What is the Best Health Insurance in Alabama?
Choosing the right type of health insurance can be pretty confusing. There are different kinds of plans with different prices and coverages. Ultimately you, as the buyer of the insurance, will look for what plan works best for you. This means comparing different plans and poring over the technical details of the coverage and pricing. We have put together a little guide for what the best health insurance plan for you will be if you live in Alabama.
If you live in Alabama, there are multiple options to choose from when it comes to health insurance policies. Health insurance companies offer a wide range of different kinds of plans that include Short Term Health Insurance, Group Health Insurance, Alabama Medicaid, and Obamacare.
Obamacare is the nickname for the 2010 Affordable Care Act by President Obama. It expanded the coverage and affordability of health insurance for individuals, families, and employees. Through Obamacare, the people of Alabama can opt for subsidized health insurance plans. There are four types of Obamacare plans available in the health insurance market in Alabama: bronze, silver, gold, and platinum.
Bronze is the lowest in cost but has the highest out of pocket cost. On the other hand, platinum is the highest in cost but has the lowest out of pocket cost. The silver plan comes with a co-insurance discount, which makes it great for families.
Another option is Short Term Health Insurance plans. Before 2018, the duration of these plans was limited to 3 months. A new law in 2018 extended the duration to 12 months. Short Term Health Insurance plans are very affordable, as compared to other options. Due to this, some people use them again and again for a long time. However, keep in mind that such a strategy could also mean a lot of hassle and paperwork, if you don’t have an agent taking care of it for you.
Yet another option is Group Health Insurance. These are usually offered to employees by their employers. Group Health Insurance plans are very affordable and are either paid for by the employer, or the payment is split between the employers and employees. In many cases, coverage is extended to the families of the employees as well. However, keep in mind that the downside to this option is the inflexibility of coverage. If you want a plan that is tailor-fitted to your preferences, then this option might not be for you.
The last option is Medicaid. Medicaid and Medicare are two forms of health insurance offered to Americans by the government since the 1970s. Medicare provides coverage for people above the age of 65. On the other hand, Medicaid provides health insurance to low income individuals and families who otherwise can’t afford to buy health insurance. Keep in mind, however, that Medicaid coverage varies from state to state and Alabama has not expanded its Medicaid services as required by the Affordable Care Act so Medicaid in Alabama has limited availability.
Hopefully by now you have a good idea about the different options available to you in Alabama. At the end of the day, what’s important is that you take the time to go through different options and different plans, and choose the one that works for you according to your needs.