If you and your family are some of the thousands of Arizonans losing access to AHCCCS due to the nationwide Medicaid rewind, you are no doubt interested in where you can find cheap health insurance plans.

Fortunately, in Arizona, several options are available to individuals and families seeking cost-effective health insurance. This blog article will give you everything you need to know about the available options so you can make the right decision for your health and your pocketbook.

Explore Available Cheap Health Insurance Plans Through the ACA

When you begin searching for cheap health insurance plans, the first thing to know is that any loss of current coverage (including losing AHCCCS) is considered a “qualifying life event,” entitling you to enroll in an ACA-approved Marketplace plan under a Special Enrollment Period.

In Arizona, access to the Marketplace is through Healthcare.gov, a federally-run platform where residents can enroll in 2024 health coverage from one of eight private insurers.

Reducing Your Monthly Premium

One of the benefits of enrolling in an ACA-approved health insurance plan is the opportunity to qualify for premium reductions or cost-sharing reductions based on, among other things, household size and income level. These credits can significantly lower your monthly premium cost and give you access to cheap health insurance plans that provide excellent benefits.

The Kaiser Family Foundation reports that in 2023, Arizonans saved an average of $475 per month through premium tax credits.

Who Can Purchase Marketplace Health Insurance?

To buy Marketplace health coverage in Arizona, residents must meet the following criteria:

  • Residency in Arizona
  • Legal presence in the U.S.
  • Not be incarcerated
  • Not currently enrolled in Medicare

Additionally, to qualify for financial aid through the Arizona Health Insurance Marketplace, individuals must not be eligible for affordable coverage offered by an employer or premium-free Medicare Part A and cannot be eligible for healthcare through AHCCCS.

Related: 7 Key Factors To Consider When Selecting an Arizona ACA Health Insurance Plan

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Options for Cheap Health Insurance Plans Outside the ACA Marketplace

If an ACA-approved insurance plan is unavailable or you prefer more options, an off-exchange health insurance policy might be right for you. However, there are several important considerations to keep in mind. Here are some key points to watch out for

Coverage and Benefits

Review in detail the coverage and benefits offered by the plan. While off-exchange plans may be a viable option for cheap health insurance plans, they may also offer less comprehensive coverage than on-exchange plans. Ensure that the plans you are considering provide the necessary coverage for the specific healthcare needs of you and your family.

Out-of-Pocket Costs

For many, the idea of cheap health insurance plans includes only monthly premium costs. They do not take into account any out-of-pocket costs, including deductibles, copayments, and coinsurance. While the premiums may be lower, the out-of-pocket costs could be higher, potentially outweighing the initial savings.

Read More: Comprehensive Guide to Out-of-Pocket Costs in Health Insurance

Provider Network

Do you have a preference for the doctor, hospital, or urgent care you can see? If so, check that your preferred providers are part of the plan’s provider network. Going out-of-network for essential services may quickly negate any of the cost savings of your cheaper plan.

Prescription Drug Coverage

Checking the prescription drug formulary for any health insurance plan you are considering is essential to keeping your costs down. Ensure any required medications are listed in the formulary and the associated costs and co-pays are within your budget.

Coverage Exclusions and Limitations

Does the plan have any coverage exclusions and limitations on care? Some off-exchange plans may have specific exclusions or limitations that could affect the scope of coverage for certain medical services or conditions.

Financial Stability of the Insurer

Research the financial stability and reputation of any insurance companies offering cheap health insurance plans. Verify their track record of financial stability and timely claim payments.

Regulatory Compliance

Ensure that the off-exchange plan complies with relevant state and federal regulations. Verify that the plan meets the minimum essential coverage requirements and other regulatory standards.

By carefully considering these points, you can be assured you are making an informed decision when purchasing health insurance to replace AHCCCS.

AZ Health - a broker can help you find cheap health insurance plans

Get Free Help Finding Cheap Health Insurance Plans in Arizona

Losing AHCCCS does not mean you and your family have to go without health insurance, nor should you. With help from a trusted guide, you can enroll in cheap health insurance plans that meet your and your family’s needs.

A trusted guide will help you navigate the confusing world of health insurance, whether you choose an ACA-approved health insurance plan or go with one outside the Marketplace. They will explain insurance jargon in language that is easy to understand, getting to know you, your family, and your budget to find the plan that meets the needs of all three. They will even help you enroll and renew coverage yearly as your needs change.

And the best part? These health insurance experts offer their services free of charge. Yes, you read that right – you, as their client, are never charged a fee for their services, and you will not pay a penny more for health insurance policies that fit your budget.

Where can you find such a guide? In your local independent health insurance broker. Find your neighborhood broker today with the help of Arizona Health Insurance Experts.