SHARINGBEYOND.COM, Five Steps to Have Affordable Medical Insurance Plans For Individuals – Here, we will share you about how to find affordable medical insurance plans for individuals.
Affordable health insurance in general
The same health plans might have different prices. It is based on the policy made by insurance company. In common, the cheapest plan usually offer the least coverage only. Therefore, you need to make sure first, whether the few dollars saving is worth for the pitfall or not.
Five steps to follow
- On the very first step, you need to shop around. Find information as many as possible about insurance company in your area. You can buy your health plan through insurance company or agent. Buying through insurance company will give you many options. Meanwhile, the second choice is good if you feel overwhelmed with terms and policy of health insurance, or if you feel that you need the help of expert to assist.
- There are many well-known insurance companies, which offer low cost health plan for individual. However, they serve different option and you should know about it. Medicare is good to take for people over 65. Medicaid is meant for people with low incomes. If you ever heard about CHIP, it is suitable for children individual health plan.
- Making sure that your Consolidated Omnibus Budget Reconciliation Act (COBRA) is worth is the next step. Research showed that the individual mid-level coverage costs an average of $336per month. Meanwhile, the average monthly cost of individual coverage with COBRA costs $490.COBRA can still be advantageous if you need it to get the access to providers, who may not available under other plans. On the other way, it is also beneficial if you have big medical expense coming up then have met the deductible for the year.
- High deductible plans with lower premium for each month is another affordable way to get health insurance for people who does not anticipate to use health plan much. You will still be eligible for ACA if you are under 30. On the other hand, people over 30can still get qualified if they have hardship exemption.
- Last, the cheapest option among all is definitely the short term or temporary health insurance plan. This option is also the best one if you do not have qualifying event, which makes you eligible for special enrollment. However, you need to remember that protections afforded by ACA will not apply here.
Those are all the steps you need to follow if you want to have affordable medical insurance plans for individuals.