Having a good health insurance plan is a safety net that doesn’t have to break the bank. You can buy health insurance cheap, as long as you know the system well enough to make it work for you. This guide gives you four simple steps that will help you land on the perfect low-cost health insurance plan.
Keep an Eye out For Alternatives to Individual Health Insurance
When you’re looking for a plan that suits you, don’t stop at individual health insurance plans. These are often quite costly. Explore options like Medicaid (a state and federal program that caters to low-income groups) or the Children’s Health Insurance Program (CHIP) which might be easier on your wallet.
Assess Your Needs
If you don’t qualify for any of the programs mentioned above, take some time to determine what kind of coverage you need. Factor in your age, pre-existing health conditions, and medical history. Under the Affordable Care Act, most plans adhere to a 10-point list of types of coverage, but individual plans may emphasize one kind of coverage over another. Find a plan that meets your particular requirements so that you only spend on what you need.
Comparison Shop
The key to saving on health insurance is comparison shopping. Most plans in the bronze tier have the lowest premiums but don’t judge a plan by premiums alone. You’re better off evaluating the total annual cost of a plan which includes deductibles, co-insurance, and co-payments. Use your medical costs from last year to estimate how much you would have paid out of pocket and add this number to the monthly premiums.
Fill out An Application on Heathcare.Gov
This one is self-explanatory. Visit the healthcare.gov website during the open enrolment season and create an account using your current email id. You can then apply to the health insurance plan of your choice.
Look Beyond Healthcare.Gov
A wider pool when you’re looking for cheap health insurance will only help your chances. Online health insurance brokers like eHealth, GetInsured.com, and GoHealth offer a wide variety of plans. You might even want to visit the websites of private health insurers to receive online quotes. Remember that federal subsidies are only available to those who apply through the federal or state marketplace.
