Is acquiring inexpensive health insurance as unlikely as meeting a unicorn with the Holy Grail? It isn’t necessary. Here are some cost-cutting measures you may implement.
Options For Purchasing Inexpensive Health Insurance
The most affordable purchase you’ll ever make is one you don’t make. You may not need to purchase individual health insurance at all. Medicaid eligibility varies by state and income. To find out if you qualify for Medicaid, contact your local Medicaid office or visit truecoverage.com.
There are a few options if you have children. To begin, under the Youngsters’ Health Insurance Program, several states have increased coverage for children (CHIP). Go to the Medicaid CHIP website and complete the questions under “Can I Get It?” to see if your children qualify for CHIP.
Second, determine if your children are covered by their other parent’s insurance. Even if you’re divorced, if your ex-spouse has employer-provided health insurance, your children may be covered.
Determine what you require and what you can afford
Assuming step one does not apply to you, the most crucial step in locating inexpensive health insurance is determining exactly what coverage you require and what you can pay. You will spend more money if you get more coverage than you need. You can’t spend money you don’t have.
The simplest approach is to visit the truecoverage.com website and fill out an application. It’s simple if you do it during an open enrollment period (the next one begins on November 1) or if you’ve had a qualifying life change. Marriage, having a baby, or losing other coverage are examples of life changes. By the way, the website will assist you in determining if you have undergone a qualifying life change.
To make an account, you must first provide your email address. The truecoverage.com website will send you an email asking you to confirm your email address. After you have verified, you may access the website and finish your application. You will also be advised if you are eligible for Medicaid.
Truecoverage.com will display the inexpensive health insurance alternatives available in your state, as well as the rates and the amount (if any) of federal subsidies you may be eligible for. The number of options accessible to you will be determined by where you reside. You’ll be able to pick between bronze, silver, gold, and platinum plans if enough insurers join your state.
What if your medical expenditures are going to vary significantly? Simply revise your estimates to reflect your best estimate of your medical expenses for the future year.
Shop Somewhere Else
Consider purchasing an automobile. Would you quit shopping at the first dealership? Of course not, at least not if you want to obtain the greatest deal. The same logic applies while looking for low-cost health insurance. Healthcare.gov is only the first “dealership” to be visited.
Compare Cost Again
As difficult as it may be, you must compare expenses again using the information collected in step five. But keep in mind the ancient adage: No pain, no gain.
Could the cheapest health insurance plan for you be one that does not qualify for a government subsidy? It is possible. The total cost of ownership method stated in step four can be startling. Depending on your medical expenses, an off-exchange plan with a very large deductible may be the least expensive option for you.
Choose The Option That Best Fits Your Requirements
Finally, you’ll want to go back to step two. A low-cost health insurance plan that does not satisfy your needs is less beneficial than a little more costly one that does.
Also, keep in mind that the cost of everything, including health insurance, is more than simply a monetary effect. For example, continuing to see the same doctor you’ve seen for years may be worth paying more in monthly premiums. If you value provider choice, thoroughly examine the provider networks for each health insurance plan you’re considering.
Finding low-cost health insurance isn’t as difficult as tracking down a unicorn or the Holy Grail (or both simultaneously). It may need some time and work, but it is an investment that should pay off well in the long run.