Finding an Affordable Health Insurance Plan

What You Should Know to Get Quality Coverage at a Low Cost

No one needs to be told they should have health insurance. We all know it's best to stay covered. The good thing is that there are plenty of plans available. But finding an affordable health insurance plan that works for your budget can be a different story.

The good news is there are ways to find affordable health insurance plans. It's just takes a little smart shopping.

Compare Health Insurance Quotes Today!

Paying For Health Care — The Basics

A health insurance plan does 2 things: it gives you access to health care, and it makes sure that health care is affordable.

An affordable health insurance plan isn't a blank check for your medical needs, though. With any plan, you'll be responsible for some costs. So, which health plan costs should you expect?

• Premiums. This is cost of keeping your plan in effect. Premiums are usually paid on a monthly basis. When you're looking at plan premiums, keep in mind that what you're seeing is a base price for the plan. Your premium could be adjusted based on your age and health status. Insurance companies call this "rating." People who lead healthier lifestyles get more affordable health insurance premiums.
  
  
• Deductible. This is the amount you'll have to pay before your plan starts picking up the rest of the bill. A deductible can range from a few hundred dollars to several thousand dollars. And a lower deductible isn't always better — higher deductibles mean lower premiums. Ask yourself: would you prefer to pay more for your monthly insurance bill, or when you receive care?
  
  
• Copayments and Coinsurance. These are charges you'll have to pay for any specific medical service you receive. Copayments are fixed amounts — for example, a "$20 per Office Visit" means you'll pay $20 out of your own pocket for a routine trip to the doctor. Coinsurance is a similar cost, but expressed as a percentage — "20% of Non-Emergency Hospital Care," for example. Typically, affordable health insurance copayments and coinsurance run about $20 and 20%, respectively.
  
  
• Out-of-Pocket Maximums. Between your deductible, your copayments, and your coinsurance costs, staying healthy can be expensive. That's why health plans include out-of-pocket maximums, to keep your care affordable. Once you reach your out-of-pocket maximum, most health insurance plans will pick up 100% of the rest of your health care costs (though some plans have exceptions to this — see below).

Look For A Cheap Health Plan... Not Cheap Coverage

Before you buy a plan, one word of caution: every plan offers different coverage. Some very affordable health insurance plans won't pay for basic care, but pick up the bill if you need major medical coverage for emergencies, for example. Others will only pay for routine trips to the doctor or dentist, and prescription medications.

The point is that it's important to make sure you know what you're buying — and that the plan will cover your health needs.

One tip: The most affordable health insurance plans, or the least expensive plans, typically offer the least coverage. You'll have to balance the coverage you need with what you can afford.

Any time you look at a health plan, you'll want to pay special attention to what it includes and excludes. For example, one common exclusion on many health plans is maternity care. If you're not planning on having children anytime soon, you'll save money by enrolling in a plan that doesn't offer maternity coverage. But if there's a family in your future, you'll want to find a plan that includes maternity care.

To see exactly what a plan does and doesn't cover, flip to the back of a plan's brochure. You can compare plans and download brochures with our free online quote service to find affordable health insurance.

2 Crucial Parts of Any Health Insurance Plan

Near the back of every plan description you'll find 2 sections: the Outline of Coverage and the Exclusions and Limitations.

The Outline of Coverage tells you exactly what your plan will pay for. It will also tell you how much of your medical bills you'll be responsible for. There are 2 key things to keep an eye out for:

• Deductible waived means you won't have to pay toward your plan deductible before coverage starts. Many affordable health insurance plans will waive the deductible for routine care and basic lab work. (See above for more about deductibles.)
  
  
• Does Not Apply to Out-Of-Pocket Maximum means payments you make for certain services don't count toward your out-of-pocket maximum. So even if you've reached your yearly out-of-pocket maximum, you'll still be stuck paying the bill for certain services. So look closely to see which services have "Do Not Apply" next to them. (See above for more about out-of-pocket maximums.)

Once you've made sense of your Outline of Coverage, it's time to turn to the Limitations and Exclusions. This section can be hard to understand, and is almost always in fine print. But it's important to understand any plan's exclusions before you enroll. Otherwise, you could be in for a nasty (and expensive) surprise later on.

That's why working with a professional agent makes so much sense. It's easy to look at affordable health insurance plans and see the monthly cost, what the deductible is, or how much your copayments will be. But when it comes right down to choosing the best plan for your health needs — and your budget — nothing beats the expert advice of an insurance agent.

An insurance agent can take all that fine print and put it into plain-English. Agents can also help you see if an affordable health insurance plan is really affordable — the one with the lowest premiums might not be the one that saves you the most money.

Ready to find an affordable health insurance plan of your own? Get started with free quotes. Use our simple online form to see which plans are available in your state.

Browse affordable health insurance plans from leading health insurance carriers. Compare affordable rates and benefits. And when you're ready to narrow your search, let our network of licensed insurance agents help you make an informed health insurance decision.