The open enrollment period is approaching, and it's time to find a health insurance plan that suits your needs but doesn't drain your pockets. The cost-sharing health insurance provides help with medical bills, but the premiums and deductibles can leave you aching. So, it would be best if you found inexpensive health insurance as soon as possible.
Luckily, there are several ways you can get relatively cheap insurance. And with the right one, you won’t lose out on benefits either. Let us help you find the best affordable health care plan for you.
Step #1: Know Health Insurance
Did you know that only 4% of Americans are capable of defining several health insurance terms? What this means is that there are several terms that many people don’t understand and might end up agreeing to an insurance policy without fully understanding the agreement.
We’re not saying you become a full-blown health insurance guru. However, you should understand enough terms that you can skim through health insurance policies without getting confused.
Step #2: Know What You’re Spending Right Now and Research Current Rates
Each medical insurance provider usually has several health insurance plans. Some of them can be pretty cheap, but rates can change from state to state. This is because states have different policies on healthcare.
You need to understand what you’re spending right now and the average amount you will spend on rates. These amounts must include every payment; premiums, deductibles, co-payments, coinsurance, etc.
Step #3: Know Your Budget and Must-haves
How much can you afford to spend on your health insurance? On average, you should aim to spend 5% or less of your income on your health insurance. If you can’t manage that, then you should aim for 10% or less. Generally, the government considers spending 9.78% of your income on your premiums as the maximum.
This percentage may change based on your income level which is used to determine your eligibility for health insurance subsidies and by your employers to ensure you are given the most affordable care. By must-haves, we mean things that you believe a good cheap health insurance plan should have.
Step #4: Look for Alternatives that You Might be Eligible For
You might be eligible for employer-sponsored health insurance or Medicaid or a premium tax subsidy. You need to look into our eligibility rules to figure out if you meet the requirements. If you do, it could be a way to get health insurance at a significantly reduced cost.
Step #5: Compare Prices and Necessary Criteria
If you’re not eligible for any subsidies or Medicaid, you’ll have to get an individual health insurance plan through the ACA marketplace. You can only buy a plan during open enrollment. Open enrollment for plans that start in January 2021 will begin on November 1st and end on December 15th, 2020. Apart from this period, you can only buy a plan if you qualify for Special Enrollment.
Furthermore, you have to search for an inexpensive health insurance plan that has all your must-haves. These may include dental coverage, outpatient prescription drug coverage, specialist referrals, doctor networks, etc. Choose all plans that include these must-haves and compare their prices.
Keep in mind that plans with higher premiums usually have lower deductibles. Likewise, plans with lower premiums have higher deductibles.
If all fails, you can use a short-term health insurance plan. These are inexpensive health insurance that can cover you for a few months while you find the best cheap health insurance plans for you. To get help finding the best affordable plan for you, contact Fast Health Quotes.
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