The cheapest health insurance available can be found in the federal Medicaid program, but certain criteria are required to qualify for it, like your location or the level of your finances. For many, the best option is the individual health insurance, which is made available in the marketplace of the individual’s state.

WHAT IS THE BEST CHEAP HEALTH INSURANCE PLAN?

The cheapest health insurance that comes with complete medical aid is the individual coverage plan, and this can be acquired through individual state marketplace. Complete medical aid implies that these health insurance plans supply a broad coverage for every one of the 10 vital health benefits required of them as the Affordable Care Act clearly states. They are:
- Outpatient services
- Emergency services
- Hospitalization
- Maternity and newborn care
- Mentality health and substance abuse care
- Prescription drugs
- Rehabilitative services
- Laboratory services
- Preventative and wellness services
- Pediatric services

HOW TO GET CHEAP HEALTH INSURANCE PLAN:

The plans for the cheapest health insurance plan for individuals are categorized into different segments:

Bronze:

Low rates and high expenses. Bronze health insurance plans are the cheapest options you can find on health insurance marketplaces of different states. Considering that they have the lowest rate of premiums, the deductibles are higher compared to other tiers.

Silver:

Cheap price rates for low-earning households. Silver health insurance plans are middle-ground plans that have fair premiums, fair deductibles and out-of-pocket costs. For a lot of low-earning families, a Silver plan is the best medical insurance because of its cost-sharing reduction. One is qualified for reductions if the family makes less than 250% of the federal poverty level. This can cause a very significant reduction and make this plan the best option for a lot of families.

Gold:

High premiums, with reduced out-of-pocket expenses. Gold health insurance plans are usually the most expensive options. Nevertheless, they have the most affordable deductibles and out-of-pocket maximums. Thus, they are useful in saving money if you have an expectation of high medical costs within the plan period. For example, if you have to get a monthly refill of a particular drug that’s expensive, then the Gold health insurance is your best option.

HOW TO GET CHEAP HEALTH INSURANCE;

Coming across cheap health insurance can be good, but you must also consider certain factors that may help you get the best one. Here are five things to consider:

- Know your exact budget.
- Consider all your healthcare needs; past, current and maybe future.
- Find out if there are other options you may be qualified for.
- Compare your income to see if you meet the requirements for federal subsidies.
- Compare every policy and choose the one that best suits you.

WHAT IF I CAN’T AFFORD HEALTH INSURANCE?

Going without insurance might look appealing when you’re working hard to make ends meet, but it is a scary prospect. So, before you make that decision, consider these options;

- Reduced health insurance: If your family earnings fall between 100-400% of the federal poverty level, there's a very high chance you'd be eligible for a reduction.
- Catastrophic health plans: If the exchange option is still expensive, a cheaper catastrophic or short-term health policy may be the way to go.
- Medicaid: If you have little to no income, you may qualify through your state agency.

So before choosing a health insurance, make sure you consider every option, most of which have been mentioned here.