what is the aca health insurance marketplace 
the health insurance marketplace is a platform that offers insurance plans to individuals families and small businesses the affordable care act aca established the marketplace as a means to extend health insurance coverage to millions of uninsured americans many states offer their own marketplaces while the federal government manages an exchange open to residents of other states understanding the aca health insurance marketplacethe health insurance marketplace is a key element of the affordable care act a healthcare reform signed into law by president barack obama in 2010 also known as obamacare 1 the law instructed states to set up their own exchanges where individuals or families without employer sponsored coverage could compare plans many states however have chosen not to establish a marketplace and have joined the federal exchange the marketplace facilitates competition among private insurers in a central location where people who do not have access to employer sponsored insurance can find a suitable plan individuals can compare and apply for plans via the marketplace during the open enrollment period typically this period takes place in november and december of the year prior to the year in which the coverage will take effect consumers can apply for a special enrollment period in the case of a qualifying event such as the birth of a child marriage or the loss of another insurance plan the marketplace categorizes plans into four tiers bronze silver gold and platinum in the order of least to greatest coverage the highest tier platinum includes plans that cover approximately 90 of health expenses but is also the most costly 2lower income individuals and families can qualify for extra savings on all the health insurance plans offered on the exchange through premium tax credits and cost sharing reductions 3aca health insurance marketplace requirementsthe health insurance marketplace has requirements for individuals and families who use it as well as for the insurance companies that offer coverage to be eligible to buy coverage offered on the marketplace you must live in the united states and be a u s citizen or national if you are covered by medicare you re not eligible 4while the plans that insurers offer on the marketplace can vary widely the aca requires that they must each satisfy 10 basic requirements or essential health benefits ehbs 5required benefits include the aca does not require large employer sponsored insurance plans to cover any of the ehbs instead the writers of the law felt that the marketplace would apply competitive pressure that would force employer plans to comply with these basic mandates special considerationschanges have been made to the aca that have addressed some of the objections raised by its opponents while still keeping the marketplace open for example as part of the tax cuts and jobs act in dec 2017 congress removed a penalty individuals had to pay for not having health insurance a requirement that many republicans had opposed president biden who had helped president obama pass the affordable care act enacted more changes eight days after he took office he signed an executive order focused on strengthening the aca as well as medicaid then on aug 16 2022 biden signed the inflation reduction act of 2022 to extend aca insurance premium subsidies to include more middle class families for three years through 2025 