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benchmark plan

The second-lowest-cost silver plan available in the Marketplace in a geographic region. The price of this plan is used to calculate cost sharing reductions (subsidies). Also defined as the plan that each state designates as the standard for essential health benefits for their state. Any major medical plans designed to be sold in the individual market or public marketplace must cover the same benefits as the designated benchmark plan. Benchmark plans must cover the 10 essential health benefits.

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