Affordable health insurance is possible through policies that offer low premiums. This type of coverage generally requires a lower monthly payment than more comprehensive plans and can help to keep costs down for those who are on a budget. For individuals and families, low premiums can mean better access to medical care without breaking the bank, as well as peace of mind knowing that you're covered if something goes wrong. Low-premium insurance is an attractive option for many looking to save money while still being able to receive the care they need.
People shopping for health insurance typically focus on what we like to call the “sticker price,” or monthly premium payments that you’ll be making. Sure, finding a low premium is great, but if the policy doesn’t offer comprehensive health coverage, you may finding yourself forking over hundreds to thousands of dollars for “hidden costs,” more commonly known as out-of-pocket expenses. What you want to do is hit that sweet spot where premiums are low, but you still get the coverage you need.
What Does Low Premium Mean
Low premium means that the cost of monthly premiums is kept low. It is a desirable option for those on a fixed budget or who are looking to save money on their insurance costs. Low premium plans typically also have lower deductibles and co-payments, which can make it easier to access care without breaking the bank. However, it's important to look at all of the features of a plan before making a decision, to ensure that you'll get the coverage you need.
Finding a low premium health insurance plan is an important part of making sure you get the coverage you need without breaking the bank. Low premiums can make it easier to fit health insurance into your budget and allow you to have access to necessary medical care. Shopping around for different plans that offer lower monthly payments can help people save money, while still providing a level of security in case of unexpected illnesses or accidents.
Benefits Of Low Health Insurance Premiums
All the best health insurance companies will typically offer a wide variety of plans to accommodate policyholders' wide range of budgets and needs. Among these plans are low-cost policies that offer similar coverage, just with higher out-of-pocket expenses. If you’re considering coverage with low monthly premium payments, here are some of the benefits you can expect.
- Cost Savings: Low-premium policies can provide considerable cost savings when compared to other types of coverage, allowing individuals and families to save money each month on their healthcare costs.
- Flexibility: Low-premium plans are often more flexible than other policies, enabling policyholders to customize the plan according to their needs and budget.
- Peace of Mind: With low-premium health insurance, individuals can have peace of mind knowing that they won't be in a difficult financial situation due to not being adequately covered if an unexpected medical bill arises.
- More money for HSA/FSA: Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) are savings accounts dedicated to paying your medical bills. The money you save every month when you pay a low premium will allow you to allocate more of your income towards these tax-free savings accounts.
- Comprehensive coverage: The Affordable Care Act (ACA) forced all qualified health plans to cover the 10 minimum essential benefits. That means the best health insurance companies will be offering plans to meet these regulations, which translates into more extensive coverage for you. So, even if you opt for a low premium health insurance plan, you can safely assume most of your medical needs will be covered.
- Protection from overspending: If you are relatively young and healthy, you may not want to spend an exorbitant amount of money on health insurance premiums each month. Especially since you probably aren’t using all the benefits you are paying for. Even though low health insurance premiums often come with high deductibles and out-of-pocket costs, if you don’t expect to visit the doctor very often, you may be saving yourself some extra change.
- Avoid tax penalties: Assuming you enroll in a qualified health plan, any coverage you have will protect you from paying the Affordable Care Act tax penalty. The tax penalty can end up costing you hundreds to thousands of dollars, so it may be more cost-effective to buy health insurance even if you don’t want or need it.
Best Health Insurance Companies That Offer Low Premiums?
If you are in the market for health insurance, then this is the list you’ve been waiting for. We’ve taken a look at the best health insurance companies for low premiums and found the top 5 across the nation. Here’s a look at each.
1. United Healthcare
Whether you are young, old, sick, or healthy, United Healthcare has proved to be the best health insurance company when it comes to low health insurance premiums. United Healthcare made headline news when they announced they were withdrawing from the health insurance marketplace, but may still be offering plans in your area. Premiums for United Healthcare vary depending on a variety of factors, but on average you can expect to pay anywhere from:
The best low-premium health insurance plan from United Healthcare is the MyChoice Advantage Plan. This plan offers comprehensive coverage at an affordable monthly premium, with benefits including doctor visits, preventive care, hospital stays, prescription coverage and more. With this plan you'll also gain access to the nationwide network of providers so you can find doctors near you. Plus, you'll receive discounts on additional services such as vision care and gym memberships.
- Average cost of United Healthcare premiums: $190 - $610
2. Kaiser Permanente
Kaiser Permanente has is one of the best health insurance companies in the nation, and offer some of the cheapest health insurance plans. Kaiser Permanente has its own network of medical providers, and doctors are salaried, allowing Kaiser to keep costs down. The only downfall is that they are only available in a limited number of states.
