So you want to get the cheapest health insurance? Then keep reading. You will learn what the cheapest health insurances are, plus so much more help information so you can make the best health insurance choice.
Is the Cheapest Health Insurance Best For Me?
Is the cheapest health insurance the best? I can say with 99.99% certainty that the cheapest policy is not the best health insurance policy. But its about finding a balance of affordability and coverage. That balance is going to be different for everyone depending on what is affordable to you and the coverage level you either need or want.
How Do I Get The Cheapest Health Insurance?
The easiest way for you to buy the lowest cost health insurance is to talk with licensed experts such as ourselves. Have a conversation with us to discuss your needs and wants. Whether its a need for certain coverages or a need for a certain budget, we can help quote and enroll you into the coverage that is the best for what you are looking for.
What is the Cheapest Health Insurance?
There are going to be multiple answers to the same question, because there are some variables but we will try to keep it as simple as possible. Please keep an open mind about this. The health insurance industry is competitive, there isn’t one company that is always cheaper. One plan might be the cheapest for you but not for someone else and vice versa. The plan with the lowest monthly price might not be the cheapest plan for you either. Possible out of pocket medical costs related to the plan you choose, should be considered when determining whether its the cheapest or the best for you.
Lowest Monthly Cost
Often, the lowest monthly premium plans are looked at as the cheapest health insurance choice. However, a lower monthly price usually means higher “shared costs”. Shared costs are things like copays, deductibles, max-out-of-pockets, etc that you still need to pay even if you have insurance. If you pay a lower monthly price but then pay more out of pocket for medical services, is it truly the cheapest?
Lowest Overall Cost
If you are needing or expecting to need any specific medical services over the next 12 months, we highly recommend that you incorporate those things into the decision for your health insurance. Not just from a coverage perspective, but from a financial view. If you are needing any specific medical services, it is sometimes actually cheaper to go with a higher level policy that costs more each month, but it’s cheaper when calculating the overall cost.
So What is the Cheapest Health Insurance?
Generally, the cheapest type of health insurance policy is going to be a “limited medical” plan, also known as a “fixed indemnity”. These plans tend to be the lowest price, because they pay out fixed amounts for medical services, they are able to better predict their financial liability, so that means a lower price for you. The next cheapest option for health insurance is often an underwritten medical policy. These underwritten policies use your health to get a lower price. You don’t have to be in perfect health, just healthy enough without any major medical issues. There usually are no medical exams needed, it’s a very simple automated underwriting process. However, these underwritten medical plans will often have some exclusions on health services which may or may not be a deal breaker for you.
Lastly, Affordable Care Act (Obamacare) tend to be the most expensive health insurance policies when comparing normal prices. However, if you qualify for a subsidized price, then these Affordable Care Act policies start to become a lot more affordable. You still run into different coverage levels, so you need to be careful, but with a subsidized price, the higher coverage level plans are sometimes more attainable.