How to get medical insurance for low income

Aside from affordable health insurance on the ACA marketplace and through Medicaid, you can save money on health insurance if you or a spouse has a job-based plan through an employer who shares the premium cost with you. If you’re a young adult, you can use your parents’ health insurance coverage until age 26, even if married or not living at home. If you’re 65 or have a qualifying disability, you can get health care coverage through Medicare.

Before you discount whether you can find low-cost health insurance, Jones advises: “It costs nothing to verify where you stand. Know your options, and don’t be afraid to ask an insurance agent.”

Job-based health plan

Employers’ job-based health plans save you money on health insurance because the employer often shares the premium cost. Also, group plans tend to cost less. Some employers will pay up to 100% of the premium, and even if an employer splits the cost or pays much less, you still gain the benefit of lower-priced health insurance per month.

Suppose your job-based plan is considered affordable by the marketplace and meets minimum standards. In that case, you will not qualify for premium tax credits or other savings through the Marketplace if you opt for an ACA plan instead. Minimum coverage is if a plan pays at least 60% of the total cost of medical services for a standard population and includes physician and inpatient hospital services coverage. Job-based health plans are considered affordable if the cost is 9.83% or less of your household income.

Spouse’s health plan

If your spouse has a job-based plan through an employer, they can enroll you as a dependent, and you will get the same benefits. The marketplace also provides affordable health insurance for families, so your spouse can purchase a plan and add you as a dependent.

Parent’s health plan

If you’re younger than age 26, you can stay on a parent’s health insurance plan. Using a parent’s health plan is allowed even under these circumstances:

• You’re married
• You’re not living with your parents
• You’re attending school
• You have or adopt a child
• You’re not financially dependent on your parents
• You’re eligible to enroll in a job-based plan

If your parent buys health insurance through the marketplace, you can enroll on the initial application. Otherwise, your parent can add you during open enrollment. After you turn 26, you qualify for a Special Enrollment Period (SEP) to purchase a marketplace plan.

Medicare

Not to be confused with Medicaid, Medicare is a government health care program for adults 65 and older or people with qualifying disabilities.

If you qualify for Original Medicare, you’re likely to get Part A (hospital coverage) for free and Part B (medical coverage) for a standard monthly premium of $148.50. Medicare Part D (prescription drug coverage) is usually around $30 to $35 per month. You can opt to replace Original Medicare with a Medicare Advantage Plan, which may have a $0 monthly premium.

If you have low income, you may qualify for both Medicare and Medicaid, which offers dual coverage. Generally, Medicare pays first, and Medicaid pays second.