If you are living in the United States, you almost certainly are on the lookout for the best health insurance rates. As premiums creep up and benefits go down, many are constantly looking for health insurance that will completely cover their needs when they need it. Below are some of the places to be able to find the best health insurance.
Your Current Employer:
If your current employer offers any kind of subsidized health insurance, it is almost certainly the best option for you.
There are a lot of reasons for this, but the biggest reason is cost. Most employers that offer full-time status offer some kind of health insurance perk, and that generally means that they pay part of your premium.
Even if the coverage is not the best you have had, they have been able to leverage their pool of employees for better health insurance rates. If you are not sure if your employer offers health insurance, inquire about it with your human resources department.
Medicare:
Medicare is a government-backed insurance plan that is a great option if you qualify for it. Unfortunately, this particular plan is available exclusively to seniors. To qualify, you need to three months away from turning 65, be turning 65 in the current month, or have turned 65 in the past three months. That window allows you to hop into the plan during the annual enrollment period. Missed the window? No worries, try again next year!
So what makes Medicare such a great option? For starters, the main part of the plan (often called Part A) is premium free. It also offers low deductibles and often no deductibles at all. It can also be used in conjunction with private insurance (if you want extra perks), and it covers prescription drugs. If you turn 65 soon, this is definitely a plan you want to be looking into.
Medicaid:
This is often mixed up with Medicare, though they are very different plans. Medicaid is also a government-backed insurance program, but instead of serving exclusively seniors, it instead services low-income citizens, disabled citizens, the size of your family, and a number of other factors.
If you are able to qualify for it, Medicaid is free insurance.
If you have been struggling to make ends meet and one of the financial burdens you have been struggling with is health insurance premiums, check with your state to see if you qualify for Medicaid.
Marketplace Health Insurance Plans:
While most Americans will not be eligible for Medicaid, that does not mean you are out of luck with finding the best healthcare.
Depending on your income, the number of dependents, and a few other factors, you may be eligible for Marketplace Health Insurance Plans. This marketplace was established by the Affordable Care Act in an effort to make health insurance more available to a broader range of citizens. Though care will not be free, many qualify for premium subsidies to help make it far more affordable.
Though the specific carrier will vary from state to state, all plans on the marketplace are divided into five categories: bronze, silver, gold, and platinum. Bronze plans offer the lowest monthly premiums but very high deductibles and less overall coverage.
These are ideal for healthy individuals that need health insurance to cover catastrophic issues.
As the plans go from bronze to silver, silver to gold, and gold to platinum, the monthly premium increases, but deductibles decrease.
In addition, the overall value of what is covered increases as well. If you know that you will be using a lot of care (like if you have chronic health problems), then the plans with a higher monthly premium but better coverage are likely going to be ideal for you.
Now, if you do not qualify for any kind of premium subsidy, and your employer does not offer any kind of health insurance option, you will be left to search for care on the private market.
Coverage will vary from state to state, but there are key factors to look for in quality coverage, and it is not just a low premium. Consider the following traits when shopping and comparing health insurance.
- Deductible
- Maximum Out of Pocket
- Prescription Plan
Good plans have low deductibles. This means that there is less that you have to pay out of pocket before your insurance starts covering medical costs.
Most plans have lower premiums (what you pay per month to have insurance) but really high deductibles, which means the premium is low because the insurance company knows you will have to pay a significant amount before they do. Deductibles reset annually, so if you hit your deductible one year, any other insurance-covered procedure will also be covered.
This can be the deductible, but is not necessarily so. This is simply the maximum amount that you will be required to pay.
This often means that copays will no longer be required once this is hit. A good health insurance plan will also have a low maximum out of pocket limit, meaning that you are responsible for less cost. This, of course, does not consider your monthly premium which is outside of this category.
Many health insurance plans do not cover prescription drug costs at all, or only cover a very limited amount. If you take a regular prescription (for example, insulin), you need to make sure that your potential plan will cover that.
If you take something like an anti-depressant, there are general generic options that are already low-cost before insurance. Depending on your life circumstances, be sure to consider this factor carefully.
There are a lot of health insurance plans to choose from. The "best" plan for you may not be the best plan for everyone. Whenever you are choosing a plan, you need to make sure that the premium fits your budget, and that the coverage is going to meet your need when it is time to use it. Good luck with choosing a plan and happy shopping!
