Know the Cheapest Health Insurance Available for You
With individual health insurance premium that averages about $390 monthly in 2017 in the US, a lot of people might wonder if there is an affordable health insurance plan that exists. As of now, the cheapest health insurance plan you may get is Medicaid since it offers low or free cost coverage to people who qualify.
If you require coverage, but do not meet Medicaid qualifications, you should not panic. You might have some options for inexpensive health insurance. But, take caution before signing up for plans. The unfortunate reality these days is that there is so much misunderstanding, jargon, and complexity in the world of health insurance. It becomes like shopping for cars. Spend the necessary hours to understand what you are getting for what you are paying.
Below are some of the things you should remember when searching for the most affordable health insurance plan:
- Insurance policies frequently have complicated rules and a lot of exclusions.
- Short-term policies provide limited coverage.
- Income limits might disqualify you from Medicaid.
- Some policies that claim to be low-cost, but can be expensive.
- Inexpensive short-term policies since IRS rules enable you to keep one for a year.
- It is low cost or free if you qualify.
Is It Possible to Get Health Insurance for Free of Charge?
Before shaking your head at the prospects of unaffordable policies, determine what you will pay. For a lot of people, the answer can be nothing once you qualify for the premium tax health insurance subsidies from Affordable Care Act. This tax credit can be taken in advance to lower the cost you pay for health insurance premiums every month.
You should apply for subsidy to get it and buy a plan through the health insurance exchange of the state, which is renowned as Health Insurance Marketplace. The amount you get will depend on estimated household income, which you put on your application in Marketplace. Commonly, you should take between 100% and 400% of federal poverty level in order to be qualified.
Can You Combine Various Health Insurance Policies?
Another way to insure yourself in a cost-effective way is by combining some health insurance policies. However, although it may seem easy, it is a bit complicated. You may try combining the traditional indemnity insurance, made to pay the set daily benefit if you are in an accident or hospitalized, with short-term medical plans that may let you get to the doctor several times yearly for minor ailments.
Some experts noticed that consumers rig such sorts of arrangements without asking for professional assistance, which led to troublesome results. In other cases, people need to file each claim with every insurer on the menu so each possible dollar might be recouped. This became complicated and many insurance companies rolled out the combo insurance plans with insurers to make claims much easier. So, before you choose any health insurance coverage, make sure that you understand what you are getting for what you are paying.