How to Get Cheap Health Insurance Plan?
The United States Government has been presenting several schemes and strategies to assist American residents to enjoy health insurance benefits to the fullest. “Obamacare” is one such strategy that offers health insurance centers for the high-income and low-income groups in the USA. But a report by a Washington D.C. company, called Avalere Health, shows that the cost for one of those plans in Obamacare, known as the silver plan, increases to about 34 percent in 2018. The silver plan gives a nice coverage policy and is somewhat high on the monthly premiums. For people who can’t afford to pay such high premiums; they need not worry since there are policies apart from this and a subsidy scheme, which will offer health insurance at a low price. While looking for cheap health insurance programs, one should have a solid understanding of health insurance policies.
Senior Vice President of Advisor Services in Manning & Napier, Shelby George advises the shoppers to always search for how much coverage is provided for the costs a company provides. To put it differently, an individual should not get carried off by the affordable prices, but should instead focus on how much coverage the insurance companies are providing for all those affordable rates they advertise. So as to find the best cheap health insurance, here is an explanation of the different policies available and a description of, whether one can get insurance for”free”. Subsidies and other Health Insurance Plans: With an aim to offer all Americans with Health Insurance coverage, among the numerous helpful plans suggested by the Government, is that of’subsidies’. A subsidy, in simple words, is the amount paid by the Government to the insurance companies to give health insurance facilities to people with low incomes.
This means that individuals falling to the low-income group will have the ability to enjoy health insurance benefits through the use of subsidies, which would otherwise be rejected by insurance companies on any other short-term coverage case. A person who earns about $48,000 and a family of 4, which earns somewhere less than $98,000 are people who will enjoy the benefits of subsidies. Hence, people with low incomes may enjoy good cheap health insurance with the assistance of subsidies. Nevertheless, these subsidy schemes suggested by the Obamacare plan are more likely to be changed or removed on the whole from the Trump administration. Speaking about other health insurance plans, a silver plan will pay around 70 percent of an individual’s health care charges as a bronze plan will pay up to 60 percent of the expenses and the remaining portion of charges will need to be paid from the individual’s pockets.
Now, comparing both of these plans, if one wants to spend absolutely NO money from one’s pockets, then picking a bronze plan together with a subsidy will be of great assistance. For people who can’t afford to pay from one’s own pockets, the bronze plan coverage of 60 percent together with the remaining 40% covered by subsidies can help to enjoy cheap health insurance. Which Sort of Policy One Can Pick? The first step to contact this best cheap health insurance is to know about what coverage suits your needs. Here’s a list of two choices explained briefly, so that you can pick the best fit.
1. Short-Term Coverage: A short-term coverage is for all those individuals, who don’t qualify to avail subsidies. To put it differently, people for whom it becomes’unaffordable’ to find health insurance are advised to opt for this policy. Here the expression’unaffordable’ is called the price that exceeds above 8 percent of a person or a family’s yearly income. According to, Nate Purpura, the Vice President of Consumer Affairs (ehealth.com), people whose income ranges from $49,000 to $69,000 and households that make somewhere between $99,000 and $129,000, are assumed to go for short-term policies. Hence, if a person finds it hard to pay expensive premiums and avail health insurance, then heading for the short-term coverage is highly suggested. But, there are no penalties if a person does not want to have any health insurance. However, on a positive note, it’s helpful for the people themselves, if they have some financial security which will be of advantage in unfriendly conditions. Here are a few notable Information about short-term policies:
These policies generally last up to 3 weeks and may be extended till 9 weeks (in 3-month interval renewal). Based on the new rules proposed by President Trump, obtaining short-term coverage will be compulsory for all individuals. But this rule hasn’t yet been passed, but will shortly be in effect. These policies don’t provide coverage for preexisting illnesses, i.e. ailments that one is suffering from, before applying for the coverage. If at all one wants to include such preexisting illnesses in the policy program, then the premiums will increase appreciably. Unlike Obamacare schemes, short-term policies won’t cover fees for maternal care, injuries due to misuse, and mental health therapy. On with short-term coverage, an individual can avail adequate health care centers at about $100 premium a month. On a general basis, regardless of the minimal policy options it provides, individuals that are searching for cheap health insurance for individual or cheap health insurance for families can avail great benefits from this policy.
2. Combined Coverage or Combo of Policies: Conventional policies or in other words plans with higher premiums will offer coverage for all of the expensive hospital bills in the event of risky illnesses or accidents. Whereas, choosing short-term strategies will just cover the standard doctor-visits. However, if a person wishes to avail of the benefits of the policies, i.e. get coverage for risky illnesses as well as for ordinary or regular sickness (such as a cough, cold, fever), then insurers today are providing combo packages.