Cheapest Health Insurance for American Citizens
You can get a tax break and help lower the insurance premiums and other costs on your health insurance policy if you are legal resident or citizen of the United States. You have to buy the coverage through the new marketplace for health insurance set up by each state. This exchange provides the cheapest health insurance to individuals that make at least $11,880 for single individual and a minimum of $24,300 for a family of four persons.
Next to the cheapest health insurance is the Medicaid coverage that can also be purchased from the marketplace. It is for the individuals who have an income less than $16,400 and families of four that make less than $33,500 per year.
The major Obamacare medical insurance and other short-term policies are included in the data shown for the cheapest health insurance. The prices on premiums change based on the age of the customer, their geographical location and other factors. Therefore, it is recommended that you apply for a quote personally to find out what kind of premiums you are eligible for. All plans in a specific state do not offer the same quote to every local resident.
The health insurance premium is filed by the relevant department of each state and when a person seeks the rates through online databases and local agents then they receive the same monthly premium from each source. This means you can shop for the cheapest health insurance online as well without having to worry about a higher insurance rate than normal.Should You Buy a Short Term Policy?
Contrary to popular belief a short term policy is not the cheapest health insurance for people who make more money than certain amount per year. If the cost of the insurance is more than 8 percent of the gross annual income then the policy is termed as unaffordable. Individuals with an income between $49,000 and $69,000 as well as families that have a total income in the $99,000 and $129,000 range fall into this category.
Is a Combo Policy More Affordable?
The combination policy offers a mixture of different insurance plans including the accidental coverage, short-term policy and medical plan. You can plan several visits to the doctor each year for minor to major illnesses. It makes easier for the users to file claims with the combo policies which is why for some it is the cheapest health insurance.