As of 2017, the average individual health insurance premium was about $393. These health insurance quotes are very unaffordable for a large section of the population. Currently, the most affordable health insurance available to the masses is Medicaid because people below the required income level can get free or low-cost coverage once they qualify.
However, no need to panic if you need the Medicaid coverage must don't meet the eligibility requirements. There are other affordable health insurance quotes to cover your health care. However, according to Shelby George, health care expert and senior vice president of Advisor Services at Manning & Napier, you must do your homework before you sign onto any plan.
There are some key points to be mindful of while you attempt to find the most affordable health insurance plan for you:
What to Look For
- Medicaid: It's low-cost and free for those who qualify
- The IRS premium tax credit that can waive the cost of your policy
- An inexpensive short-term policy which can cover you for as long as one year according to current IRS rules · The cutoff income limits of Medicaid could disqualify you
- The policy details: The complex rules of insurance policies and its many exclusions
- Policies that claim to be affordable but have hidden costs
- The minimal coverage short-term plans provide
Can You Affordable Health Insurance Quotes?
Before you give up on getting affordable health insurance, determine how much you'll pay. For the most part, if you qualify for the Affordable Care Act's premium tax credit health insurance subsidy, you may pay nothing. This subsidy allows advance credit to lower the monthly health insurance premium you need to pay.
You must apply if you want to enjoy this subsidy. Then you buy any affordable health insurance plan through your state's health insurance marketplace, also called the Health Insurance exchange. The estimated household income you state on your application will determine the amount you receive. Usually, recipients must be earning between 100 and 400 percent of the federal poverty level to qualify.
Is Short-Term the Right Policy Choice?
The Trump administration, on February 20, 2018, proposed a plan for more flexible regulations for short-term health insurance. The Obama regime limited short-term health insurance policies at 90 days, but the new policy has extended short-term policies up to a year. The policy is awaiting implementation. However, if necessary, you can have the same policy by obtaining a three-month policy that will renew upon expiry.
Compared with policies on the Affordable Care Act health insurance marketplaces, short-term plans extend limited benefits to their beneficiaries. They exclude mental health, substance abuse, and maternity care. Also, people with pre-existing conditions can expect more charges at the outset. But, generally speaking, they are more affordable health insurance if compared with unsubsidized comprehensive policies. For about $100 a month, a 35-year-old could purchase a short-term policy with a $5,000 deductible and $500,000 in total available benefits.
Always make sure you understand what you're getting for what you're paying before choosing any particular health insurance quotes. Nevertheless, you have to pay specific attention to detail within the health insurance quotes. Firstly, verify if the plan is medically underwritten. Secondly, what are the day to day expenses it will cover if you get hospitalized?