The Health Insurance Marketplace
The Health Insurance Marketplace, which is a part of the Affordable Care Act, took effect on January 1, 2014. The law ensures that Americans have affordable medical insurance whether they receive it from an employer, a private insurance company or the government. All Americans under 65 years old are eligible.
People who are not covered by medical insurance may have to pay a tax penalty. If you are enrolled in Vanderbilt's health care plan, you are compliant with this requirement.
What this means for you as a Vanderbilt employee
If you are covered by the Vanderbilt Health Plan1and under 65 years old:
- You are not eligible for Marketplace subsidies that help reduce the health plan costs based on income. You would likely pay more for Marketplace health plans than you pay for the Vanderbilt Health Plan.
If you are not covered by the Vanderbilt Health Plan2 and are under 65 years old:
- You may be eligible for subsidies in the Marketplace and may pay a lower insurance premium compared to private insurance companies.
If you are over 65:
- You qualify for Medicare instead. Visit http://www.cms.gov/ for more information.
The Health Insurance Marketplace Coverage Options notice provides basic information about the new Health Insurance Marketplace. It also explains how Vanderbilt's health care plan affects your eligibility for premium savings through the Marketplace.
What to do if you wish to enroll in the Marketplace
If you are not eligible for the Vanderbilt Health Plan and are under the age of 65, or if you wish to waive your Vanderbilt Health Plan and enroll in the Marketplace instead, go to the federal health exchanges website and explore your options.
Open Enrollment for the federal health exchanges has not yet been announced. Plans and prices will be available on the website then. You can apply for the health exchanges online, by mail or in person.
1Eligibility for the Vanderbilt Health Plan includes full-time, regular faculty and staff, their spouses (same- or opposite-sex), and eligible children from birth to 25 years of age.
2Includes part-time employees