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Being enrolled in a medical insurance plan is an important step to take to protect your health. Still, many Americans are uninsured because of the costs associated. There are ways to find affordable health insurance if you know how to search for it. This page is a guide on how to find a cheap medical insurance.
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Introduction
- Even if you consider yourself healthy, you never know when you will need health insurance. The need for medical care or expensive medications can occur suddenly. Having health insurance is also an important preventive measure to protect your health. Unfortunately, health insurance usually comes with an expensive bill in the mail every month. However, there are ways to save money on health insurance.
Step 1: Medicare and Medicaid
- If you want health insurance but don't think you can afford it, you have probably already concluded that you don't qualify for Medicare or Medicaid. This page will therefore only provide a brief overview of the two.
- To qualify for Medicare, you usually need to be over 65 years old. Some people with disabilities or a permanent kidney failure treated with dialysis or a transplant also qualify.
- To qualify for Medicare without having to pay a premium you have to meet requirements of years of work experience in the U.S.
- The eligibility requirements from Medicaid differ from state to state, as it's a joint program between federal and state governments. Even if you are employed, you might qualify for Medicaid.
Step 2: COBRA
- First, check if you qualify for COBRA, an abbreviation for the consolidated Omnibus Budget Reconciliation Act.
- COBRA can allow you to continue to be enrolled in a health plan previously provided by your former employer.
- COBRA can also allow you to stay enrolled in your parent's health insurance plan when you start college.
- You (or your parents) will have to pay the premiums.
Step 3: Short-Term Health Insurance
- You can usually find better rates by signing up for a short-term healh insurance plan.
- They are similar to regular health insurance plans but can offer reduced rates because they limit the amount of time you can be enrolled.
- Short-term health insurance could work if you know you will need health insurance for a limited amount of time, such as before starting a job where health insurance is one of the benefits.
Step 4: Group Discounts
- The price of a health insurance plans is usually much cheaper for a group than individuals. Research ways that you can get a group discount on a health insurance.
- You will have to pay the premium, but at a reduced price.
- Organizations sometimes offer group health plans based on membership.
- If you are a member of an alumni organizations or other groups, ask if they offer any health plans.
- If not, suggest that they do.
Step 4: Standard Health Insurance
- Although standard health insurance rarely is the best option for savings, there are ways to get reduced rates on standard health insurance plans.
- Make sure to enroll the whole family in the same plan, as the price for each family member will be lower than separate enrollments.
- Compare different health plans and their prices, but be aware that a lower-priced plan means less coverage, higher co-payments and higher deductibles and out-of-pocket costs.
- Premiums are typically lower for HMO plans.
- Marriage is not always required to enroll in a plan together with your partner. Some health insurance companies offer the option to sign up in a family plan if you and your partner have lived together for a certain amount of time.
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