Infographic of someone looking into affordable health insurance

How To Find Affordable Health Insurance & Key Considerations

Finding affordable health insurance might prove difficult. Individual healthcare coverage premiums add up, especially when someone has dependent children. With several insurance companies offering different plans and programs, it is not easy figuring out which ones offer the best-customized benefits.

Finding Affordable Health Insurance

When searching for a suitable plan, choosing the one with the lowest premiums is tempting. Someone should first check their general health status, along with their family’s. How often do they seek medical attention? It is important to put this into consideration to avoid extra costs in the future.

Additionally, stay aware of admission dates, which begin towards the end of the year. After open enrollment ends, people are ineligible to join these programs. They should apply if they qualify for an exception, such as leaving their job or losing access to their employer-based health care.

When discovering affordable health insurance that matches their needs, the following steps are recommended.

Check if You Are Eligible For Any Government-Funded Policies

There are three major government-funded insurance plans, each containing certain requirements and specifications for different groups. These policies are:

  • Medicare –  It offers coverage to persons who are 65 years old and above. This plan also covers specified young people who meet other qualifying standards.
  • MedicaidIt provides essential healthcare help to low-income people and families. Income and health care needs are the basis of the Medicaid eligibility criteria.
  • Children’s Health Program (CHIP) –  It provides complete health coverage to children without insurance access.

Work With a Health Insurance Agent

A broker is a good place to start if someone doesn’t know where to find a policy that fits. Insurance agents are helpful when you have preferences or general health concerns requiring specialized treatment. 

Acquaint Yourself With the Latest ACA Regulations

Familiarizing yourself with the main requirements of the Affordable Care Act (ACA) and any corresponding rules is a good place to start. For instance, if you meet the most recent requirements, you can get health insurance regardless of your general health. 

The policy also states that insurance companies can’t limit the number of times you get basic medical care over the course of your life. You have the right to preventive health insurance that costs very little or nothing. The Affordable Care Act (ACA) categorizes healthcare plans into four groups, which include:


Plans under this category are suitable when looking for emergency coverage. It has the largest deductible and the lowest monthly premium rates. Charges are higher when patients need care since it takes longer to meet their deductible. The patient and their insurance provider share the incurred medical expenses. They have to pay 40%, while the insurance pays 60%. 


The silver plan requires patients to pay at least 30% of the medical expenses, and the insurance covers up to 70%. A silver monthly premium is a little higher than that of bronze. This converts to slightly lower medical costs. 


This is a good option if the patient or their family frequently needs medical care. The premiums are a little higher, but the medical expenses are low. They have to contribute around 20%, while their insurance company covers more than 80% of the costs. 


This is the best option for anyone who needs regular treatment. It comes with the highest monthly premiums, but the medical charges the patient covers are the lowest. Their insurance company pays about 90% of the medical expenses, while they pay around 10%.

Consider Health Savings Account (HSA) and Flexible Spending Account (FSA)

A health savings account (HSA) is a tax-saving, health-specific fund that enables people to budget for medical costs. The saved money and debit card lower their medical expenses by paying for deductibles, copays, and coinsurance charges. Under this health plan, they cannot pay their monthly premiums.

The patient can have an HSA, despite their employment status. Once they reach the age of 65, they can decide to use the funds as a pension plan. After the HSA expiry, they are free to use the money any way they like without incurring any fees. 

A flexible spending account (FSA) is an account provided by someone’s employer to pay for medical expenses. Their employer funds the account using pre-tax dollars deducted from their paycheck. Use the funds together with a paired debit card to pay for out-of-pocket medical costs. 

With FSA, there are higher chances that the amount someone saves doesn’t carry over to the following year. This is a disservice to the patient when the specific deadline reaches before using funds. 

Look For Short-Term Insurance Policies

Short-term insurance plans are cheaper than other plans found in the marketplace. They are usually exempt from ACA regulations. Search online for the available short-term policies and identify one with the best options. A health insurance policy helps during an emergency when someone doesn’t have ready cash to foot the hospital bills. A short-term policy works fine if they feel the available plans are not affordable. 

Key Considerations in Finding Affordable Best Health Insurance

There are several health insurance plans available in the market. Knowing the available options is essential before settling on one. Some things to consider before identifying a plan are:

Compare Yearly Costs and Premiums 

Premiums are what the person pays each month for their coverage. Annual costs are the sum of their monthly premiums for the whole year. Each insurance company has its own premium amount and number. It’s important to know these costs when looking for the best plan that fits a budget.

In-Network vs. Out-of-Network Coverage

If someone has “in-network” coverage, it means their health care provider has an agreement with their insurance company on the amount they will charge. Out-of-network coverage means that the person’s healthcare provider is not in a contract with their insurance company.

Their doctor and plan’s coverage affect the medical expenses they incur. While some policies only pay for in-network care, others cater to both covers.

Seeking services from in-network doctors is less expensive compared to out-of-network doctors. Choose an insurance company with preferred healthcare providers in its coverage. Alternatively, go for an out-of-network coverage plan that is more flexible and accommodating. 

Out-of-Pocket Maximum 

This is the largest amount needed to pay for medical services annually. The patient incurs payments for any in-network service, including coinsurance, deductible, and co-payments. The insurance provider doesn’t consider the expenses incurred for any out-of-network service as part of the out-of-pocket maximum.

Most health insurance companies chip in when a patient reaches the out-of-pocket maximum. They assist by covering 100% of the person’s expenses throughout the remaining part of the year. Consider the out-of-pocket maximum and how much it can cover.

Settling For A Healthcare Plan With a Professional

Finding the best plan does not have to feel like an overwhelming task. Reduce the cost of healthcare by researching and finding the plan that suits both financial and health needs. Use the few pointers listed above or talk to the company’s HR department if enrolling through an employer. 

For individual or family plan coverage, talk to a broker or insurance agent. The agent guides people through the process and explains any confusing terms.

Related: What Does Health Insurance Actually Cover?

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