A Qualified Health Plan, or QHP, is a plan that meets the standards set forth by the ACA. Only by purchasing a QHP (or continuing on one you’re already a member of) can you escape the yearly penalty.
REALTORS® Insurance Marketplace will offer health insurance plans that are certified as qualified health plans, or QHPs. These QHPs must be licensed and accredited, and must meet certain requirements for transparency. To become certified, a QHP must meet a minimum set of criteria, including the following:
- Coverage, at a minimum, of a comprehensive package of benefits, known as essential health benefits, or EHB
- Benefit design standards, including non-discrimination requirements and limits on cost-sharing
- Network adequacy standards
We encourage you to contact a licensed SASid representative at 877-267-3752 who will help you decide which exchange (public or private) and/or health plan is going to suit your needs best.
NOTE: Some plans offered on the RIM are not considered QHPs. Purchasers of such plans who don’t also have a QHP will have to pay a penalty. Sometimes this can be a favorable strategy when looking to save money.