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 in some states.
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.
Available in select states, TriTerm Medical is a limited duration short term insurance option designed to last for nearly 3 years2 over 3 terms. You apply once for longer length temporary insurance coverage that includes additional benefits traditional short term health insurance may not offer.
Bottom line: Need coverage for an extended time or looking for a more benefit-rich short term plan? A TriTerm Medical 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 medical insurance.
Hospital and doctor fixed indemnity insurance, often called fee for service insurance or fixed benefit insurance, pays a set benefit after you receive specific covered medical services.
Bottom line: Worried that high deductibles or other out-of-pocket costs from your health insurance 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 affect your budget, adding one of these plans to your health care coverage may be helpful.
Last Updated: 02.09.2018 12:01AM ET Y0066_171215_053222 Accepted
1 Short term health insurance does not qualify as minimum essential coverage as defined in the Affordable Care Act and may not cover all Essential Health Benefits in your state. Signing up for this coverage may result in a tax penalty. Plans are subject to medical underwriting, and do not cover preexisting conditions.
2 The coverage term is one day less than 3 years. In SC, plans are three 11-month terms. This coverage is not required to comply with certain federal market requirements for health insurance, principally those contained in the Affordable Care Act. Be sure to check your policy carefully to make sure you are aware of any exclusions or limitations regarding coverage of preexisting conditions or health benefits (such as hospitalization, emergency services, maternity care, preventive care, prescription drugs, and mental health and substance use disorder services). Your policy might also have lifetime and/or annual dollar limits on health benefits. If this coverage expires or you lose eligibility for this coverage, you might have to wait until an open enrollment period to get other health insurance coverage.
3 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.
4 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.
5 This is a limited benefits policy. It pays for critical illnesses only and does not provide coverage for any other medical conditions. You should maintain separate comprehensive health coverage.
6 This product provides limited benefits. This is a supplemental to health insurance and is not a substitute for major medical coverage.