How to Find Affordable Health Insurance

You don't want to take chances with your health. At the same time, you need to provide insurance coverage for your family and yourself without breaking your budget. Finding a health insurance plan that offers the care you need at a fair price can be a bit of a challenge. Luckily, there are many modern resources designed to help you sift through plans and select an affordable option.

Do Your Research

Selecting the right care plan is dependent on you making a series of informed decisions. Here are some resources to help you gather the details you need about health insurance plans:

There are numerous resources you can use to navigate different insurance options.

Government Resources
The Affordable Care Act - also known as Obamacare - made a significant impact on how U.S. citizens purchase health insurance. The White House designed the legislation to help individuals achieve necessary levels of care and reduce the average cost of hospital bills. You should start your health insurance research by checking health.gov and Obamacare websites for information about your state's compliance with the legislation.

Even if you already have insurance through work or previously purchased plans, you should re-evaluate your coverage with Obamacare in mind. Per U.S. Department of Health and Human Services, citizens who return to the health insurance market can save substantial amounts on their monthly premiums by shopping around and investigating government assistance options.

You could qualify for special health insurance programs based on your age, income, medical needs or family demands.

Workplace Options
Due to Obamacare, companies with at least 50 employees need to provide health insurance for their full-time employees. If you are currently employed, you probably have some form of health care plan or you should be expecting one.

Health plans provided by your workplace may not offer the coverage you need. You should investigate the policy to see if it provides dental, vision, prescriptions or any other care options that affect you or your family. Make sure to check your state's requirements for employers to see if the organization is above board with its offerings.

Your company may provide multiple possible plans. It's quite likely your employer will ask you to choose between a few options, and your office should provide human resources representatives to help you make your decision. If you want to purchase supplemental insurance, check with your employer's experts about what they recommend and if there is outside coverage that works in conjunction with what the company provides. Make sure to communicate how important affordability is to you.

If you're self-employed you should be aware there are organizations for entrepreneurs or free agents that help cover health care, such as the Small Business Service Bureau or Freelancers Union.

Evaluate Your Choices

Once you have the necessary information about health insurance laws and your particular needs, you should go online to compare different insurance companies and the plans they offer. When evaluating a plan, you should keep your personal needs at the forefront of your decision:

Your Finances
According to obamacarefacts.com, you should begin your health care comparison shopping with records of your income from last year and your projected finances for the coming year. You need to know exactly how much money you have currently at your disposal and how much you can afford to spend on an initial purchase.

Once you understand your finances, you can choose if you want a plan with a high deductible and low premiums or vice versa. You may have to weigh the options of paying now or paying later and how they fit into your budget.

Your Health Needs
You need to know what type of care you will most likely need in the future. A care plan should cover a few doctor visits and make sure a medical emergency doesn't bankrupt you. You might also need routine medication, vision accessories and dental care - especially if you have kids.

Your personal health history can help you save money. For example, if you're relatively young and don't have vision problems, you may not need special coverage for eye care.

If you have a pre-existing condition that would disqualify you from most insurance plans, Obamacare ensures you can find coverage. Check your state's options for special care programs.

Your Care Network
You can ask about your medical needs with your current doctor or a family health provider. If it's important you stay with your current physician, some health insurance plans may not be for you.

Many plans limit the doctors or specialists you can see based on which hospitals and offices are in their network. If you're signing on for a plan that dictates which doctors can provide care, you should research the options in the plan. Check online to make sure the health facilities are of the quality you need.

Your Timeframe
If you want to make a smart decision, you shouldn't be in a rush. You need to know when you'll absolutely need coverage - like if a qualifying event is on the horizon - and start shopping in advance.

If you need more time you should check insurance requirements for extended or temporary coverage. Obamacare allows children to stay on their parents' plan until they turn 26. Meanwhile, the Consolidated Omnibus Budget Reconciliation Act (COBRA) allows employees who lost their jobs to keep company coverage for about 18 months after termination, but this option is usually pretty expensive.

Short-term coverage policies are often very cheap, but The Simple Dollar, a finance advice blog, warns consumers these plans offer very little coverage, which likely means no dental or vision insurance. Short-term plans also don't have to comply with Affordable Care Act standards.

Tips for Better Rates

Outside of making well-informed decisions based on your personal requirements and available education materials, there are a few other options that can help you save money on health insurance plans:

Start When You are in Good Health
It is usually easier to find an affordable plan when you don't have pre-existing conditions. Starting your search in good health provides you with more options and makes insurance companies more inclined to cover you because you are at less risk for expensive care needs.

You should also look into family or spousal plans before you have a desperate need for them. Staying on top of your coverage means you are prepared for whatever may happen in the future.

You Can Pay for Care Yourself
Even if you have insurance, you may want to put money aside to pay for medical care. You can start a health savings account (HSA) to start building up funds for emergencies. Lifehacker explains these types of accounts allow you to avoid paying taxes on money reserved for health care. You can use these tax-proof finances to pay higher deductibles and thus select a plan with lower premiums.

Pay the Least Amount Necessary
When you search for a really affordable plan, you can choose a catastrophic option. These plans are usually best for people under 30 with no current health needs. A catastrophic plan only provides coverage for emergencies and leaves normal medical expenses up to you. It's a way to save if you don't need medication, dental or vision, but you want to stop emergency medical expenses from draining your bank account.