Finding low health insurance rates can seem like a futile exercise. There are so many things to consider that it can get overwhelming very quickly. However, there are several ways to keep from spending too much for quality health coverage. Unfortunately, you can’t get any younger, but here are 5 other ways to get low health insurance rates.
Increase Out of Pocket Limits
Insurance is handing the risk of a loss over to someone else in exchange for paying a premium. The more risk you take on for yourself, the lower the premium that you will pay. In the health insurance world, you do this by choosing a plan that has high out of pocket limits. Increasing things like deductibles and copays will mean that you will pay more if you need medical services, but the monthly health insurance rates you pay will be lower.
Join Your Employer’s Plan
If your employer offers a plan and you are eligible, it can make sense to join their plan. The Patient Protection and Affordable Care Act (PPACA), also known as Obamacare, sets limits on the amount that an employer can charge its employees for a health insurance plan. It also makes sure a group plan has essential benefits. So while not every group plan will be the perfect plan, you can find a plan with low health insurance rates.
Health Insurance Marketplaces
The Affordable Care Act created health insurance marketplaces where individuals and small businesses can go to easily compare health insurance plans and premiums. If your employer does not offer you a benefit plan that meets minimum standards, you are eligible for a subsidy to help offset the cost of a medical insurance plan that you buy on the marketplace. These subsidies are tax credits and can really help to lower the cost of the health insurance rates that you pay for your insurance.
Your Parent’s Plan
PPACA also made it mandatory that children be allowed to stay on their parents plan until they reach age 26. Many times, someone can add their child to the benefit plan for just a small amount. If another child is already on the benefit plan, then the health insurance rates will usually not even increase since the parent is either on an Employee + Children or Employee + Family plan to begin with. So in essence, someone can get free health insurance by enrolling in their parent’s group plan.
Hire an Insurance Broker
If you do not have a group plan to join and you cannot find a satisfactory plan on the exchanges, then it might be a good idea to hire a health insurance broker. Comparing a multitude of plans from a multitude of insurance companies can be too much to handle, but for an insurance broker, it is just another day. Brokers have insider knowledge of the insurance industry and can quickly and efficiently find options for comprehensive coverage with good health insurance rates much better than the rest of us.
Health insurance rates are not going to be cheap, but these five methods can help you find low cost health insurance.