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How to Find Low Cost Medical Insurance | JT Insurance Services

How to Find Low Cost Medical Insurance

Posted on 29. May, 2014 by in Insurance

Starting in 2014, the Affordable Care Act is providing individuals with tax credits to help them pay for health insurance. In addition, in many states Medicaid has been expanded, making coverage that once seemed impossible to obtain now available for little or nothing. If you live in a state that did not decide to expand Medicaid, do not despair. There are still low cost medical insurance options to meet every budget.

To be eligible for the tax credits, you must: be a legal resident or citizen; buy your insurance through the Exchange, or Marketplace, provided by your state; earn between approximately eleven thousand and forty-five thousand dollars per year if you are single and between twenty-three thousand and ninety-four thousand dollars per year if you have four people in your family. Check the HealthCare.gov website for the most current income limits and requirements.

If you make less than the lowest amounts listed above, and your state expanded Medicaid, apply for it as soon as possible. If your state did not expand Medicaid, you will need to look for low cost medical insurance on your own. This may seem to be a daunting task, but take heart. There are many options available to provide you and your family with the help you need to take care of your healthcare needs.

The most inexpensive medical insurance policy is usually a “catastrophic” plan. These plans have low premiums and high deductible. Often preventative health care is completely covered, but illnesses or injuries are not covered until you have been billed and paid for your deductible. This kind of low cost medical insurance is best for healthy individuals under 30 years of age who do not need to go to the doctor very often.

Crunch the numbers for your individual circumstances. If you need to see a doctor more than three times per year, it may be less expensive for you to choose a plan where you pay a little more in premiums each month but also have a lower deductible.

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