I will start this way – There are countless health insurance policies available in the market. However, comparing the features of all the available health insurance plans is a daunting task for novice people. Then what should you do? Don’t worry; only remember the major features of the healthcare plans that can provide you sufficient financial relief during the medical emergency and you can take care of the patient with complete peace of mind.
Specifically, there are different Health insurance providers in the U.S and the marketplace. The question is – how do I get a cheap Health Insurance plan? Not to worry. The world has advanced. What do I mean? I mean to say that you can search for the cheapest health insurance option out there. So long as you can access the internet. Be it as it may, I strongly recommend the Medicaid program because the company is the cheapest option out there.
Why Medicaid?
This remains the cheapest health insurance option but it is not for everyone. Who then is it for? It’s for people whose household level is either 133% or 138 even below. But there is a condition, you have to be registered in the federal insurance. More so, the state where you live is considered as well.
Cheap Health Insurance
There are cheap health insurance with full medical benefits that can be purchased via state health insurance marketplaces if you are not eligible for Medicaid.
Full benefit means that this Health insurance covers the essential 10 health benefits under the Affordable Care Act and they include the following;
Outpatient Services, Emergency Services, Hospitalization, Maternity, and Newborn Care, Mental Health and Substance abuse care, Prescription drugs, Rehabilitative Services, and lastly, Pediatric services.
It is important to bear at the back of your mind that because a health insurance policy has the lowest premium doesn’t make it the cheapest but the one which provides the right amount of health insurance coverage depending on your health and medical condition at a good rate is. It is nice that you know these Health insurance policies and they include the following;
Gold
This is the most expensive of all but can help you save money if you expect high medical expenses during the plan year and this policy has the cheapest deductible as one of its features but it is not available in all states.
Bronze
This policy is for individuals under30 years old and people who have a hardship exemption.
They offer the cheapest policies in the insurance marketplace although its deductibles and out-of-pocket maximums are higher than that for other insurance policies and so we do not recommend bronze if you expect to have large medical expenses in the coming year.
Silver
This remains a great choice for many families as its policies are a middle-ground plan. This tier of health insurance is for low-income families because it is the most affordable medical insurance due to cost-sharing reductions. This is available to only households with less than 250% of the Federal poverty level.
Cheapest Health Insurance by State
Silver health insurance remains our recommendation for you and your family due to its modest premiums with minimal out-of-pocket expenses.
|State| |Number of providers| |Cheapest Silver plan| |Monthly cost for a 40-year old
Firstly, Alabama 2 Blue Cross Select Silver $490.91
Also, Alaska 2 Moda Pioneer Silver 4500 $683.00
Also, Arizona 5 Silver 1 $324.51
Arkansas 4 Ambetter Balanced Care 12 (2020 $357.67
California 12 Silver 70 CommunityCare HMO $327.14
Colorado 6 KP Select Co Silver 4000/30/HSA $311.51
Connecticut 2 Choice Silver Alternative POS $398.10
Delaware 1 Health Savings Embedded Blue EPO Silver 3950 HSA $521.49
Florida 9 BlueSelect Silver 1443 $404.69
Also, Georgia 6 Ambetter Balanced Care 11 (2020) $367.00
Hawaii 2 KP HI Silver 4000/45 $460.45
Idaho 4 Select Silver 350. $478.67
Illinois 5 Ambetter Balanced Care 11 (2020) $344.26
Indiana 2 Ambetter Balanced Care 12 (2020) $272.31
Iowa 3 Inspire by Medica Silver Copay $559.43
Kansas 5 Ambetter Balanced Care 12 (2020) $418.06
Kentucky 2 Anthem Silver Pathway X Transition HMO 6700 $397.55
Louisiana 4 Blue Connect 80/60 $3,400 (S) $417.02
Maine 3 Maines Choice HMO Silver 6200 $450.34
Maryland 2 KP MD Silver 6000/35/Dental $404.17
Massachusetts 9 Tufts Health Direct Silver 2000 II $311.93
Michigan 9 Meridian Healthy Silver $306.99
Minnesota 4 Peak Individual $3,000 HSA Silver $327.22
Mississippi 2 Ambetter Balanced Care 11 (2020) $398.97
Missouri 7 Ambetter Balanced Care 11 (2020) $405.20
Montana 3 Co-op Plus Silver $276.58
Nebraska 2 Medica with CHI Health Silver Copay $554.42
Nevada 2 Ambetter Balanced Care 4 $364.70
New Hampshire 3 Ambetter Balanced Care 11 (2020) $390.45
Also, New Jersey 4 IHC Silver EPO AmeriHealth Advantage $25/$50 $378.52
New Mexico 4 Constant Care Silver 1 $307.60
Also, New York 17 IND Destination 65, Silver, NS, INN, Dep25 $480.46
North Carolina 4 Silver 4 $405.41
North Dakota 3 Sanford TRUE $4,750 $320.45
Ohio 10 Ambetter Balanced Care 12 (2020) $321.00
Oklahoma 3 Silver 4 $492.06
Oregon 5 Connect 4500 Silver $397.00
Pennsylvania 12 Together Blue EPO Silver 3950 HSA $329.00
