When you require health insurance, it can be overwhelming to know where to begin. Fortunately, there are numerous ways of finding affordable coverage.
Most Americans obtain group health insurance through their employer. This option tends to be more affordable than purchasing individual health insurance plans on the marketplaces.
1. Get Covered Through Your Employer
Finding affordable health insurance doesn’t have to be difficult if you look into options through your employer. But keep in mind that any plan offered by an employer only meets the minimum legal requirements set forth by law.
If your employer’s plan is unaffordable, you may be eligible for a subsidy on an individual plan through your state’s Marketplace or even Medicaid eligibility.
You can compare plans and options during the annual Open Enrollment period, which typically runs from mid-November to early December. Register or log in to Blue Access for MembersSM, our secure member website, for a personalized search experience tailored to your health plan and network.
2. Get Covered Through Your State’s Marketplace
The Affordable Care Act (ACA) created the health insurance marketplace, providing Americans with a single point of entry to purchase health coverage. It also offers financial assistance so those who qualify can afford to buy an approved plan.
In some states, the Marketplace is run by the state. These State-Based Marketplaces (SBMs) have more control over consumer outreach and oversight of participating plans.
The marketplaces are free and provide a range of health insurance plans for people without access to an employer-based plan or who cannot obtain one through the federal exchange. Most people who enroll in Marketplace plans will also enjoy some savings based on their household income and health status.
3. Get Covered Through Medicaid
If you’re low-income and in need of health insurance, Medicaid can provide coverage. This federal-state program offers various services depending on your age, financial circumstance, or family situation.
It’s also a program designed to aid those with disabilities, seniors and children. It provides an ideal solution for those who have limited income and assets.
Medicaid, unlike Medicare which is administered by the federal government, is a state-run program designed to assist lower income individuals.
In many states, Medicaid is primarily administered by managed care plans (MCOs). MCOs are contracted with the state to provide comprehensive healthcare to Medicaid beneficiaries and must ensure they have enough providers in their network to meet all of their members’ needs.
4. Get Covered Through Medicare
Medicare is a health insurance program available to people 65 and older, as well as some younger individuals with disabilities. It covers hospital and medical services as well as providing prescription drug coverage.
Original Medicare is composed of Part A (hospital insurance) and Part B (medical insurance). It provides for services like hospital stays, doctor visits, and some outpatient care. There are deductibles and coinsurance fees to pay as well.
Other Medicare options exist, such as Part C (Medicare Advantage) plans and Medicare Supplement Insurance (Medigap). These private insurance plans cover some of the costs that Original Medicare does not cover.
5. Get Covered Through a Short-Term Plan
Short-term medical plans can be an excellent option for temporary health coverage, but it’s essential to comprehend what is covered and how it works. Furthermore, be sure to factor in any out-of-pocket costs or maximums before you purchase a policy.
Most short-term plans do not cover preexisting conditions, maternity care, mental health services, substance use services or prescription drugs. Furthermore, these plans often have deductibles and waiting periods which can be difficult for those with chronic illnesses.
