There are alternative options available for those looking for health insurance but don’t want to pay the high costs associated with marketplace plans. These alternatives come in a variety of different shapes and sizes, depending on your needs. In this article, we’ll discuss 6 affordable marketplace health insurance alternatives that you may want to consider.
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1. Private, Non-Marketplace Plans
If your income is too much to qualify for government subsidies, you may want to shop for a Marketplace plan. However, Off-Marketplace plans do not provide premium assistance or pre-existing health conditions that are allowed on the marketplace. Private insurance does cover more services than just healthcare and can be less expensive compared to most marketplace premiums. If you find yourself in this situation, we recommend an offshoot of private insurance called short-term coverage. This short-term coverage offers benefits similar to traditional private marketplaces but comes at a lower price point.
2. Temporary Health Insurance
A Temporary Health Insurance (short-term health plan) typically offers a renewable package for up to 364 days. They are for people who fall in between major medical insurance plans, like losing employment or aging out of their parent’s insurance – in their late twenties.
3. Primary Care Membership (AKA “Concierge Medicine”)
In concierge medicine, doctors offer primary care directly to consumers and employers free from the involvement of health insurance companies. For services, patients pay a monthly or yearly retainer—typically around $60-100 each month–to their doctor or medical office for a predetermined bundle of services as per their membership level.
4. Health-Sharing Plans
Health-sharing plans are generally cheaper than individual health insurance and allow you to choose where you go for medical treatment. However, an expert warns that these types of groups may have limited assets and executive insurance experience, which could cause them to collapse when they come under financial pressure.
5. High-Deductible Health Plans (HDHPs) + Health Savings Accounts (HSAs)
HDHPs are best suited for people who stay relatively healthy and rarely go to the doctor. HDHPs typically have low deductibles and only cover routine health services that prevent them from getting sicker, such as colonoscopies, mammograms, or vaccinations. As with any catastrophic coverage, being an HDHP makes medical emergencies difficult to afford should they occur.
6. Catastrophic Health Insurance
Catastrophic plans are for protection of people who have a medical emergency, and as such monthly plan premiums may be lower than traditional healthcare plans. Insurance policyholders generally need to pay for all costs out-of-pocket until they meet their deductible, which is about $8,000.
To qualify for this type of coverage, policyholders must be under 30 or exempt from payment. Policyholders eligible for a subsidy to help reduce monthly health insurance premiums cannot use their subsidy towards costs related to this type of plan.
- Private plans outside the Marketplace outside Open Enrollment
- Short-Term Health Insurance
- Concierge care
- Health care sharing ministry
- What are HDHPs & HSAs?
- Catastrophic health plans
If you’re still on the fence about enrolling in marketplace insurance, there are plenty of other options available to help keep your healthcare costs down. Check out this list for some great alternatives that won’t break the bank – or your heart. What do you think? Have any thoughts about these 6 alternative health care plans? Would they be a good fit for you and your family’s needs? Let us know by commenting below!