Tips For Finding Cheap Health Insurance in Maryland
What is the cheapest way to get health insurance? It’s definitely not through your employer. Unless you work for a company that offers health insurance, there is no such thing as a cheap plan to insure your family. What is the cheapest way to get health insurance, then? I’ll tell you what the cheapest way is.
The cheapest health insurance choice is Medicaid. But you have to qualify to enroll in this federal health insurance plan. To qualify, your family income should be below either 133% or 140% of the federal poverty line (FPL). And, the higher your income, the lower the premium for your health insurance plan.
There are two choices if you want to go through a private health insurance company. You can try to find one through an employer-sponsored health insurance plan. But most people will only avail of health insurance when they enroll in a group or if their family is also enrolled in a group plan. This is because private health insurance premiums are calculated based on the “average” person in a family and not on the family as a whole.
Another alternative is to seek out and enroll in an affordable care insurance program run by the government. But, if you have a condition or medical problem now, don’t wait. Go and get yourself insured. Your health insurance premiums will be much lower if you get covered now than if you wait until you become ill or until you need the health insurance. When it comes to waiting, though, some people are happy to wait.
One popular option is a government-run health insurance company called Medicaid. Depending on your income, you will get a certain amount for medical expenses. Most people who get Medicaid get this check directly from the government. So, if you think that your health insurance company will not cover all of the costs, then Medicaid is the right choice for you. In addition, there are also state-funded health insurance companies called CHIPs (comprehensive health insurance programs). Again, depending on your income, CHIPs will cover a bigger part of your medical bills.
If neither of these options is for you, then you have the option of looking for individual health insurance policies in the state marketplace. Individual health insurance policies are much like Medicaid and CHIPs, except that you will have to pay for this coverage yourself. Since the state healthcare programs are mostly funded by state taxes, finding affordable individual health insurance policies in the state marketplace can be very beneficial. Some states even have supplementary federal health insurance programs to help those who qualify for Medicare coverage affordably priced individual health insurance policies in the state marketplace.
Finding health plans in your state healthcare system through private insurance agents or companies can also be a good way to find affordable coverage. However, because they work for private insurance companies, some states (including Maryland) do not allow private companies to run their own health plans in the state healthcare system. So, if you would rather go with an insurance agent (even an individual health insurance policy from your state’s Department of Insurance) when looking for health insurance in the state health insurance marketplace, it is important to make sure that you are working with an agent who is licensed to sell health plans in your state. This ensures that the agent can serve your interests better in terms of helping you find the best coverage for you.
One thing to keep in mind is that in most states, catastrophic policies require an annual deductible at 100% of your monthly premium. So, if you ever face a major medical expense, you could potentially save a lot of money on your monthly premium by simply choosing a catastrophic policy. However, it is important to note that this type of policy is most often considered unnecessary by most doctors and hospitals. So, before you choose this type of plan, be sure that you only need minimal health care coverage and can afford the deductible. Otherwise, buying a catastrophic policy will probably not save you much money in the long run.