Are you looking for affordable health insurance but unsure how to afford it? Don’t worry, there are programs available to help individuals at any income level obtain health insurance coverage. Benzinga has compiled a guide to assist you in finding the right health insurance plan to meet your needs.
To move forward, it’s important to find a suitable health insurance company and plan that matches your requirements. Begin by reviewing the list of health insurance companies below.
While Cigna provides coverage for essential medical care and dental insurance, it’s important to note that the company doesn’t offer health insurance in all states. Additionally, Cigna offers telehealth services to its members, which allows for convenient access to medical care through phone or video chat. This service can be particularly useful for managing routine medical issues that can be addressed on a schedule that’s convenient for you.
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BlueCross BlueShield provides coverage to customers across the United States, which can be reassuring if you prefer a well-known health insurance company. Additionally, their website offers resources to help you understand health insurance and access the best healthcare for your needs. However, it’s important to keep in mind that BlueCross BlueShield has local office subsidiaries that vary between states, so it’s crucial to determine who will manage your plan after you purchase one if you are considering a BlueCross BlueShield plan.
UnitedHealthcare is among the largest health insurance companies in the United States, providing access to a wide network of healthcare providers across various specialties. This network often includes the doctors you currently visit, making it easier to transition to a new health insurance plan. Having a health insurance company that includes your preferred healthcare providers can simplify the process of finding a suitable health insurance plan.
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As individuals get older, health insurance companies typically increase their premiums, making it crucial to compare plans from different providers to find the most favorable quotes. One option to consider is Kaiser Permanente, which offers premiums that are typically below average when compared to other providers, especially for older individuals. Additionally, Kaiser Permanente provides dental, vision, and Medicare insurance options in addition to individual health insurance plans.
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Molina has a track record of offering healthcare services to lower-income individuals and families. Although Molina is not available in every state, it has a considerable network of providers in the states where it does offer health insurance, and its premiums are often lower compared to other providers. Furthermore, Molina provides wellness services, including discounts for programs designed to help you achieve weight loss and quit tobacco use, which can help you save even more.
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FAQs Related to Best Health Insurance for Low Income in the USA
Q. Who Qualifies for Low-Income Health Insurance?
Several factors determine whether you qualify for low-income health insurance, such as:
Your household income: If you’re married or in a domestic partnership, you’ll need to provide the combined income of both you and your partner.
The size of your family: This includes yourself, your spouse, and anyone you claim as a dependent on your taxes. It’s important to count everyone in your family, even if you’re the only one who needs health insurance coverage.
Health-related factors: You may qualify for low-income health insurance programs if you have a disability or if you’re pregnant.
Q. How Much Does Low-Income Health Insurance Cost?
To determine the cost of your health insurance, you need to consider several factors. Here are a few key terms you should know that account for a portion of your health insurance costs:
- Premium: This is the amount you pay to keep your policy active, usually on a monthly basis. If you are eligible for a tax credit or subsidy, you can reduce the cost of your premium.
- Deductible: The deductible is the amount you must pay out of pocket before your health insurance company starts covering your medical bills. To have your health insurance contribute to your deductible, you must receive medical services at a provider covered by your health insurance plan.
- Coinsurance: Some health insurance plans require you to pay coinsurance for your covered medical services. This means that you are responsible for paying a certain percentage of the medical bill, while your health insurance company covers the rest.
- Copay: Instead of coinsurance, some health insurance plans may use a copay system. Copays are a set dollar amount you pay after you’ve met your deductible, and your health insurance company covers the rest of the bill for your covered medical services.
- Out-of-pocket maximum: Your health insurance plan will also include an out-of-pocket maximum, which is the most you will have to pay for your medical services. If you meet your out-of-pocket maximum, your health insurance company will cover 100% of your covered medical expenses until your plan expires. The out-of-pocket maximum resets at the beginning of a new plan year.
All of these factors contribute to the cost of a health insurance policy. Health insurance companies determine the amounts for each factor. Generally, plans with lower deductibles come with higher premiums, and plans with higher deductibles have lower premiums. While health and medical history cannot be taken into consideration, health insurance companies can legally consider:
- Age: Typically, the older you are, the higher your health insurance premium may be.
- Family enrollment: If your plan covers more than one person, the health insurance company may charge you more.
- Location: Your premium can be affected by where you live. State and local regulations, as well as the cost of living and competition, can all play a role.
- Plan category: There are five plan categories: Bronze, Silver, Gold, Platinum, and Catastrophic. Each category has its own benefit levels. For example, bronze plans typically have higher out-of-pocket costs, while platinum plans offer lower out-of-pocket costs with higher premiums.
- Tobacco use: Health insurance companies are allowed to charge more for health insurance premiums if you use tobacco.
The average monthly premium for an individual in the United States is $440. If you qualify for low-income health insurance, your monthly premium may be as low as $0.
Legalities Surrounding Low-Income Health Insurance
Understanding the rules for low-income health insurance is crucial, as you can only maintain coverage if you continue to meet the eligibility requirements. Any changes in your income, household size, or disability status must be reported to your health insurance provider.
If you purchase a health insurance plan through the Marketplace, any changes to your income can affect your eligibility for tax credits. An increase in income may disqualify you from receiving tax credits, while a decrease may allow you to qualify for more significant tax credits or other health insurance programs.
Losing a household member may also affect the amount of savings you qualify for, and failing to report this change may result in the need to repay the savings when you file your tax return. Conversely, adding a household member may make you eligible for Medicaid or the Children’s Health Insurance Program (CHIP) and can also lower your monthly premiums.
Q. Which Low-Income Health Insurance Option is Right for Me?
To identify the most suitable low-income health insurance option, you can follow these steps:
Visit the appropriate Marketplace website for your state and complete an application form, providing accurate information. If you have any questions, contact Marketplace’s customer service team.
Q. Review the quotes provided to you based on your application.
Determine which health insurance plan fits your budget and offers the amount of coverage you need. Consider your frequency of medical provider visits and prescription fills. Compare the out-of-pocket expenses you would be responsible for, such as deductibles, coinsurance, and copays, in relation to each plan’s premium.
Once you have compared multiple health coverage quotes, fill out the application form to proceed.
Q. Is health insurance required?
Although the federal mandate requiring health insurance is no longer in effect, some states have implemented their own mandates. However, even if you’re not required to have health insurance, having coverage can safeguard your family from high healthcare expenses and provide more predictable coverage for routine medical expenses. You can receive a quote from our top providers to find the most affordable option for you.
Q. What does health insurance cover?
The majority of health insurance plans offer coverage for the 10 essential health benefits mandated by Obamacare, such as preventive and wellness services, prescription drug coverage, emergency services, ambulatory services, lab services, and pediatric services, among others. While some plans cover a broader range of medical expenses, they may be more expensive than basic plans or have higher out-of-pocket costs for certain services. Get a personalized health insurance quote today to ensure that you and your family are covered.