Affordable healthcare sometimes seems like a distant dream. With individual health insurance premiums sometimes averaging about $574 per month in the United States in 2018, many people are left wondering if affordable health insurance plans even exist. Currently, the cheapest health insurance is Medicaid as it provides free or low-cost coverage to all those who qualify. If you need coverage but you don’t meet the qualifications for Medicaid, don’t panic. You may have more options for cheap health insurance. You should, however, always take caution before you sign up for any plans.
Free Health Insurance
Before you close the doors at the prospect of an unaffordable policy, figure out what you’ll actually be paying. For many, the answer may not be much if you qualify for the Affordable Care Act’s premium tax credit health insurance subsidy, which is a tax credit taken in advance to lower what you pay for your monthly health insurance premium.
To get this subsidy, you have to apply for it and purchase a plan through the Health Insurance Marketplace. The amount you receive depends on the household income you put on your Marketplace application. Usually, you have to make between 100 and 400% of the federal poverty level to qualify.
If you qualify, Marketplace can send the credit to your insurance company, which will apply to your monthly plan premium. In some cases, you may not even have to pay out of pocket for health care costs at all. Every state has a set of different rules and different costs, but this requires some looking into before you evaluate other alternatives.
Recently, a plan was proposed that would loosen regulations on short-term health insurance.
These policies don’t cover you for pre-existing conditions that had transpired before you purchased the policy, but if a condition develops during the term, you’ll have coverage for it for the rest of the year.
Combining Health Insurance Policies
Another cost-effective way that you can insure yourself is with a combo platter, but it could also become more complicated. You could try mixing traditional indemnity insurance, designed to pay a daily benefit if you’re hospitalized or in an accident, with a short-term medical plan to enable you to get to your doctor a few times a year for more minor ailments.