Looking for the best cheap health insurance in California? You can buy cheap health insurance through an online state insurance exchange or through Medicaid if you have a household income that is lower than 138% of the federal poverty level.
It is not always easy to acquire affordable health insurance but with the introduction of the Affordable Care Act, many Americans can now enjoy the quality and best cheap health insurance in California. Also, the best way to find suitable health insurance is to shop around among different health insurance providers to enable you to have enough options for comparison. However, you must put into consideration, your monthly premiums as well as an annual out-of-pocket cost.
Regardless of what the case may be, we have helped you to compare some of the best cheap health insurance in California and why you should go for any of them.
Table of contents
What Is The Cheapest Health Insurance In California By Metal Tier?
Generally speaking, health insurance in California is offered through metal tiers. This is because the higher tiers – Gold and Platinum – have the most expensive premiums, together with smaller deductibles.
On the other hand, lower tiers like Silver and Bronze or in some cases, Catastrophic health insurance, have cheap monthly premiums with higher deductibles.
More importantly, the major factor for the price of health insurance is the age of the insured. In this case, the higher the age of the insured, the higher the price of the health insurance. For instance, for a Silver health insurance plan of a 40-year-old man in California, he will pay 28% more than a 21-year-old man. In the same way, a 60-year-old man will pay 52% more than a 40-year-old man.
Table showing Cost of Health insurance in California
Age 21 Age 40 Age 60
Bronze $344 $439 $580
Silver $421 $537 $809
Gold $482 $616 $983
Platinum $622 $795 $1 357
How To Find The Best Health Insurance Plan for You
Finding the best health insurance coverage for you will depend chiefly on the availability of plans in your country and also your medical and financial condition. In California, the government introduced expanded coverage under the Affordable Care Act (ACA). This has made it possible for anyone with a household income that is commensurate or lower than 138% of the federal poverty level to be served better by Medicaid.
In addition, when you want to assess private health insurance plans, you should cautiously review the premiums and deductibles to enable you to know what is in for you.
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How To Determine The Cheapest Health Insurance Plan in California
Prior to the ACA’s reforms in the individual health insurance market, medical history was a factor in eligibility for private plans in nearly every state, including California. Here’s how to determine the cheapest health insurance plan in California.
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1. Platinum and Gold
The highest insurance tiers offered by the Covered California exchange are Platinum and Gold. Consequently, their health plans pay about 80% and 90% of your health care costs respectively. Although these two policies have the highest monthly premiums they come with the best benefits like smaller deductibles and out-of-pocket maximums. Therefore, if you have higher medical bills and are looking for the most cost-effective plans, you can go for the Gold or Platinum health insurance plans. The essence is that you will reach the deductibles faster and start enjoying the benefits offered by the plans.
2. Silver
If you have low income or average medical costs, you can go for a Silver health insurance plan. This is because Silver health insurance plans are middle-ground policies on the health insurance marketplace when considering the premiums and accompanying deductibles. Unlike Gold and Platinum plans, Silver plans will cover around 70% – 90% of your medical bills. This plan is more advisable for individuals and families with average health care needs. It also offers certain cost reductions if you qualify for them.
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3. Bronze
For healthy people who rarely need medical attention (especially the young age brackets and couples who have few doctor visits), the Bronze plan is always recommendable. The reason is that Bronze plans are the most cost-effective plans. They have the cheapest monthly rates, although with the highest deductibles. The plan is also best if you only have medical emergencies.
In most cases, it will be better to go for the Silver plan because they majorly balance cost-sharing benefits with cheap monthly expenses if your income is as high as 250% of the federal poverty level. Essentially, every other health plan, except Catastrophic plan, of course, offers premium tax credits.
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How Much Does Health Insurance Cost In California?
With health insurance, your health and well-being are greatly guaranteed. Below are the basics of your health insurance expenses, including the part of your health care cost you are to take care of:
1. Deductibles
This involves the amount you pay yearly before the commencement of your plan. It does not include costs for preventive services, although they are covered, irrespective of the deductibles provided by the doctor in your care plan’s network.
2. Copays
These are fixed amounts that you pay from your pocket for visits to the network health care provider. The amount can vary based on the primary care specialist in charge of your case or the services you receive including medication, labs, and diagnostic tests.
3. Coinsurance
This involves the portion you pay for the health insurance coverage after you reach your deductibles. For instance, if the cost of health insurance is $150, you may be responsible for 20%, which is $30.
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4. Out-of-Pocket Maximum
You are to pay the out-of-pocket maximum as the highest payment for covered healthcare services during the coverage year. Hence, if you reach your out-of-pocket maximum, your plan takes care of 100% of covered benefits.
Top Health Insurance Providers in California
California has 11 major health insurance companies. The cheapest among them include Anthem, Blue Cross Blue Shield, Oscar, and Kaiser Permanente.
1. Anthem
This healthcare provider offers a range of choices for its clients. It is designed to accommodate the budget and health care needs of individuals. You will have numerous doctors to choose from, including your preferred care center and hospital. If you wish to, you can choose to have a video visit with your doctor or therapist using your Smartphone or computer.
2. Blue Cross Blue Shield
This was founded in 1929 and has since broadened to offer high-quality healthcare insurance in the US. It is designed to accommodate remote workers. It is also widely accepted by doctors and health providers globally. As a result, you can buy health insurance in California that covers you anywhere in the world. Moreover, it offers Affordable Care Act (ACA) plans.
3. Kaiser Permanente
This company administers its own Health Savings Accounts (HSAs). This means you can save for health costs on a tax-advantaged basis. It also has ACA-compliant plans available for individuals and groups.
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4. Cigna
This is the best coverage for employees due to the features of the plan which the employees may be eligible for. Equally, it offers benefits such as free yearly check-ups, 24/7 health line access, and a mobile app. The coverage by Cigna includes dental, vision, pharmacy, and health and wellness plans.
5. Oscar
Founded in 2012, Oscar is a technologically-driven healthcare provider. It offers many ways to save cost some of which include the mobile apps that enable you to talk to the doctor digitally. The digital health care experience enables you to enjoy convenience while using their services.
The Essence of the Affordable Care Acts (ACA)
The Affordable Care Act makes certain that all Americans, California in particular, have easy access to affordable insurance. It offers financial help or subsidized health insurance, depending on your income. The main point is to reduce the cost of your health care. As there have been some changes in the law recently, more individuals may now qualify for the subsidy to enable them to take care of their health insurance coverage.
Conclusion
There are various best cheap health insurance you can choose from if you live in California. What is more, ensure you know the basics of your proposed health insurance policy to enable you to go for the best. You can as well check out the health care provider to ensure the plans they have are synonymous with your needs.
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