How to obtain low cost health insurance
Quite frankly, it's absolutely critical to have health insurance. And there is a common misconception that one can simply walk into a hospital or emergency room and receive medical care without being turned away. While there are exceptions to this, it is absolutely possible that those without insurance will indeed be turned away, or will be deprioritized over other patients that are prepared with insurance cards in hand.
Therefore, it is essential to obtain coverage, and it is absolutely possible to obtain low cost health insurance. But before we discuss how to obtain affordable or low-cost health insurance, let's explore why health insurance is important.
- Adults with no insurance or those that are underinsured are more subject to serious health conditions, or health that worsens at a faster rate.
- Adults with no insurance or those that are underinsured are less likely to receive preventative care and screening services.
- The cost of healthcare is exorbitant, and in the United States, the costs of healthcare are on the rise.
Those diagnosed with Cancer at a later stage of the disease are less likely to find themselves in remission. Pregnant women without regular prenatal care are more likely to experience complications during child birth, are at higher risk of miscarriage, and are more likely to deliver a sick child, or experience a still-birth.
Critical vaccines, blood pressure checks, cholesterol screenings, depression or mental health screenings, substance abuse support, etc., are all critical to prolonged health. Further, those that do not get preventative screening are more likely to develop serious conditions related to sexually transmitted diseases, obesity, smoking, tuberculosis, etc.
Per capita, the United States spends an estimated two times as much on healthcare than other high-income countries such as France, Sweden, Japan, and Switzerland among others. And for whatever reason, doctors in the United States are paid more than in other countries, medications are more expensive, and hospital services, diagnostic tests, etc., tend to cost more. Thus, most people are unable to pay for healthcare on their own, and therefore the need for insurance is imperative.
The Affordable Care Act (ACT) of 2010 had three goals:
- Make health care affordable to more people
- Expand Medicaid to that adults with income below 138% of the poverty level
- Support innovative medical care delivery methods
So, if you are unemployed or self-employed and don't have insurance benefits through an employer, or perhaps you don't have insurance for other reasons, there are ways to find health insurance at a low cost.
The first thing you should do is visit the healthcare.gov website. Generally, open enrollment for coverage starts on November 1 of each year. But if November has come and gone and it is several months before it will roll around again, you will need to understand if you have a qualifying life change that will allow you to sign up now.
Qualifying life changes include marriage, divorce, the birth of a child, or loss of other coverage.
The site will provide you with the various options available to you, based on where you live. The challenge will be in comparing the various plans, as you will need to look at more than just the cost.
However, all plans should cover at least the following:
- Outpatient or inpatient care at a hospital
- Visits to the emergency room
- Before and after care tied to the birth of a child
- Mental health and substance abuse related services
- Prescription drugs (this does not mean there will not be an out-of-pocket cost)
- Injury recovery services
- Lab tests and preventative services
- Dental care and vision care for children
Depending on where you live, you will find that you can choose amongst bronze, silver, gold, or platinum plans.
Premiums will vary according to plan. To determine which low-cost health insurance plan is best for you, you will need to think through any medical costs that you have assumed over the last several years.
Be sure to take into account pre-existing medical conditions that require continuous care such as diabetes, high blood pressure, etc. If you are anticipating a significant medical expense in the near future, you will likely want to consider one of the higher rated plans which will pay a higher rate of your expenses.
Before you buy, be sure to check other websites as well. Other resources include eHealth, Getinsured.com, and GoHealth.
As with any large purchase, it is important to shop around. Once you have reviewed the key websites, do a comparison of the plans that seemed to best align to your needs. Then, think through whether or not the plans you have researched will allow you to go see the same doctor you have seen in the past, and whether or not that is important to you. Also, think through how far you will have to travel to get care.
Consider if the provider you are looking at is accepting new patients (this might require some time on the telephone). While calling various providers, be sure to also inquire about how long it takes to be seen as some providers often book up quickly and can't see you for a few weeks.
If you do your homework, you will benefit in the long run and your health will be rewarded. Physicians want to help you stay healthy and they never want to turn you away, but sometimes this is not their decision.
You will best protect yourself and your family by getting the appropriate level of insurance for your particular situation. Low cost health insurance is obtainable, as long as you know where to look.
