During the recent enrollment period, 418,000 Michigan residents purchased health insurance on HealthCare.gov, an increase of nearly 30% from the prior year. The Health Insurance Marketplace was created under the Federal Affordable Care Act. It is a federally operated insurance marketplace where individuals and families can compare and purchase health plans.
Key Points:
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- This constitutes the highest enrollment number of Michigan residents in history.
- Contributing to the record enrollment was federal legislation that extended savings to millions of consumers.
- Before a health insurer can participate in the marketplace, their qualified health plan and rates must be certified by the Michigan Department of Insurance and Financial Services and the federal government.
There are five levels of Qualified Health Plans available on the marketplace:
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- Platinum Level – These plans must cover 90 percent of expected health care costs and you are financially responsible for the remaining 10 percent.
- Gold Level – These plans must cover 80 percent of expected health care costs and you are financially responsible for the remaining 20 percent.
- Silver Level – These plans must cover 70 percent of expected health care costs and you are financially responsible for the remaining 30 percent.
- Bronze Level – These plans must cover 60 percent of expected health care costs and you are financially responsible for the remaining 40 percent.
- Expanded Bronze Level – These plans must cover between 56% and 62% of expected health care costs.
