The Guide to the Most Affordable Marketplace Health Insurance Plans in Alabama
If you don’t have health insurance in Alabama, you aren’t alone. Alabama’s uninsured rate is higher than the national average. 17.5% of Alabama residents do not have health insurance compared to 13.6% of US residents.
Many people choose not to get health insurance because of the high cost. But did you know you can access affordable health insurance in Alabama? You just have to choose the right insurance plan from the most affordable company.
Companies like Celtic Insurance and Blue Cross Blue Shield are excellent choices for affordable medical insurance. You can also work with a health insurance agency in Mobile, AL to find a plan that suits your unique needs.
Getting injured or falling ill without insurance is going to cost you. Avoid these consequences and apply for a low-cost insurance plan instead. Keep reading to find the best ones in your state.
Health Insurance Costs
When many people think of health insurance costs, they only think about monthly premiums. The monthly premium times 12 is the annual amount you will pay for health insurance coverage. But it is not the only cost to consider.
If you’re calculating the total cost of a health plan, ensure you include the deductible, copayment or coinsurance, and out-of-pocket maximum.
The Deductible
Not all health plans charge deductibles. When they do, plan holders must spend a pre-designated amount in out-of-pocket costs before the plan chips in.
The Copayment/Coinsurance
Copayments and coinsurances are different names for the same thing. The terms refer to how much covered individuals must pay at the point of care.
The Out-of-Pocket Max
The out-of-pocket maximum is the highest amount a policyholder must pay a year before their insurance provider chips in. The out-of-pocket maximum is higher than the deductible.
Health Insurance Cost Factors Outside of Your Control
Insurance companies offer four categories of health insurance plans: Bronze, Silver, Gold, and Platinum. These plans are listed from most affordable to least affordable premiums and highest to lowest out-of-pocket costs.
But the plan you choose is not the only thing that affects your annual health insurance costs. Insurance companies also consider your age, tobacco use, and location to determine your monthly premium.
Age
Health insurance is much less expensive for younger people than for older adults. Why? Insurance companies predict that young people will have lower healthcare costs, decreasing the amount they have to pay out.
Tobacco Use
Tobacco use increases the risk of chronic diseases. Insurance companies charge higher premiums because they project that people who use tobacco will have greater healthcare costs.
Location
Some states charge more for health insurance than others. This is due, in part, to the differences in costs of living. State-based insurance distinctions also come from which services plans cover.
The Most Affordable Health Insurance in Alabama
The most affordable health insurance in Alabama is Medicare and Medicaid. However, you have to be a certain age or of a specific income level to qualify for these plans.
If you don’t qualify for these health insurance plans, no worries. The following providers offer affordable policies for people who live in Alabama.
Celtic Insurance
Celtic is a Chicago-based health insurance provider. It offers affordable plans for individuals and families and an incredible 0% denial rate. The company also provides coverage for self-employed people.
Policyholders can access two different types of plans: EPOs and PPOs. PPOs are the lowest-cost plan Celtic offers. Expect to pay $599 per month or less for coverage and up to $7,357 in out-of-pocket maximums.
EPOs have higher premiums, but they offer coverage when you see an in-network healthcare provider. PPOs are more expensive. The advantage is that policyholders can see any healthcare provider they want.
Policyholders may pay even less depending on the tier. For example, Celtic’s Clear Silver tier is the company’s most affordable plan in Alabama. This plan offers $585 premiums and a maximum out-of-pocket cost of $5,400.
Blue Cross Blue Shield
Blue Cross Blue Shield is one of the largest health insurance providers in the nation. It provides Medicare Advantage plans, employee health plans, individual and family plans, and more.
These policies tend to offer the lowest out-of-pocket costs. However, you must pay slightly higher premiums. The exact premium you pay depends on the tier and whether you choose an EPO or PPO plan.
Policyholders can pay as little as $531 per month for coverage. The maximum out-of-pocket cost is $5,847, which is the lowest in the state.
Young people may pay even less for Blue Cross Blue Shield insurance coverage. For example, the Blue HSA Bronze plan offers premiums as low as $216.40 per month and up to $7,000 in maximum out-of-pocket costs.
One reason to consider Celtic Insurance over Blue Cross Blue Shield is that the latter has much higher denial rates. The company denies nearly 18% of people who apply for insurance.
Searching for an Affordable Health Insurance Agency in Mobile, AL?
When shopping for affordable health insurance in Alabama, don’t just look at the monthly premium. Instead, it would be best if you also considered the deductible, copayment, and maximum out-of-pocket costs.
Medicare and Medicaid are popular cheap health insurance plans. But Celtic Insurance and Blue Cross Blue Shield are excellent insurance providers to consider if you don’t qualify for public health insurance.
Do you need a health insurance agency in Mobile, AL to help you find the right plan for your budget? The Real Insurance Lady is here for you. Contact The Real Insurance Lady today and get the coverage you’ve been searching for.
