You’ve tried searching for affordable health insurance, cheap health insurance, reliable health coverage, even the best health insurance for the money. If you are shopping for an individual health plan, you might have an idea what you want or need from your medical coverage, but not know the exact product to search for. Here are the health care insurance plans you’re most likely to find.
This option, often called Obamacare, gets all the press. Per the ACA, everyone, with a few exceptions, must be covered by medical insurance that meets the ACA requirement of minimum essential coverage or potentially face a tax penalty.
Bottom line: ACA coverage is by no means cheap health insurance. However, if you need major medical coverage for an extended time or have preexisting medical conditions, an ACA plan may be your best option, especially if your income level qualifies you for tax credits and subsidies.
Short term medical insurance is sometimes called term medical insurance or temporary medical insurance. That’s because it’s designed to provide health care coverage during a limited series of months where you don’t have other coverage.
Bottom line: Have you lost or just rolled off some other coverage or do you need temporary medical insurance while you decide on a longer term solution? A short term health plan may be for you.
If you’re 65 or older, or are under 65 with a qualifying disability or condition, you are eligible for comprehensive medical insurance through Medicare.
Bottom line: If you’re approaching 65, or are younger and qualify, looking into your various Medicare options may be your best health coverage option.
A major medical insurance plan isn’t your only option. You can choose to add the following insurance plans to help with some costs that aren’t covered by your main medical insurance.
Hospital and doctor fixed indemnity insurance, often called fee for service insurance or fixed benefit insurance, pays a set amount of money after you receive specific covered medical services.
Bottom line: Worried that high deductibles or other out-of-pocket costs from your main health plan will turn it into less affordable health insurance for you? A fixed indemnity plan might help.
Bottom line: If you’re worried that injury or illness might strain your finances, adding one of these plans to your health care coverage may be in order.
1 Short term health insurance does not meet minimum essential coverage requirements, meaning signing up for this coverage may result in a tax penalty. Plans are subject to health underwriting, and do not cover preexisting conditions.
2 Plans are insured through UnitedHealthcare Insurance Company or one of its affiliated companies, a Medicare Advantage organization with a Medicare contract. Enrollment in the plan depends on the plan’s contract renewal with Medicare.
3 THIS PLAN PROVIDES LIMITED BENEFITS. This is a supplement to health insurance and is not a substitute for the minimum essential coverage required by the Affordable Care Act (ACA). Lack of major medical coverage (or other minimum essential coverage) may result in an additional payment with your taxes.
Last Updated: 02.09.2018 12:01AM ET Y0066_171215_053222 Accepted