard you and your family.

Understanding critical illness insurance

Critical illness insurance offers coverage for a range of severe health conditions like cancer, heart attack, stroke, and more. The specifics vary from policy to policy, but the main idea is to provide a lump sum cash benefit upon diagnosis of a covered illness. This cash benefit is tax-free and you’re free to spend it however you wish – be it on medical bills, everyday living expenses, or even a much-needed vacation for recovery.

Critical illness and accident insurance policies work in a very simple way. If you purchase the policy, you have protection that will pay out a benefit if you are diagnosed with an eligible condition or injured in a qualifying accident. If your plan has a $30,000 maximum lifetime benefit, you will begin collecting that amount once you are diagnosed or injured. As you are rehabilitated, you can spend this money to pay your health and living expenses. You may also have access to an emergency fund that can be used to cover other financial obligations during the recovery process.

Accident insurance explained

Accident insurance, as the name suggests, provides financial support if you have an accident resulting in injuries. It covers a wide array of incidents, from minor fractures and dislocations to major accidents that can change the course of life. This policy pays out a cash benefit directly to you, irrespective of any other insurance you might have, helping cover unexpected costs like co-pays, deductibles, or even living expenses if you’re unable to work.

The Cash Benefit: An Extra Safety Net

Both critical illness and accident insurance provide a cash benefit to you upon a qualifying event. This benefit is additional to the coverage you receive from your regular health insurance. It allows you to focus on recovery rather than worry about how you’ll manage financially. The value of the cash benefit varies depending on your policy, but it’s designed to make a meaningful impact on your financial stability during challenging times.

The Cost Of Critical Illness and Accident Insurance is affordable and worthwhile

The cost of critical illness, accident, and hospitalization insurance policies can vary depending on factors like your age, health, and the level of coverage you choose. However, considering the potential high cost of medical care, the peace of mind these policies provide often far outweighs the premium you’ll pay. Remember, these policies are designed to complement, not replace, your regular health insurance.

Depending on where you live, a critical illness insurance policy can be quite affordable. In some places, a plan with a $20,000 benefit could cost as little as $20 a month. For larger benefit amounts, you will need to pay more.

For more information about plan prices in your area, contact insurance agent Planman Insurance to receive a free quote. Call us today at 1-844-Planman