Saint Joseph’s College is providing this notice to help you understand your health insurance coverage options that are available through the Health Insurance Marketplace. This notice does not require action.
What is the Health Insurance Marketplace?
This marketplace is referred to as a Health Insurance Marketplace, or an Exchange. You are not required to purchase insurance coverage through the Marketplace.
The Marketplace is designed to help you find health insurance that meets your needs and fits your budget. The Marketplace offers “one–stop shopping” to find and compare private health insurance options. You may also be eligible for a new kind of tax credit that lowers your monthly premium right away. Open enrollment for health insurance coverage through the Marketplace runs from November 1 to December 15 each year for coverage starting as early as January 1 of the following year.
Can I Save Money on my Health Insurance Premiums in the Marketplace?
You may qualify to save money and lower your monthly premium, but only if your employer does not offer coverage, or offers coverage that doesn’t meet certain standards. The savings on your premium that you’re eligible for depends on your household income.
If you purchase coverage through a Marketplace, you may be eligible for a federal subsidy that lowers your monthly premiums or reduces your cost sharing. However, to receive these federal savings, you cannot be eligible for health plan coverage through a company plan that is affordable and provides “minimum value.” The coverage through Saint Joseph’s College meets this minimum value standard.
The availability of coverage through the Marketplace does not affect your eligibility for coverage through the Saint Joseph’s College health plan. Please contact me at (207)893-7756 or email@example.com for additional information on our health plan’s coverage.