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Affordabe Health Insurance Plans for Individuals

Finding health insurance as an individual can be a challenge. Numerous plans may appear somewhat alike. You don't want to overspend, but you don't want to skimp on coverage either. Consider your priorities. Would you rather have a low monthly premium or a low deductible? Would you prefer a restrictive network with more comprehensive coverage or a less comprehensive but more flexible plan? Decide what's important, and contact companies approved in your state to learn more about your options.

  1. Health Maintenance Organizations

    • Health Maintenance Organizations (HMOs) offer benefits to members if you stay within their network. They also cover out-of-network emergency care. Generally you have to choose a primary care physician (PCP), and you need a referral from your PCP to access specialists. These plans tend to be less expensive because of the network in place and restricted access to specialists.

    High Deductible Plans

    • A deductible is the amount you pay each year before your health insurance benefits begin. Typically, the higher the deductible, the lower the monthly premium. It's important to make sure you have the money to cover your deductible. One way to do this is through a health savings account (HSA). You can withdraw funds from HSAs without having to pay taxes on the interest earned, and you can carry a balance year after year. HSAs only work with specific, HSA-compatible high-deductible plans, so make sure your policy states that it is HSA-compatible. If you can set aside the savings, these plans can be an affordable option.

    Medicare

    • If you're age 65 or older and have worked enough quarters, you qualify for Medicare. Medicare itself covers hospitalization with Part A, and it covers other medical care with Part B. Part A has no additional premium; Part B does have a monthly premium that varies according to income. There are significant coinsurances, co-pays and deductibles with Medicare ($1,000 or more for an inpatient hospital stay, for example), so there are plans that work with Medicare to cover those gaps, including Medicare Supplements and Medicare Advantage plans. Even with the additional coverage, Medicare is a relatively affordable option, and it likely will cost less than an individual plan purchased before you qualified for Medicare.

    Medicaid

    • Medicaid is a health insurance program for the impoverished. You must be able to prove you have little to no income to qualify, but if you meet the criteria, Medicaid provides comprehensive coverage to you and your family with no monthly premium. The co-pay amounts are low, and Medicaid provides prescription coverage and nursing home coverage as well as major medical.

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