How to Find Cheap Health Insurance for Individuals and Families

Individual and Family

How to Find Cheap Health Insurance for Individuals and Families

Published on March 28, 2018

Share

When most people picture the American dream, they imagine owning a house, a car, and maybe a business. But insurance for medical coverage is every bit as important to financial security and success, and for some people, it may seem like too expensive of a cost to shoulder. While many people get health insurance from their employer, it’s not always an option. If you don’t get affordable health insurance from your employer, don’t give up on finding cheap health insurance as an individual. If you’re looking for cheap health insurance on your own, doing your research and weighing the benefits of many different plans can help you find a plan that works for you, and doesn’t break your bank.

How can I find cheap health insurance?

Finding cheap health insurance doesn’t have to be hard. You can make the process easier by using a web-based broker that provides free quotes and enrollment all in one place, like eHealth. Additionally, knowing what you’re looking for can be helpful, since different plans could end up being cheaper for different people. Let’s look at some of the costs that come with most health plans for individuals:

  • Premiums– Premiums are the monthly fees you pay to maintain your cheap health insurance. Premiums for plans purchased on Affordable Care Act marketplaces are often eligible for subsidies, meaning you could get help from the federal government depending on your income level.
  • Deductibles– A deductible is money you must pay out of your own pocket before your insurance kicks in. Say you purchase a cheap health insurance plan with a $1,000 deductible, and then incur $5,000 worth of medical bills. You must pay the first $1,000 by yourself, but your insurance will cover the remaining $4,000.
  • Coinsurance– Coinsurance is the percentage of covered health expenses that you must pay. Say that your cheap health insurance policy has 15 percent coinsurance, and you rack up $1,000 in health bills beyond your deductible. You’ll have to pay $150, while your insurer will pay the rest.

In general, the lower your premiums are, the higher your deductible and coinsurance might be. You must thus consider all three when seeking cheap health insurance. You should also take your likely health needs into account. For example, if you enjoy hazardous sports, you’re at a heightened risk of injury. It may be worthwhile to pay higher premiums in exchange for a cheap health insurance plan with lower deductibles and coinsurance.
Besides these costs, don’t overlook the health benefits of your medical coverage. Quality health plans for individuals and families should pay for prescription drugs, doctor’s visits, and other key products and services. These are called “essential benefits” which were outlined by the Affordable Care Act. You can buy a health insurance plan that doesn’t have all these benefits, but it will not be an ACA plan, and you might face tax penalties for not having ACA-compliant coverage. After 2018, you will no longer face a penalty if you don’t have minimum essential coverage.
What's covered by Qualified Health Plans

Where can I get cheap health insurance?

If you are looking for an easy way to get cheap health insurance, make sure to check out eHealth to get a comprehensive idea of what’s available to you. eHealth has free quotes for over 180 companies. You can compare prices on different plans from several companies, and see what plan works best for you.

The shopping and enrollment process can all be done on eHealth, and you won’t even have to deal with the insurance company—we will continue to be your advocate even after you’ve purchased your individual health insurance plan. If you want to reduce the time you spend searching for an affordable health insurance plan, look no further—we’re here to do the hard part for you.
Remember that each plan has its own terms and limitations, so be sure to check the official plan documents to understand how that specific plan works.  This article is only for general education.

We’ll let you know when we publish anything new.