We often wonder what would be the best inexpensive health insurance that suites our budget and fulfils all the medical needs. For those who aren’t eligible for Medicaid coverage, the most affordable health insurance would be individual coverage with full medical benefits, which can be purchased through the state marketplace. For qualified people, the cheapest health insurance option is Medicaid. If you want to be eligible for the federal insurance program, your household income must be less than 133% or 138% of the national poverty level.
The state where you live determines your eligibility or qualification. Well, some states have passed legislation to extend Medicaid to more low-income people. Depending on their income, low-income households in the 37 states that have extended Medicaid will be eligible for low-cost or free medical treatment under Medicaid. You reside in a state where Medicaid has been extended, but your FPL can’t qualify you. Your income and other factors such as age, disability, or medical condition can still be eligible for you. Also, if you don’t have coverage via the federal government or employer, you still can qualify for a marketplace policy.
Benefits of the health insurance
Full benefits refer to the health insurance plans covering all the ten essential health benefits needed by the Affordable Care Act. The most reasonable option is a policy that provides good health insurance coverage for your medical requirements and your family at the desired rate.
- Outpatient services
- Emergency services
- Prescription drugs
- Emergency services
- Rehabilitative services
- Mental health and substance abuse care
- Maternity and newborn care
- Preventative and wellness care services
- Pediatric services
People from different states question what the best inexpensive health insurance is in their states. Well, the best affordable health insurance policy is a plan that provides adequate health coverage for yourself and your family. But the recommendation would be, begin with, a silver health insurance policy if you are buying coverage from your health insurance marketplace. The silver policy is much usually lower in range and easier to reach.
Best Inexpensive Health Insurance
After all the discussion, the question arises about how one can find the best inexpensive health insurance. The most affordable health insurance depends entirely on your household income. The cheapest option will be to enrol in Medicaid if the income falls below 138% of the federal poverty level. For low-income individuals, Medicaid is the federally funded health insurance program that provides health care benefits. The most suitable solution for those who aren’t eligible for this program would be through the state marketplace, including short-term health insurance policies. Always remember that the cheapest health insurance plan may not be the right one for you. Don’t forget to evaluate your medical needs before buying a health insurance policy.
The short term insurance plans
These are cheaper than marketplace health care as they have low-cost monthly premiums, but these policies extend only up to a few months or maximum up to one year. Short term health insurance is not required to cover the same health benefits as individual medical plans. These policies don’t cover all of the essential health benefits covered under the Affordable Care Act insurance found in your state marketplace.
The cheap health insurance for students
These policies provide health insurance for most on-campus medical services, but one can also lose the coverage if they become a part-time student or transfer schools. The cheap health insurance for students is designed for full-time students aged 17-29 years. The most significant health insurance companies bring the plans are they paid an annual or semiannual premium.
Bronze metal tier health insurance policies
These are the cheapest available on state health insurance marketplaces. They have low premiums, the lowest deductibles, and the out of pocket maximums are higher than the other tiers. If you plan to get significant medical expenses in the coming years, don’t opt for a bronze policy.
Silver health insurance policies
These are middle-ground plans that have modest premiums, deductibles and out of pocket maximums. A silver plan is a perfect match for low-income families. It is affordable medical insurance due to its cost-sharing reductions, which ensures the eligible individuals receive deductions on the amount they pay in premiums, deductibles or out of pocket maximums. If the household income is less than 250% of the federal poverty level, you are eligible for silver health insurance policy reductions.
Gold health insurance plans
These are the most expensive ones that you can purchase on your state marketplace. Gold plans have the most deductibles and out of pocket maximums. A gold insurance policy can save your money if you expect a high medical expense during the plan year. If you are expecting higher medical bills, then you may also want to consider platinum health insurance. These policies are relatively expensive for the premiums, but they have the cheapest deductibles- frequently $0. But these plans aren’t available in all states.
A critical thing to consider here is that the cheapest health insurance policy is not always the plan with the lowest premium. The policy that provides the right health insurance coverage depending on your medical needs and your families at the best rate.