This year, it’s more important than ever to take a critical look at your health insurance plan and update it if needed. If you want to buy health insurance, but are concerned about how much it will cost you, you’ve come to the right place. We’ve broken down all you need to know about affordable health insurance options this year.

You can purchase different types of health insurance plans. But, if you’re looking for health insurance deals, based on your circumstances, you can purchase plans available for students or cheap short-term health insurance plans.

The cheapest long-term plan is the federal Medicaid program. Eligibility for this program varies based on the state you live in and your income. To qualify, your household income must be less than either 133% or 138% of the federal poverty line.

For those who don’t meet the Medicaid eligibility criterion, the next best thing would be the state marketplace. Compare prices of individual health insurance plans to find one that is suitable. Individual coverage plans mostly ensure 10 essential health benefits outlined in the Affordable Care Act (outpatient services, prescription drugs, emergency services, rehabilitation services, hospitalization, laboratory services, maternity, and newborn care services, preventative care and wellness, mental health and substance abuse, and pediatric services).  

Individual health plans on the state health marketplace are organized into tiers. The bronze tier contains low-cost plans with the highest out-of-pocket expenses. The silver tier, or the middle ground plans, have lower premiums, deductibles, and out-of-pocket maximums. Gold plans are usually the most expensive and have high premiums and low out-of-pocket expenses.

Given the current health crisis, you want to choose a health plan that is affordable but also offers adequate health coverage, in case of a medical emergency. Start looking at silver-tier individual health insurance plans in your area and see which one works best for you.

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