If you’re looking for cheap health insurance, you’re one of the millions of Americans trying to cut down on hefty medical bills. The cost of healthcare has been steadily rising in recent years, and more families are exploring their options for affordable insurance plans. The good news is that finding affordable health care plans is possible, if you know where to look.
Low-cost health insurance plans are offered through a variety of programs, both public and private. Medicaid, for example, provides affordable, comprehensive coverage to millions of eligible children, families and pregnant women across the country. Learn more about affordable health insurance and see if you qualify by reading through the slides below.
Getting low-cost health insurance often depends on your eligibility for that particular plan. For example, depending on the type of insurance plan, you may qualify for discounts or subsidies that help lower your insurance premiums. Most people are required to pay a monthly premium to maintain health care coverage, which can cost hundreds – even thousands – of dollars.
The Health Insurance Marketplace is a federal website offering cheap health insurance plans to several types of people. Some may qualify for federal subsidies based on their income, which could lower or even eliminate their monthly premiums.
The plans available on the Health Insurance Marketplace are designed to provide coverage to those who may not qualify for traditional insurance plans. The ideal candidates for cheap and affordable health insurance offered on the Marketplace include the following:
- Self-employed individuals
- Workers who don’t qualify for employer-sponsored coverage
- Individuals who are not covered by their spouse’s insurance plan
- Unemployed individuals
- Individuals who cannot afford or are not satisfied with their employer-sponsored insurance
Another source of low-cost health insurance is the federal government, which oversees a handful of affordable health insurance plans for Americans. Low-income families, seniors or other individuals with certain health conditions could qualify for a low-cost government insurance plan.
Medicaid is one of the largest federal health care plans in the country. It covers nearly 80 million people throughout the U.S., 10 million of whom enrolled during the COVID-19 pandemic. This cheap health insurance plan is only available to certain populations, such as individuals and with low incomes; the requirements of the program may also vary by state.
Many employer-based health insurance plans are considered to be affordable insurance packages because of the way in which they are distributed. Insurance companies provide discounted plans to employers, who then disperse these plans to their employees. In most cases, employers pay at least half of their employees’ premiums. Learn more about employer-based health insurance and how it could save you money in the next slide.