The best low-premium health insurance plan from Kaiser Permanente is the Basic Plan. This plan provides comprehensive coverage with a wide range of benefits, including doctor visits, hospital stays, preventive care, prescriptions and vision care. With this plan you'll also have access to the nationwide Kaiser Permanente network of doctors and providers so you can easily find a provider close to home. Plus, you'll get access to discounts on additional services like gym memberships as well as products through Kaiser Permanente's Pharmacy & Health Store.
- Average cost of Kaiser Permanente premiums: $200 - $600
3. Blue Cross Blue Shield
Blue Cross Blue Shield is probably one of the most popular health insurance companies, with coverage options in almost every state, and 36 independent companies. For the young and healthy, Blue Cross Blue Shield definitely ranks as one of the top health insurance companies in the nation, but plans tend to get a little more expensive for older members. However, with one of the most extensive provider networks in the country, it’s hard not to view Blue Cross Blue Shield as one of the best health insurance companies with the coverage you get.
Generally speaking, individual plans range from approximately $200 to $500 per month and family plans cost between $500 and $1,000 per month. The exact price of a plan will depend on your age and where you live, as well as your level of coverage and any additional riders or services included in the plan. The best low-premium health insurance plan from Blue Cross Blue Shield is the Blue Advantage Bronze plan. This option offers great value for money, with reliable coverage and an affordable monthly premium. It also includes access to a national network of providers, giving you plenty of choice when it comes to finding a doctor or specialist. Additionally, you'll receive discounts on vision care, dental care, and other services like fitness clubs!
- Average cost of Blue Cross Blue Shield premiums: $200 - $500
4. Cigna
Cigna is a major player in the health insurance industry, and offers some of the most competitive pricing if you are over 45 years old. However, with limited coverage options, and high premiums for people under 45, it makes the list at number 4.
The best low-premium health insurance plan from Cigna is the Cigna Essential Health Choice Plan. This plan offers comprehensive coverage for preventive care, doctor visits, and prescriptions at a affordable monthly premium. Additionally, you'll receive benefits such as vision and dental coverage, as well as discounts on health screenings and wellness activities. With this plan, you have access to the Cigna Global Health Care Network of providers, so you can find a provider close to home.
- Average cost of Cigna premiums: $290 - $600
5. Molina Health Insurance
Molina offers some of the cheapest health insurance options across the board, but as far as best health insurance companies go, it doesn’t quite measure up with some of the other major players. Molina specializes in Medicaid, Medicare, and marketplace health insurance plans, meaning they cater to those who are looking for affordable health coverage. While Molina does offer some of the cheapest health insurance plans on the market, they don’t have the greatest track record when it comes to customer satisfaction. Still, many enroll in Molina plans for the sheer benefit of lower monthly premiums.
The best low-premium health insurance plan from Molina is the Molina Marketplace Silver plan. This plan provides comprehensive coverage and a wide range of benefits at an affordable monthly premium. It includes coverage for doctor visits, preventive care, hospital stays, and prescriptions. Additionally, you'll receive access to the Molina Global Network of providers so you can find a provider near you, plus discounts on vision care and additional services like gym memberships!
- Average cost of Molina premiums: $240 - $730
How To Get Affordable Health Insurance?
Getting affordable health insurance is possible, even if you’re on a tight budget. However, affordable health insurance plans don't always mean low monthly premiums. Insurance companies have different approaches to setting the price of their plans, and some may offer more coverage at a higher cost than others. It's important to look into all the coverage options available before settling on one plan, so you can make sure your needs are met while still keeping costs to a minimum. Here are some tips for finding low-cost coverage:
- Look into government-sponsored plans such as Medicaid or CHIP.
- Shop around to compare prices and coverage levels from different insurers.
- Consider group plans offered by employers or professional organizations.
- Research available subsidies to help offset the cost of premiums.
- Consider insurance policies with high deductibles and lower monthly costs.
Choosing an insurance plan is an important decision that should be based on more than just its monthly premium. Even low-premium plans can have a high out-of-pocket maximum, which means you could still be liable for large medical bills even after paying your premiums. Additionally, some lower-cost plans may not offer the same level of coverage as more expensive ones – so it’s essential to read the fine print and understand what types of services are covered. Other factors to consider when choosing an insurance plan include deductibles, copays, and coinsurance rates.
Compare Health Insurance Quotes From The Best Companies
If you are looking for insurance plans that meet your budget, a good place to start is by researching the different options that are available. You can use online comparison tools, speak to an insurance broker or financial adviser, or contact individual insurers directly. Make sure to look at both the monthly premium and any out-of-pocket costs associated with the plan before making a decision. Additionally, it's important to understand what is and isn't covered under each plan in order to ensure it meets your needs.
If you are in the market for health coverage, First Quote Health is the best place to start. First Quote Health specializes in comparing rates from the top health insurance companies in your area, making it easy for you to find the best deals.
Comparing health insurance quotes is the best way to save money on your monthly premiums. To get started, simply enter your zip code and compare quotes.