How To Find Affordable Health Insurance
Health insurance can be a big expense, but there are ways to find cheaper coverage options. Here's what you need to know about finding affordable health insurance, including safe strategies for purchasing high-quality health plans with low out-of-pocket costs.
Find out if you are eligible for a subsidy.
To find out if you are eligible for a subsidy, contact your state's insurance exchange and ask them to send you an application. You can also use the online calculator at Healthcare.gov to determine if you qualify for a subsidy. Learn about health insurance subsidies here.
Legal help is available for those who need assistance in applying for subsidies and appealing when denied: The AARP Foundation provides free legal services to low-income people age 50 or older who are shopping for health insurance on their own, as well as other benefits such as financial education classes.
Look for a plan with the lowest out-of-pocket expenses.
If you've ever had health insurance, you know that one of the most important things to look for is a plan with the lowest out-of-pocket expenses. Out-of-pocket expenses are the amount you pay for your health care services before your insurance starts to pay. The lower this amount is, the more affordable your health care will be. However, it's important not to confuse "lowest" with "cheapest." You can find plans with very low monthly premiums but extremely high out-of-pocket costs depending on how many services and medications you use in a given month.
For example: Let's say that two different plans both charge $150 per month in premiums (the same cost), but only one has $10,000 in annual deductibles and another has $2,500—which would cost more? It depends on whether or not someone needs medical care within those twelve months!
Ask your employer about insurance benefits.
Another option is to go through your employer to see if they have a health insurance plan that works for you. If so, this would likely be the most affordable way of getting coverage. If your employer offers a plan and you are eligible for it, you can usually get a subsidy to help pay for your insurance.
If you’re not sure whether or not your company offers an insurance plan and want to find out more information about what might be available, visit Healthcare.gov/employer-marketplace. There are two ways that employers can offer health coverage:
An employer can purchase plans for their employees through the Marketplace (also called “the Exchange”)
An employer can offer its own group health plan outside of the Marketplace
Shop the federal Marketplace if you're self-employed or have a small business.
The marketplace is a good place to shop for insurance if you are self-employed or have a small business. It's also a good place to shop if your income is low and you qualify for subsidies.
If any of these sounds like you, then it might be worth checking out the federal Marketplace to see what kind of deals are available on health insurance:
You're self-employed or own a small business
Your income isn't high enough for private health insurance coverage (and even if it were, premiums would likely still be too expensive)
You may qualify for financial assistance from the government in order to pay monthly premiums
If you need affordable health insurance, there are options available to you.
You can shop for plans on the federal government's website and find which ones are best for you.
You may not be eligible for a subsidy based on your income or age. If this is the case, it's important to shop around and compare plans that don't require subsidies so that you can get the most out of your money when finding affordable health insurance coverage.
If you have questions about whether or not you're eligible for a subsidy, talk with an expert who will be able to help guide you in your search; they'll also be able to give insight into what plans might work best based on their knowledge base and experience with these issues at hand.
Hopefully, you’ve found these tips useful when seeking out affordable health insurance. Remember that each situation is unique, so the best way to find a plan that fits your needs is to do research and take advantage of free consultations with different insurance providers. By asking the right questions and doing some legwork in advance, you can save time and money on your health insurance coverage. Good luck!
