What is the FFM Marketplace:
The FFM, or Federally Facilitated Marketplace, is a program established by the Affordable Care Act that allows individuals and families to shop for health insurance plans that meet their needs and budget. The FFM is operated by the federal government and is available to residents of states that have not established their own state-based marketplace.
When using the FFM, individuals and families can shop for and compare different health insurance plans from a variety of insurers, all in one place. Consumers can enter their personal and financial information, such as income and family size, to see if they qualify for financial assistance to lower the cost of their monthly premiums.
When to enroll?
Open enrollment is the period of time each year when individuals and families can enroll in health insurance plans through the FFM. During this time, you can sign up for a new plan, switch to a different plan, or renew your current plan for the upcoming year. The open enrollment period typically starts in November and lasts for about six weeks.
It's important to note that if you miss the open enrollment period, you may not be able to enroll in a health insurance plan until the next open enrollment period unless you experience a qualifying life event, such as getting married, having a baby, or losing your job-based health insurance.
Once you have enrolled in a health insurance plan through the FFM, your coverage will typically begin on January 1 of the following year. The coverage period for most health insurance plans lasts for a full year, although you may have the option to change your plan or adjust your coverage during the year if you experience a qualifying life event.
How to enroll?
Here are the basic steps for enrolling in the FFM:
Visit the healthcare.gov website: The first step in enrolling in the FFM is to go to the healthcare.gov website. You can do this on a computer, tablet, or smartphone.
Create an account: Once you are on the website, you will need to create an account by providing some basic information, such as your name, email address, and a password.
Complete the application: After you create an account, you will be taken to the application where you will need to enter information such as your name, address, date of birth, social security number, and income information. You will also need to provide information about any family members who will be covered under your plan.
Select "Yes" when asked "Is someone helping you with your application. Then select "Agent or Broker" from the drop down menu. Fill in the first and last name boxes with "Scott" and "Littlejohn" along with the NPN box with 9076358. This makes Scott Littlejohn and Littlejohn Insurance your broker of record and allows our brokerage to help if you are ever in need. It also assigns the commission to our brokerage which helps keep us in business overall to help folks like you and others down the line.
Compare plans: Once you have completed the application, you will be able to see a list of available health insurance plans in your area. You can compare the plans based on their monthly premiums, deductibles, and other factors.
Choose a plan: After you have compared the available plans, you can choose the one that best meets your needs and budget. You can also choose to apply for financial assistance, such as the advanced premium tax credit, to help lower your monthly premium.
Enroll in the plan: After you have chosen a plan, you will need to complete the enrollment process. This may involve submitting additional documentation, such as proof of income or citizenship.
Pay your premium: Finally, once you have enrolled in a plan, you will need to pay your monthly premium to start your coverage. You can pay online or by mail, depending on your plan's requirements.
It's important to note that there are specific enrollment periods for the FFM, so you will need to enroll during the open enrollment period or during a special enrollment period if you experience a qualifying life event, such as a change in employment or family status.
How does the tax credit work?
The advanced premium tax credit (APTC) is a type of financial assistance available to consumers who purchase health insurance through the FFM. The APTC is an upfront discount on monthly premiums, based on a taxpayer's estimated income for the upcoming year. If a taxpayer's income ends up being higher or lower than estimated, they may have to repay or receive additional funds for the APTC at the end of the year when they file their taxes.
For example, if a taxpayer estimates their income to be $30,000 for the year and they qualify for a $100 monthly APTC, they will only have to pay $50 per month for their health insurance premium. If their actual income for the year ends up being $35,000, they may have to repay some or all of the APTC they received. If their actual income for the year ends up being $25,000, they may receive additional funds for the APTC they were eligible for but did not receive.
Why use Littlejohn Insurance?
Enrolling in the FFM for health insurance has several important benefits, including access to affordable health care coverage, protection against unexpected medical expenses, and the peace of mind that comes with knowing you and your family are covered in the event of an illness or injury.
There are many reasons why you might want to use a broker like Littlejohn Insurance to help you enroll in health insurance through the FFM. Here are a few of the benefits:
Expert guidance: Littlejohn Insurance has been helping people enroll in health insurance through the FFM since it was created, so they have extensive experience and knowledge of the process. They can help you navigate the website, understand your options, and choose a plan that's right for you and your family.
Personalized service: Littlejohn Insurance will work with you one-on-one to understand your unique health care needs and budget, and recommend plans that meet your specific requirements. They will also help you complete the application process and provide ongoing support throughout the year.
No additional cost: The services of a broker like Littlejohn Insurance are typically provided at no additional cost to you. They are compensated by the insurance companies for enrolling people in their plans, so there is no extra fee for their services.
Save time and effort: Enrolling in health insurance through the FFM can be a confusing and time-consuming process, but working with a broker like Littlejohn Insurance can make it much easier. They can help you complete the application and enrollment process quickly and efficiently, so you can focus on other important things in your life.
In summary, enrolling in the FFM for health insurance is important for your health and financial well-being, and working with a broker like Littlejohn Insurance can make the process much easier and more effective. With their expert guidance and personalized service, you can find the right plan for you and your family at no additional cost, and enjoy the peace of mind that comes with being covered for unexpected medical expenses.