Low Cost Medical Insurance
Medical insurance is a huge expense for many people, and when you have to pay that every month, it can be a real killer. If you're on track to pay medical bills out of pocket in the near future, or if you don't currently have health insurance, it's probably time to consider a low-cost insurance option. There are several low-cost options available on the market today, with some offering coverage for part of your policy instead of 100% (such as through states where Medicaid or Medicare is accepted).
This article provides information about how these programs work and includes cost estimates so that you can determine which one will be right for you.
The following tools were used to gather this information:
InsuranceQuotes.com- official website of the National Association of Insurance Commissioners (NAIC) - www.naic.org
Affordable Care Act official website- www.healthcare.gov
Payscale.com – Focusing on full-time, salaried jobs – www.payscale.com/research/US/Job=039/Industry=Health_Care_Marketing_and_Advertising?output=infographic&glfide=1&sortmethod=salary&orgini… (2010)
(2013) Data source - www.payscale.com/research/US/Job=039/Industry=Health_Care_Marketing_and_Advertising
The information in this article is for educational purposes only. It does not provide and does not claim to provide, any form of legal advice. You should consider consulting a lawyer, licensed insurance agent or other professional to find out what options meet your specific needs.
For example, if you are self-employed or a small business owner, it may be to your benefit to look into the healthcare provision of COBRA coverage (or extensions under HIPAA) for your employees in case of job loss.
You may also want to consider looking into whether you can qualify for the "association membership" rules that some states have made available.
For example, an association of self-employed individuals in a specific industry (such as plumbers, or retail shop owners) are allowed to form an association and purchase health insurance at lower group rates. The requirements vary from state to state. For more information on this topic, please refer to the resources listed in the section titled: Resources.
Please use good judgment when deciding on the coverage you will need. Be sure to note what your health care insurance does and does not cover according to your policy before you make any decisions related to medical coverage of any kind.
Some things to consider are:
While all of these programs have low-cost options available, you may not be eligible for a policy that meets your specific needs. For example, Medicaid and Medicare may require that you spend more money on health care than is affordable for someone who is self-employed or recently unemployed. Other health care plans may also have age requirements that would preclude the buyer from benefits at an early age. All plans listed provide some level of coverage so that you have a decision to make in terms of what sort of coverage you will need.
Do not look at these programs as a substitute for medical insurance. If you have medical insurance and can afford it, continue to pay your premium and maintain the coverage.
The following are some of the low-cost insurance options available to consumers:
1.) Medicaid – Full-scope health care coverage for those who are disabled or 65 years or older. Medicaid also covers children from low income households and is administered by each state according to their specific guidelines. In order to avoid penalties, you will be required to report all assets, including retirement accounts, other insurance policies and savings bonds. For more information on this program visit www.hrsa.gov/gethealthcare/programs/medicaid/index.html
2.) Medicare Entitlement Program – A Federal insurance program that provides health care coverage to people who are 65 years or older, or meet certain income limits. For more information on this program visit www.medicare.gov/medicaid-and-chip/.
3.) the Children's Health Insurance Program (CHIP) – A federal insurance program that provides health care coverage to children from low income households who do not qualify for Medicaid. For more information on this program visit www.chipnow.org or call 1-800-654-CHIP (2489).
4. Healthcare Savings Account (HSA) – An account that you can use to pay for health care costs. For more information on this program visit www.hsa-assist.com
5. Flexible Spending Accounts (FSAs) - An account that you can use to pay for health care costs. If you qualify your employer will give you an amount pre-tax, or tax deductible each week to be used towards health care expenses until your FSA maximum runs out. For more information on this program visit www.dol.gov/ebsa/programs/fsas/fsas_faqs_and_resources.html
6. Association Membership Rules - If you work in a business that is part of an association, your group may be able to apply for insurance at a lower rate. For more information on this option visit www.eiaassoc.com
7. Public Health Insurance Exchange - The state or federal government-run health care exchange, which is the final stop for individuals and small groups shopping for health insurance coverage. To learn more about these exchanges, visit www.healthcare.gov
8. Discounted Health Care Plans - A clearance sale where you can shop for health care coverage at prices that are reduced due to an employer discontinuing their existing health insurance program. See rules and qualifications at www.eiaassoc.com
9. Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) - The new tax free, allowable pre-tax reimbursement from your employer for medical expenses, for up to $5,650 per year ($11,300 if married). The QSEHRA plan does not need to be registered with the government or with the exchange, but it must meet IRS rules and regulations. For more information on this option visit www.eiaassoc.com
10. Health Share Ministries - A health care ministry that operates as a partnership of like-minded members who agree to share the costs and risks of their medical needs. For more information on this option, visit www.healthshare.com
11. Healthcare Sharing Program - A healthcare sharing program is a form of insurance that has grown in popularity because it helps people save money on healthcare bills by sharing the burden of these expenses among multiple people with common beliefs, including religious convictions and conservative thought patterns. For more information on this option visit www.healthcaresharing ministries.com and www.healthshareministries .com
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Conclusion
The cost of health care has continued to rise in recent years. The United States is the only industrialized country in the world that does not have universal health care coverage for its citizens. In order to ensure affordable health care coverage for yourself and your family you may want to consider the alternatives listed above. By using some or all of these options you will be able to find health insurance that is more affordable than traditional plans offered by employers, and in many situations will also provide better coverage for yourself and your family.
Resources:
www.eiaassoc.org/health-plans/health-plans-benefits-costs/affordable-health-care www.federalhillgroup.