Affordable Health Insurance Quotes and Cheap Plans
Healthcare insurance is crucial for you—and your family. It protects you from incurring losses due to accidents, disability, medical expenses, or accidental death. The wizards behind MoneyWizard.co can help you find health insurance plans that fit your budget and your family.
Compare Health Insurance Quotes
What’s the best health insurance plan for you? The answer to this depends on many variables. Your income, habits, age, and geographical location must be considered. These factors can complicate the process of finding the right health insurance policy to purchase. With the help of MoneyWizard however, you will get health insurance online. We do the research, and provide a comprehensive way for you to compare health insurance quotes. It’s not quite magic, but it’s close!
Get the Best Health Insurance Rates
In the US, choosing a health insurance plan can be overwhelming—especially when your budget is limited. Despite this, our wizards can help you get the best health insurance rates in the marketplace. We will help you discover alternatives, understand what you need, compare costs and ultimately select the plan that best suits your needs.
Types of Health Insurance
Different types of health insurance coverage exists in the US. These insurance plans are designed to meet the needs across a wide spectrum of different needs. Some restrict you to the plan’s network of hospitals, doctors, pharmacies, and other medical services. Other plans pay a greater share of costs for health care providers outside of their network. The common types of insurance providers associated with different care levels are outlined below:
Exclusive Provider Organization (EPO)
An exclusive provider organization (EPO) is a hybrid health insurance plan where your health care services are covered by the insurance company within a predetermined network. Out-of-network care is not provided, and visits require pre-authorization. In case of emergencies however, the plan covers for medical services offered outside the plan’s network.
Health Maintenance Organization (HMO)
This insurance plan limits coverage to medical care offered by doctors who are on contract or work with the HMO. Except in emergencies, the plan doesn’t cover medical care offered by providers outside their network. This plan might require you to work or reside in the HMO’s service area in order to be eligible for insurance coverage. Usually, HMOs focus on prevention and wellness by providing integrated care. Point of Service (POS)
A point-of-service plan (POS) is a type of managed care plan. Like an HMO, you have to designate an in-network physician to be your primary care provider. But you may also go outside your network for other health care services. In order to see a specialist, you will have to get a referral from your primary care doctor.
Preferred Provider Organization (PPO)
With a preferred provider organization (PPO), you’ll pay less when you see health care providers within your plan’s network; however, you can still visit hospitals or see medical providers outside the plan’s network without a referral—for an additional cost. With this plan, you could incur additional costs by increasing the deductibles, coinsurance rates, and non-discounted charges.
Indemnity Health Insurance Plans
Indemnity plans allow you to direct your own health care and visit almost any doctor or hospital you like. The insurance company will then reimburse a portion of the total charges. Depending on where you live, there are four levels of marketplace plans: bronze, silver, gold, and platinum. Each level pays a different portion of your health care bills. On average, platinum plans cover ~90% of your medical costs, while you pay for ~10%. Gold covers ~80%, Silver covers 70% and Bronze covers 60%.
If you are under 30 years, you can buy a high-deductible catastrophic plan. Catastrophic policies will pay for your expenses only after you reach a very high deductible, for instance $8,150 in 2020. Even when you haven’t met your deductible, the plan must cover your preventive care and first three primary care visits.
Benefits of Health Insurance
No one plans on getting sick or injured; regardless you should anticipate needing medical care at some point. In order to protect yourself from the associated health and financial risks, health insurance is of utmost importance:
- It provides coverage for your essential health benefits. which are critical in treating illnesses, accidents, and maintaining your health.
- It protects you from the unexpected high costs of medical care.
- It offers you free preventive care—such as vaccines, screenings, and routine checkups.
- It pays for your hospital visits in case of emergencies.
Under the Affordable Care Act (ACA), health insurance plans must cover inpatient care, outpatient care, doctors’ services, pregnancy, childbirth, prescription drugs, mental services, and many more. Plans must also offer dental coverage for children. For adults, however, dental benefits are optional. Considering dental coverage? Discover a dental insurance plan to help you balance the need for oral care while staying within your budget.
Health Insurance FAQ
The commonly asked questions about health insurance include:
How much is health insurance?
For one person on a benchmark insurance plan, the average monthly cost is $462—or $199 with a subsidy. This will vary according to your plan category, age, location, and tobacco. For ACA plans, the monthly premiums vary by state and may be lowered significantly by subsidies.
How do I get health insurance?
You can get health insurance coverage through:
- Purchasing a plan on your own from an insurance company.
- Your parents’ insurance plan if you are under 26 years.
- A group coverage plan with your spouse, through your employer or your partner’s employer.
- Government programs like Medicaid, Children’s Health Insurance Program (CHIP), and Medicare.
- The Veterans Administration or TRICARE for military personnel.
- Your state if it offers health insurance plans.
- Your employer under the Consolidated Omnibus Budget Reconciliation Act (COBRA).
When is open enrollment for health insurance?
Open enrollment allows citizens to freely make changes to their health insurance plans. This coverage must be purchased through the ACA’s health insurance marketplace. The open enrollment period runs from early November to mid-December. If you don’t enroll during this period, you can’t get insurance coverage unless you qualify for special enrollment.
How does health insurance work?
A health insurance policy is a contract between you (the owner of the policy) and an insurance company. The contract’s term is usually limited and you must pay health insurance premiums in order to keep the coverage active. The insurance contract will detail the conditions under which the insurer will cover your medical care costs and that of your family.
Are health insurance premiums tax deductible?
Health insurance premiums are usually eligible for tax deduction. You can deduct the premiums that you pay but not what the employer spends on your coverage. However, you can’t deduct health insurance premiums if your employer or the government pays your insurance premiums. You can also deduct out-of-pocket medical expenses such as copays, and transportation expenses.
Is it illegal to not have health insurance?
There is no rule or law that makes it illegal not to have health insurance. The Individual Mandate Law which required you to have health insurance at federal level doesn’t apply anymore. This removed the tax penalty or fine for not having health insurance. At the state level, however, a few states have retained an individual mandate rule. All the same, you take on a great deal of risk if you choose to go uninsured.
