Here are five types of health insurance plans that may offer low premiums:
- High deductible health plans (HDHPs): HDHPs typically have lower premiums than other types of health insurance plans, but they also have higher deductibles. This means that you will have to pay more out-of-pocket before your insurance coverage kicks in. HDHPs are often paired with a health savings account (HSA), which allows you to save money on a tax-free basis to pay for qualifying medical expenses.
- Catastrophic health plans: Catastrophic health plans are designed for people under the age of 30 or those who are exempt from the individual mandate due to financial hardship. These plans have low premiums and high deductibles and are only intended to provide coverage in the event of a major medical emergency.
- Short-term health insurance plans: Short-term health insurance plans offer coverage for a specific period of time, usually less than a year. These plans typically have lower premiums than traditional health insurance plans, but they may not cover pre-existing conditions and may not provide as much coverage.
- Group health insurance plans: Group health insurance plans, such as those offered through an employer or professional organization, can often have lower premiums than individual plans.
- Direct primary care (DPC) plans: DPC plans are a type of primary care model in which patients pay a monthly or annual fee to access medical services directly from a primary care provider. These plans may have lower premiums than traditional health insurance plans, but they may not cover all medical expenses and may not be accepted by all providers. It’s important to carefully consider the benefits and limitations of a DPC plan before enrolling.