What is the cheapest health insurance you can get in the United States?

The average price of individual health policies in the USA is approximately $574 per month in 2018, a fairly high amount. Therefore, many people wonder if there are affordable health insurance plans. Let’s see next what is the cheapest health insurance you can get in the united states.

IMPORTANT: Health care expert Shelby George, senior vice president of Advisor Services at Manning & Napier, warns that we should be very careful before signing up for a plan.

Shelby George explains that industry jargon, complexity, and misunderstandings make it difficult to purchase insurance policies. Therefore, it is necessary to spend several hours to fully understand what we are going to get and what we must pay.

If you are looking for a health insurance plan that is affordable but at the same time suits your needs, you should consider the following points:

What suits to you:

  • Medicaid: It’s free or low cost if you qualify
  • The IRS premium tax credit, which can offset or fully cover the cost of your policy
  • An affordable short-term policy, as IRS rules currently allow you to keep one for up to a year.

What you should avoid:

  • Policies that promote themselves as “low cost” but are actually not (remember that the national average health insurance premium is about $574 per month)
  • Income limits that can disqualify you from Medicaid
  • Extremely limited coverage offered by short-term policies
  • The fine print: Insurance policies often have complex rules and many exclusions
The cheapest health insurance in the United States

What is the cheapest health insurance you can get in the United States?

Nowadays, The cheapest health insurance you can get in the United States is Medicaid., a government program that aims to offer free or low-cost coverage to those who qualify.

Medicaid is for low-income people who cannot pay their medical bills. The general guidelines of this health program are established by the federal government, each state has its own rules. Therefore, your state may require you to pay a portion of the cost of some medical services.

To apply for Medicaid, you must meet certain requirements related to:

  • Your age
  • Whether or not you are pregnant
  • If you are disabled or blind
  • Your income and resources
  • Whether or not you are a United States citizen
  • your immigration status

However, if you need coverage but don’t qualify for Medicaid, don’t worry. There are other alternatives to obtain cheap insurance.

Can you get free health insurance?

Although it may be hard to believe, some people will be able to get free health insurance. Read carefully what we explain below.

Those who qualify for the Affordable Care Act health insurance subsidy will be able to take advantage of a tax credit that is applied in advance to reduce the amount paid for the monthly health insurance premium.

To get the subsidy, you must apply and buy a plan through your state’s health insurance exchange, also known as the Health Insurance Marketplace. The amount you receive will depend on the estimated household income you included on the Marketplace application. Generally, you must earn between 100 and 400 percent of the federal poverty level to qualify.

If you qualify for a subsidy, the Marketplace can send the credit directly to your insurer, who will apply it to your monthly plan premium. In some cases, you may not have to pay any health care costs. Each state has different rules and costs, but it’s worth looking into this before evaluating any other alternatives.

Is a short-term policy recommended for you?

On February 20, 2018, the Trump administration proposed a plan to ease regulations on short-term health insurance. Previously, the Obama administration had limited short-term health insurance policies to 90 days. But nevertheless, the new plan allows for short-term policies of up to one year.

These policies do not cover you for pre-existing conditions, that is, those that occurred before you purchased the policy. But if you develop an illness during the term, you will be covered for the rest of the year. This was explained by Nate Purpura, vice president of marketing for individual and family products at the insurer eHealth.

Short-term policies offer limited benefits compared to Affordable Care Act health insurance marketplace policies offered by each state.

Coverage is limited to maternity care, mental health, substance abuse, and may be denied for people with pre-existing conditions. But, in general, they cost less than comprehensive unsubsidized policies. For example, a 35-year-old could purchase a short-term deductible policy for about $100 per month.

Can you combine health insurance policies?

Another alternative that could be cheaper is to insure yourself through several plans, but it could also get more complicated. For example, you could try combining traditional indemnity insurance, designed to pay a flat daily benefit if you’re hospitalized, with a short-term medical plan that includes multiple doctor visits for a minor.

But nevertheless, These types of arrangements can have negative consequences. According to Ms. George of Manning & Napier, consumers manipulated such arrangements on their own, with sometimes problematic results. In some cases, people had to file all claims with all insurers in order to recover the most money possible. That got complicated, so the company recently implemented bundled plans with individual insurers to make the claims process easier.

Finally, we recommend that you invest the necessary time to fully understand the service you will get and what you will have to pay, before choosing a health insurance plan.

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