Health insurance is essential, and finding coverage that provides the range you require and is also friendly to your wallet can be an issue. So let’s examine the basics of affordable insurance and how to locate a low-cost medical insurance policy.
What Is an Affordable Health Insurance Plan?
An affordable health insurance plan will provide you with the protection required at a cost within your financial budget. The amount you pay will vary between households. In the Affordable Care Act context, affordable plans cost less than 9.61 percent of a household’s income for a self-only policy (a program that doesn’t include family members or spouses). Thus, for a home making $3,000 per month, the IRS estimates that an insurance plan with a cost of $288.30 or less per month is affordable.
Most people consider the monthly cost as a determining factor of affordability. However, the total affordability of a policy is affected by a variety of aspects:
- Income. The amount you earn doesn’t affect your insurance cost but can affect how much insurance you can afford.
- Family Size. Generally, insurance for families is more costly than coverage for an individual.
- Premiums. The cost of premiums fluctuates depending on your deductible, what coverage is provided for, where you live, and a myriad of other variables.
- Out-of-pocket costs. The amount of the deductible (what you must pay before the insurance takes effect), coinsurance, and copays are all factors that affect overall costs and costs.
- Coverages. The cost of an insurance plan is determined by the services covered. Therefore, the absence of assistance you require could quickly cost you a lot of money.
It’s important to understand that the amount you pay each month is just one part of the equation. The cheapest health insurance doesn’t mean it’s the most affordable or the best health insurance plan.
What Do Affordable Health Insurance Plans Typically Include?
Health insurance should not only be used to cover the most catastrophes. It’s essential for everyday medical emergencies like checkups, prescriptions, etc. In 2010 the Affordable Health Care Act, which was passed in 2010, identified ten health-related benefits in the form of essential benefits that every affordable plan should offer:
- Prevention of chronic diseases and management coverage
- Pediatric health care (For kids, it means dental and vision care.)
- Maternity, pregnancy, and infant care
- Prescription drug coverage
- Coverage for labwork
- Emergency services coverage
- Hospitalization coverage
- Outpatient treatment (also known as ambulatory patient services)
- Mental health and services for substance use disorders
- Rehabilitative and habilitative equipment and services (services to assist people in recovering from injuries or treating chronic illnesses
Additional benefits, such as vision and dental care, can be added to a plan; however, their inclusion could raise the project’s cost.
Best Affordable Health Insurance Plans
Health insurance prices vary depending on where you live, the size of your household, your health history, the amount of deductible you can afford, and much more. One of the advantages of the Affordable Health Care Act is the establishment of the Healthcare Marketplace that allows those requiring insurance to find policies that are guaranteed to provide the ten essential benefits. In addition, subsidies to help reduce costs are available to those in need. Here are some companies offering affordable health plans that are available through Marketplace:
Blue Cross Blue Shield
Blue Cross Blue Shield has coverage options that are available across every state. The business has existed for a long time, which is why it is widely known and accepted by healthcare providers. Blue Cross Blue Shield offers a broad range of plans with various coverage amounts. Additionally, Blue Cross Blue Shield provides health insurance to travelers worldwide.
Kaiser Permanente
Kaiser Permanente has long been recognized as a leading provider of Health Maintenance Organization, or HMO plans, which means that insurance is only available for facilities and providers that are part of their network. However, they also offer PPO plans and HSAs (health savings accounts for health savings). A downside is that coverage is only available in Washington D.C. and eight states. Cigna
Cigna can be the most prestigious health insurance company that is listed. It’s been operating since 1792! Cigna’s plans are reasonably priced and offer benefits that help reduce costs, such as no-cost virtual care and many low-cost prescriptions. In addition, Cigna recently launched a “Take Control Rewards program where people and families earn points by scheduling wellness checks or setting up an account on the app of Cigna to keep track of their health information. Points can be used to purchase up to $275 cash which can be utilized to make healthcare cheaper.
Oscar
In 2012, the company was launched. Oscar has a broad range of digital services to make healthcare accessible and affordable. Alongside the ACA-compliant policy, Oscar offers a $0 consultation with a health professional and the option to make appointments online using their mobile application. Oscar is more recent and is not as well-reviewed as other providers with a long history. However, it’s currently accessible in 19 states, with plans to expand it to more states.
Humana
While Humana does not offer traditional insurance plans, it’s still one of the biggest insurers in the country. Why? It gives a broad range of coverage options for Medicare Advantage (Medicare Part C) plans, Medicare Part D (Prescription) plans, as well as Medicare Supplement (Medigap) plans. These plans can help lower the cost of insurance for Medicare eligibility.
How to Get Affordable Health Insurance
If you’re looking for health insurance plans, the most effective way to find a low-cost method is to compare and review programs offered by various insurance providers. Also, looking through the Healthcare Marketplace to see whether you are eligible for benefits that can reduce your expenses is advisable.
Be aware of the out-of-pocket cost and coverage gaps also. If you regularly use services that aren’t covered by your insurance, you cannot save cash even with an affordable premium. Determine the total out-of-pocket costs you’ll need to pay with a plan to make sure you have enough money that you’re able to afford.
Can I Get Affordable Health Insurance at Any Time?
Individuals searching for affordable insurance on their own may switch plans anytime. However, strategies and subsidies offered under the Affordable Care Act are only accessible in open enrollment, typically in the fall and early winter months.
After the period of open enrollment ends, the opportunity to enroll is no longer available in an ACA-eligible insurance plan unless satisfying specific requirements like changing jobs or moving, end of coverage, or adding family members in the range. These events qualify you for a particular enrollment period.
