How do you define cheap? In 2014 the average monthly cost for a Silver level ObamaCare compliant major medical plan was $328. By that standard any coverage costing less than that would be "cheap".
People who qualify for little or no subsidy of their individual health insurance (shame on you for making more than $42,000 annually) may argue that $328 or more per month for health insurance isn't affordable much less cheap. But the folks in Washington, D.C. know better about these things than you do.
Some people who are healthy and are low consumers of health care services have turned to Short Term Medical plans as a more affordable option for health insurance coverage. And, indeed this may work out well for some people as Short Term Medical policies are generally cheaper than individual major medical policies. However, before pursuing this strategy you do need to be aware that Short Term Medical plans don't cover pre-existing conditions, usually don't cover preventive care, may not cover prescription drugs and may have other limitations. Also, they do not meet the criteria under ObamaCare for avoiding the individual coverage mandate and therefore can leave you vulnerable to a tax penalty for noncompliance.
You should seek out an experienced health insurance agent to discuss your needs and options and to fully understand whatever health insurance product it is that you purchase.
Insurance Concierge, M&G Insurance, Lake Oswego Oregon
There are Short Term Medical plans which are less expensive than a traditional plan...however, you would have to pay the ACA fine for not having and ACA Qualified health plan. Short Term is good for 6 months to 1 yr, depending on the State you live in.
If you want an ACA Qualifed health plan, where you don't have to pay the fine, you might want to check into a cost sharing plan. These plans charge less per month. Everyone's premiums go into a "bucket" and you help each other pay for health insurance. The one I have my clients use is ACA Qualified so there is not fine to pay. I have them us it till Open Enrollment comes around and they can qualify for a new plan for Jan 1st. However, you can choose to stay on this plan indefinitely if you want. Cost for Oregon is $184/month for under 30 years old and $234/month for over 30 years old. There is an annual membership fee of $125 for the first year and $75 for each year following. Your responsibility is $500/year if you are an Individual - then they pay everthing over that up to 1 million, I believe. They only pay 25% of pre-existing the first year and I believe it moves to 50% the next year, then 75% the next year and then to 100% the 4th year. In Oregon primary care by a doctor in their network is free. For more information: kylab@mgbenefits.com I believe they offer to other states other than Oregon.
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People who qualify for little or no subsidy of their individual health insurance (shame on you for making more than $42,000 annually) may argue that $328 or more per month for health insurance isn't affordable much less cheap. But the folks in Washington, D.C. know better about these things than you do.
Some people who are healthy and are low consumers of health care services have turned to Short Term Medical plans as a more affordable option for health insurance coverage. And, indeed this may work out well for some people as Short Term Medical policies are generally cheaper than individual major medical policies. However, before pursuing this strategy you do need to be aware that Short Term Medical plans don't cover pre-existing conditions, usually don't cover preventive care, may not cover prescription drugs and may have other limitations. Also, they do not meet the criteria under ObamaCare for avoiding the individual coverage mandate and therefore can leave you vulnerable to a tax penalty for noncompliance.
You should seek out an experienced health insurance agent to discuss your needs and options and to fully understand whatever health insurance product it is that you purchase.
If you want an ACA Qualifed health plan, where you don't have to pay the fine, you might want to check into a cost sharing plan. These plans charge less per month. Everyone's premiums go into a "bucket" and you help each other pay for health insurance. The one I have my clients use is ACA Qualified so there is not fine to pay. I have them us it till Open Enrollment comes around and they can qualify for a new plan for Jan 1st. However, you can choose to stay on this plan indefinitely if you want. Cost for Oregon is $184/month for under 30 years old and $234/month for over 30 years old. There is an annual membership fee of $125 for the first year and $75 for each year following. Your responsibility is $500/year if you are an Individual - then they pay everthing over that up to 1 million, I believe. They only pay 25% of pre-existing the first year and I believe it moves to 50% the next year, then 75% the next year and then to 100% the 4th year. In Oregon primary care by a doctor in their network is free. For more information: kylab@mgbenefits.com I believe they offer to other states other than Oregon.