Cheap Health Insurance Plans For Individuals and Small Groups
If you’re looking for cheap health insurance, there are many options available. The right plan for you will depend on your medical expenses and your household income.
To help you find the best coverage, MoneyGeek analyzed rates for plans sold through the New York state exchange. This includes premiums, deductibles and out-of-pocket maxes for each metal tier.
Bronze
Bronze plans are a type of low-value health insurance plan that is available through the individual health insurance market. They are typically cheaper up front than higher-value plans, but they have a high deductible before meaningful coverage begins.
They are a good choice for people who don’t need a lot of healthcare services or who have low-incomes and qualify for cost-sharing subsidies. These subsidies make your deductible, copays and coinsurance lower so you pay less when you use your health insurance.
Silver
Silver plans have moderate monthly premiums and low out-of-pocket costs when you receive care. They are the most popular metal tier in the ACA marketplaces.
Silver level plans also offer extra savings on out-of-pocket health costs, called cost-sharing reductions. Unlike premium subsidies, cost-sharing reductions do not need to be reconciled with taxes when people file their returns.
Moreover, some insurers offer variations of the standard silver plan to meet cost-sharing reduction levels at different income levels. These variations may differ substantially in terms of the deductibles and co-payments charged to enrollees.
Gold
If you have good health and tend to use medical care regularly, a gold plan may be the right choice for you. These plans pay for 80% of your medical costs, while you’re responsible for paying the other 20% via copays, deductibles and coinsurance.
Gold plans can be purchased through the marketplace (exchange) in your state or directly from an insurance company. They usually cost more than silver plans, but are often less expensive than bronze plans.
Platinum
Platinum health plans are the highest tier of standardized plans available in the individual and small group markets. They cover the highest percentage of healthcare costs, but also come with the highest premiums.
For someone who needs to use a lot of medical services, a platinum plan can be worth it. However, it may not be a good choice for everyone.
Choosing the right level of coverage is a very personal decision. It should be based on your needs, budget, and financial situation. eHealth can help you determine which type of plan is right for you and your family.
Medicaid
Medicaid is a federal-state program that provides medical assistance to low income children, pregnant women, elderly people and individuals with disabilities. To qualify, you must meet specific eligibility requirements tied to your income and household size.
The federal government matches a fixed percentage of state spending on Medicaid. The amount varies by state, but the average is around 57 percent. The majority of Medicaid beneficiaries are enrolled in private managed care plans. Managed care is a risk-based system that coordinates services, costs, and quality of care for enrollees.
Short-term health insurance
Short-term health insurance plans are available in most states to provide temporary health coverage when you need it. They typically provide emergency hospital visits, some prescription medications, and doctors’ appointments not related to a pre-existing medical condition.
However, these non-ACA plans don’t cover many of the essential health benefits that are required under the Affordable Care Act (ACA). Some exclude preventive services like cancer screenings, maternity care and mental health and substance use disorder treatment.
In some cases, these non-ACA plans also have high deductibles and may not include coverage for prescription drugs. They often have lifetime and annual dollar limits on health benefits.
Private health insurance
Individual health insurance plans are a good option for people who need a plan that is more flexible than an employer-sponsored plan. ACA-compliant private health plans can save you money on routine doctor visits, prescription drugs, preventative care, hospital stays, and more.
There are different types of plans available on the Marketplace, including POS (Preferred Provider Organization) and HMO (Health Maintenance Organization). These have lower out-of-pocket fees if you use doctors, hospitals and other medical providers in their network. However, they often require a referral from your primary care physician before you see a specialist.
