An affordable health insurance plan – a phrase that has become as unique as a unicorn. However, to your surprise there are certain ways that can help you get cheap health insurance.
We have listed down a few steps that will help you lower costs while enjoying the perks of your health insurance.
Alternatives to individual health insurance
Undoubtedly, the best alternative is to avoid purchasing any individual health insurance plan. You might be eligible to Medicaid in your particular state according to your annual income. Therefore visit the official websites and see to the terms and conditions.
If you have children, you can explore Children’s Health Insurance Program (CHIPS). If you are a divorcee, you can check if your former partner has employer health insurance which might make your children eligible to it as well.
Knowing your Budget
To ensure an inexpensive health insurance plan, you need to know your requirements in terms of coverage and your exact budget. Most people don’t require full coverage hence it can save them heaps amounts of cash.
There are 10 essential health benefits that every health insurance plan must cover under the Affordable Care Act. Therefore scout through the specifics the insurers offer and choose according to your needs.
Healthcare.gov is a better option
Making an account on Healthcare.gov is certainly the most recommended option in terms of health insurance and accessibility. You can apply in open enrollment period or you can qualify for any life change event.
Life change events primarily mean marriage, giving birth or losing other form of coverage. If you qualify for life change program or Medicaid, the website will inform you saving you your hard-earned money.
Comparing various options
Healhcare.gov will help you understand the various options available within the state and the premiums associated with them. It will also highlight if you are eligible to any forms of federal subsidies. You can compare various plans and choose one according to your personal needs. From Bronze to platinum packages are available with different premiums on them.
The platinum packages will have maximum premiums but they will cover 90% of your medical bills. Take into account the overall cost of the plan rather than solely focusing on the premiums. Performing “what if” scenarios will help you accurately calculate the medical costs and bring forward a comprehensive report for you to follow through.
If you are buying a property, you wouldn’t stop at the first dealership. Therefore don’t simply search on a single broker and make a decision. It’s important that you scout through different health insurers and compare costs with each other.
eHealth, Getinsured, GoHealth are some other brokers offering different features. Contacting a local health insurance agent will certainly help you get different quotes as well.
Lastly if you want a federal subsidy, you should use a federal website, properly licensed agents or authentic government exchange partner insurers. Hence, it is quite possible to get the best deal on your health insurance if you follow through all these steps completely.