Tips to Find Cheap Individual Health Insurance Plan

Medical benefits along with discounts and cost-sharing that come with health insurance plans are worth paying the premium. Perhaps, not all individuals can find cheap health insurance plans that will fit into their budget. People need to find a cheap and affordable health plan that fits into their budget and provides good coverage too. No matter, whether it is open enrollment and individuals are trying to find a cheap plan, or they qualify for a special enrollment period, and wish to make changes in their current health plan, here they will find some useful tips that will help them find cheap and affordable health plans.

Research on Health Plan’s Rates after setting a Budget

Individuals should be aware of their annual healthcare spending, which they incur in their current plan along with monthly premium and out-of-pocket expenses. This is essential because it will help them know about their current spending on healthcare and will also help them compare the costs of new plans.  Individuals should also have an understanding of the coverage level they want. The total cost of health insurance includes premiums, deductible, and out of pocket costs. This will further help them find a good deal on the health insurance plan. Individuals having a good understanding of their current spending and searching plans after setting a budget will help them find a plan that best fits their health and financial condition.    

Check Out the Health Insurance Marketplace

Most of the states use the health insurance marketplace, HealthCare.gov, though some states have their marketplace website too. These government websites list plans covering essential health benefits that are mandated as per the Affordable Care Act. Initially, when these exchanges were rolled out, subsidies were offered by the federal government on individuals and family plan premiums for individuals with qualifying incomes. Though such subsidies are still available, the government no more compensate insurers under the Trump administration. Federal and state-specific marketplace sites are a great resource for finding cheap and affordable health plans, as they list only qualified plans.

The website HealthCare.gov allows individuals to compare up to three plans side-by-side. Individuals can also check plan details like covered prescriptions etc. before enrolling in a plan. After selecting a plan, they should make a note of their chosen plan otherwise they can lose track of it when filling out the enrollment forms. Though filling out the required information does take some time when enrolling, but the process is smooth and convenient.

Make Good Use of the Comparison Websites

There are many health insurance comparison websites that serve as great tools while exploring health insurance options. Individuals can wisely use these comparison websites to find a cheap and affordable health plan. These websites list a large number of health insurance plans and individuals have the opportunity to purchase the coverage that they need and can save their money by not opting for the coverage which they do not need. Individuals should carefully check the plan details to know about the cost and coverage.  

Listing plans of multiple health insurance companies, these websites turn extremely useful and offer great value to individuals visiting the site, and generate leads and sales for the insurers and insurance agents. However, individuals need to be selective and carefully chose a comparison website that shows them plan options without asking them to provide their contact information. People can use these comparison websites to compare individual and family health plans, short-term plans, catastrophic plans, and marketplace plans from more than 200 companies. 

 

These comparison websites have licensed agents too with whom individuals can connect online or through the phone to understand their options in a better way and seek an answer for their queries related to health plans.

 

With a good understanding of the market rates of the health plans, and after setting a reasonable budget along with the use of comparison websites, people can simplify their search for an affordable and cheap individual health insurance plan. Individuals are save from the hassle of looking at websites of different insurance companies separately. These tools help people find a plan that best fits their budget and health needs.