Finding cheap health insurance can seem impossible when you consider the average cost of coverage. The monthly premiums alone are enough to place a financial burden on many families. When you factor in copayments and coinsurance, it isn’t hard to see why. In fact, Americans spend an average of $10,000 to $15,000 on health care each year.
Fortunately, there are many options to find cheap and affordable health insurance for you and your family. If you don’t have employer-based health insurance or cannot afford private coverage on your own, you may benefit from one or more federal government healthcare programs.
If you are looking for cheap health insurance plans and coverage options, there are many places to look. Depending on your income, employment status and other factors, you could even qualify for discounted rates.
Low-cost health insurance is often available from the following entities:
- Employers – This is known as employer-based health insurance.
- Health Insurance Marketplace – This is an online resource you can use to find health plans and programs you qualify for.
- Insurance providers – You can search for coverage plans from dozens of insurance providers around the country.
If you have a job, health insurance may be included as part of the benefits package. Employer-sponsored plans are often the least expensive health care option because the employer is paying at least half of the premium. You may even qualify for this type of coverage through your spouse’s job.
If you don’t qualify for coverage through you or your spouse’s job, or if you are self-employed, you can purchase health insurance on your own. The Health Insurance Marketplace is a federal resource that has information about several health insurance programs and plans. You can use the Marketplace to find and purchase a plan. Depending on your household income, you may also qualify for discounted health insurance premiums.
Anyone can use the Marketplace insurance resource to find health care coverage. If you don’t qualify for discounted premiums, you may still be able to save hundreds – even thousands – of dollars in medical expenses by purchasing insurance on your own.
There are also federal health insurance programs created to help certain vulnerable populations.
Programs are available for:
- Senior citizens.
- Low-income individuals and families.
- Individuals with certain health conditions.