Health insurance programs can be a major expense, which leaves many people wondering how to find affordable health insurance. The first way is to compare the different health care plans that are available on the Health Insurance Marketplace. Another way is to get a health insurance plan through an employer.
Medical insurance can feel like a maze with lots of jargon, options, and hidden secrets. Besides, without medical insurance, it is getting harder to get affordable health care. Unfortunately, numerous Americans are uninsured, especially young Americans. Those aged 19-34, averaged
15.6% in 2018.
Many young Americans do not know how to find health insurance or do not have enough money to pay for a plan. Young Americans do not have enough money as they still don’t have income sources. Luckily, there are affordable health insurance plans and plenty of options for both individuals and families that can be chosen based on income levels.
Here are some important tips on how to find affordable health insurance that will help you cover medical costs and medical services:
Health Insurance Under the Affordable Care Act
If you do not have health insurance through your parents, job, Medicare, or Medicaid, this means that you will likely have to look for health insurance options through the Affordable Care Act system. Under the ACA, there is an online health insurance marketplace designed to connect individuals to find the right plan for them. It is basically an avenue that bridges the gap between individuals seeking health insurance options and insurance companies.
There are a few starting points and processes for finding the best health insurance coverage options. First, take note of when you are applying. There is an open enrollment period at the end of every year
from November 1st to December 15th. This means that anyone who is uninsured is able to apply for health insurance plans for the upcoming year.
2021 is different, as the open enrollment period has been extended back until
August 15th, 2021, in an effort to get as many people insured as possible. The Department of Health and Human Services highly urges uninsured people to take advantage of new savings that come along with the America Rescue Plan and make sure to not go uninsured while the pandemic still goes on.
Usually, if a person wants to apply and starts not at the end of the year, they must qualify for a
special enrollment period. These special allowances usually occur when people have moved, had a baby, gotten married, or lost their job– major life events. This allows people to either get short-term health insurance for transitional periods or simply find a new provider.
Premium Tax Credit (PTC)
The Premium Tax Credit (PTC) known as Exchange, is a refundable tax credit that helps individuals or any family size who have low or moderate incomes to afford health insurance.
It gives larger credits in order to cover the cost of their insurance.
The other qualification needed is that individuals must be U.S. Citizens or lawfully stay in the U.S. If you get the premium tax credit early, you can be able to pay your monthly insurance premiums and enroll in coverage purchased from the marketplace.
Average Cost of Health Insurance
The cost of health insurance varies depending on the health plan choices and health care services are selected. It is necessary to know the average cost of health insurance regardless of your health condition and the people around you.
In the United States, the average cost of healthcare (combined average premiums plus deductible) runs
about $7,000 for an individual plan. For families, it averages about $21,000. But these figures can vary by location.
A report from the
Commonwealth Fund found that while some states, like Hawaii, pay on average as little as $4,700 per year, other states average above $8,000. This study used the average amount paid in premiums plus deductibles paid by workers each year. These costs continue to rise, while wages are failing to keep up.
The states with the highest average healthcare costs include New Hampshire ($8,289), South Dakota ($8,286), Delaware ($8,279), Texas ($8,239), and Virginia ($8,104). This data does not follow any single trend but instead, depends on a variety of factors with some random variation.
Factors That Influence The Cost
Other than location, the main factors that insurance companies are able to use to dictate your health insurance rates include:
Age
Age is the primary decider of health insurance costs. Older people may pay up to triple the number of young people in higher premiums. Also, older people need to have their usual health care professionals to check their health status.
Tobacco Use
Insurance providers are able to charge individuals up to
50% more than their non-smoking counterparts. While insurers are unable to discriminate on the basis of sex, health, and medical history, smoking is one piece of information that could raise your rates inordinately.
Individual vs. Family
Individual health insurance can look a lot cheaper at first glance, but individuals usually tend to pay more on average overall. Insurers are able to
charge more for plans that include a spouse or children in the coverage. However, sometimes it saves money overall.
It is also important if one of your family members or even yourself is a person with disabilities. Using health insurance also has essential health benefits for them.
Plan Tier
Under the ACA, there are different tiers of coverage. These range from Bronze, Silver, Gold, and Platinum. Bronze is the lowest premiums, but also the highest out-of-pocket costs you need health care costs. In the contrast, Platinum has the highest premiums but has the lowest costs when you need it.
How to Find Affordable Health Insurance: Get Quotes
Keep up with the news. Sometimes, stories float around about free health insurance offers. These can be great opportunities to get health care. Even though they are not permanent, saving a whole year on health insurance can be incredibly worthwhile. Make sure not to
miss out on
free health insurance, look up your eligibility for offers like these whenever applicable.
As with all types of insurance, look for the best coverage that maintains your budget. Each insurance company has something different to offer. Most of them are willing to give you a
free health insurance quote. A free quote can show you that there are plenty of affordable health plan options for you.
Health insurance can be a real pain, but it doesn’t have to ruin your finances. The best way to find an affordable health insurance company is to get several quotes and ask questions.
Click this link to find affordable plans with the health coverage you need.
