We all know how confusing health insurance can be, it is definitely no easy task. Hence, we are here to help you sort a few things out. One of the most frequently asked questions, regarding health insurance, would most likely be: How do I find affordable Health Insurance? Rest assured, we have the answer for you. Read on to learn about your options when it comes to an affordable health insurance plan.
Some Important Key Suggestions, Regarding Your Health Insurance Plan
Unfortunately, there is no cut and dry solution to finding affordable health insurance. However, we do have a few suggestions that will make the search process a little easier. First of all, if you can receive financial assistance based on income you may be eligible for an individual marketplace plan.
When you choose a plan, it is also important to decide on the level of health insurance you need. Health insurance companies use a metal tier system to help you decipher between each plan. Additionally, it is also important to find an insurance company that matches the criteria you need in a health insurance plan. For example, doctor network, referrals, and prescription drug coverage.
Another option that will help you in a case of emergency or lapse of coverage would be to utilize a short-term plan.
How to find affordable health insurance
Employer-sponsored Health Insurance
One of the best options to finding an affordable insurance plan would be to receive your health insurance through your employer. Employer- sponsored health insurance is a great option for most people because large companies are required to offer group plans.
A group plan means that the employer pays for part of the costs. This results in a lower premium. The monthly payments can be directly deducted from your paycheck and typically you can add a spouse or dependent to your plan with an additional cost.
Employer-sponsored health insurance is much more affordable than if you were to get a plan on your own.
Medicaid is a great option for those who have a low- income. Medicaid is a public insurance program that offers coverage at little to no cost.
Medicaid is ran differently in each state and each state has their own eligibility requirements including income limits.
Therefore, if you are eligible for the Medicaid Program this is a great way to get affordable health insurance.
Affordable Individual Health Insurance Plans
If you are self-employed or unable to receive health insurance through work, it may be a little more difficult to find an affordable plan. The best course of action would be to view your options on the marketplace.
The Healthcare Marketplace was created under the Obama administration as the Affordable Care Act.
The downside of this route is that if you miss the open enrollment period you will not be able to receive coverage. The open enrollment period is between Nov 1st and Dec 15th.
The only way you can get marketplace insurance outside of open enrollment would be if you qualify for a life event- a special enrollment period.
Choosing a Metal Tier
Obama health insurance plans are placed into four different metal tiers: Bronze, Silver, Gold, and Platinum. Each of these plans offer the essential health benefits. However, there is a difference in cost-sharing between you and the insurance company.
The lower the tier, the lower the premiums and the higher the deductible. The higher the tier plan the lower the deductible, higher premium.
For most people, the silver plan seems to be the best choice. If you have a silver plan the insurer pays about 70% of your medical costs.
Gold or Platinum plans are good for people with frequent medical expenses due to a health condition. The plans are more expensive; however, they will pay for more of the medical costs.
Short- Term Health Insurance
Short- term plans generally have a lower premium and deductible, so if you are having trouble finding a plan this may be a good option for you. But the problem with short-term insurance is that it is only “short-term.” Most of these plans will last up to a year.
Unfortunately, a short-term plan does not come with the same essential health benefits required by ACA plans. Additionally, people with pre-existing conditions are not protected.
Remember short-term insurance is only a temporary solution to finding your best option for affordable health insurance.
Hopefully, by now you have gained some knowledge behind finding an affordable health insurance plan. No matter what situation you are in we are here to help you find something that works for both your health and your budget. Do you due diligence and research these health insurance plans before deciding, use the tools that are surrounding you and be happy when you pick the perfect plan for you.