Rhode Island 2 Neighborhood PLUS $299.51
South Carolina 4 Ambetter Balanced Care 12 (2020) $372.09
Also, South Dakota 2 Avera Preferred 2750 $463.10
Tennessee 5 Ambetter Balanced Care 12 (2020) $456.40
Texas 8 Ambetter Balanced Care 5 (2020) $337.37
Utah 5 Cigna Connect 1900 $449.46
Vermont 2 [MVP VT Plus] Silver 1 $474.08
Virginia 9 OptimaFit Silver 6600 30% Select CH M $460.29
Washington 5 Ambetter Balanced Care 4 $343.14
West Virginia 2 CareSource Marketplace Low Premium Silver $471.15
Wisconsin 13 Dean Focus Network Silver HSA-E 4000X $396.21
Lastly, Wyoming 1 BlueSelect Silver Balance $806.05
Guide to Purchasing an Affordable Medical Insurance
I’ve also seen people ask how they can choose the most affordable medical insurance, this below will serve as a guide
If your household income does not fall below 138% of the federal property level and you are not eligible for Medicaid can go through your state marketplace to get the most affordable solution after evaluating your medical needs.
Cheap Health Insurance for Students
Getting a student Health insurance is for full- time students within the age bracket of 17- 29 years and this is usually cheap but may not cover you if you’re a part-time student or a transfer student, although you can still be under the coverage of your school when you transfer to another school.
Cheapest Health insurance companies
It is important to evaluate health insurance policies with cheaper rates than others as most of them do not offer policies with many benefits like the others do.
Health insurance provider number of states with the cheapest silver plan:
- Firstly, Tufts Health 1
- Secondly, Maine Community Health Options 1
- Thirdly, Total Health Care 1
- Fourthly, Group Health Plan 1
- Also, Connecticare 1
- Health Co-Op 1
- Caresource 1
- Also, Amerihealth Insurance Company 1
- Health Connections 1
- Again, Fidelis Care 1
- Upmc Health Options 1
- Also, Neighborhood Community 1
- Mvp Vt Plus 1
- Mercycare 1
- Medica Insurance Company 2
- Also, Selecthealth 2
- Sanford Health Plan 2
- Also, Kaiser Permanente 5
- Ambetter 9
- Lastly, Blue Cross Blue Shield 9
Short Term Health Insurance
To start with, depending on the short-term insurance laws in your state your policy may last but a few months up to 1 year at most and this is cheaper than marketplace healthcare and comes with low-cost monthly premiums.
Affordable Health insurance for the elderly
We’ve provided the cheapest silver health insurance plan, for the elderly 60 years and above in each state as they do have the highest health insurance costs in the country with them paying 68% or $349 more on average per month than 40-year-old people.
Checklists – What to Know Before you Buy a policy
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Major Coverages of the policy
Check the inclusion part of the policy. In-patient hospitalization, room rent without capping limit, nursing charges, donor expenses coverage, critical illness coverage, pre and post hospitalization, cashless treatment facility, waiting period for pre-existing diseases, and list of network hospitals are major considerations in healthcare insurance.
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No claim bonus (NCB)
Give the priority to this feature. No claim bonus is credited to the sum-assured amount in every claim-free year. This is the best feature of the policy that can increase the sum assured amount of the policy with every passing year.
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3. Flexibility
Healthcare policy should allow the facility to include a new family member. If the senior-most family member passes away or he has no eligibility for the coverage after a certain age then the other family members should continue the same policy with the same benefits.
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Pre-existing disease waiting period
The health insurance companies provide the coverage of pre-existing health ailments after a certain period. Choose the health insurance plan that has a minimum waiting period for pre-existing diseases.
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Check the Co-Payment Clause if any
Co-Payment is the small percentage of the claim amount that can pinch your pocket. Consider the plan without a co-payment clause.
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Lifetime Renewability
Check the lifetime renewability clause of the health insurance plan. Always prefers a family health insurance plan that offers a lifetime renewability option.
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Room Rent
Never choose the health insurance plan with room rent capping conditions. It’s always a wise decision to select the policy that provides room-rent eligibility without capping.
In the End
Buying the best health insurance policy at a competitive rate is not rocket science. It is to be remembered always that every individual has different needs at different stages of life and a particular policy cannot suit all.
It would be advisable to identify your needs first and compare the features and rates of various plans offered by the insurance companies.