Overview:
The healthcare system in the United States has been a long-standing source of reform efforts due to high care costs and the fact that many Americans lack health insurance. In 2010, the Affordable Care Act (also known as ACA or “Obamacare”) was passed to address some key issues. The main goal of the law was to improve access and availability of health insurance for many Americans.
Check Your Family Members’ Plans
If you have a partner or spouse, check their health insurance plan before starting from scratch to get your own plan. Their plan may cover you, or it may be very easy to join it or be added to it. Many insurance companies and plan sponsors have changed their rules to treat domestic partners exactly as they treat legal spouses.
Workers’ Compensation
Your state’s workers’ compensation program may be able to provide some health solutions if you are receiving treatment for an injury that occurred while at work. Although it is not a health care plan in the ordinary sense, it represents a way to save money on healthcare costs, and it is worth considering if this is your situation.
Medicaid
A lot changed with the Affordable Care Act, including Medicaid requirements. Medicaid is a healthcare program that is federally funded and operated by each state. Overall, the number of people eligible for Medicaid has significantly increased since the beginning of the Affordable Care Act; however, statistics indicate that many people are not taking advantage of the changes. New guidelines allow many individuals with incomes above the poverty line to qualify.
Medicare
Medicare is the healthcare plan managed by the Social Security Administration (SSA). You may qualify for Medicare if you are receiving Social Security disability benefits or if you are 65 years of age or older.
Health Insurance Marketplace
In addition to expanding existing health plans, the Affordable Care Act also created a health insurance marketplace, or “exchange,” where individuals can shop for health plans that fit their needs and budgets. The types and features of these plans vary. Some may offer advantages for choosing doctors and providers within a network, while others provide lower prices for low-income individuals or families of certain sizes.
High-Deductible Health Plans
High-deductible health plans are one way to maintain a health plan at a lower cost. Because the deductible is high, you may have to pay a lot of money out of pocket before the plan helps with costs, but it can be a good safety net in case you need emergency treatment or any care that results in a very high bill.
Short-Term Health Insurance Coverage
Short-term health insurance can be a good option if you need quick coverage to avoid gaps in insurance while you look for another option.
Group Insurance from Organizational Memberships
Many organizations offer group health insurance plans. If you belong to any type of membership organization, it is worth asking if they have a health insurance plan. Some common sources include alumni groups, professional organizations, business offices, or independent contractor associations.
Healthcare Cost-Sharing Plans
A healthcare cost-sharing plan consists of a group of people who pool their money in a single fund to pay for each other’s healthcare costs. It works similarly to their own insurance company. The pooled member funds are primarily set aside to pay for large medical expenses. These plans are typically not used for basic healthcare costs such as regular check-ups or minor procedures.
Ministries
Healthcare Sharing Ministries
Healthcare Sharing Ministries operate on the same idea as the healthcare cost-sharing plan. A group of people who share the same beliefs create a common fund to share healthcare costs. A Healthcare Sharing Ministry is a nonprofit entity, so it is not health insurance, nor is it regulated in the same way. Instead, it provides an alternative to standard insurance.
Health Insurance Discount Cards
Health insurance discount cards provide low-cost healthcare in exchange for a membership fee. These cards offer discounts on many medical services, but they are not insurance in the regular sense. They do not provide any reimbursement for treatments you receive. They can only reduce your costs when using services from members participating in the plan.
Conclusion
No matter which health plan you choose, make sure you understand the full scope of the type of care and treatments it covers, as well as the costs you may have to pay out of pocket. If you are shopping in the health insurance marketplace, these details may be clearly spelled out, but other sources can be filled with complex terminology and details. The amount you pay monthly (the premium) should not be the only factor. Make sure to understand all the terms of the health plan you choose, so you do not end up spending more money than you have due to increased out-of-pocket costs or lifetime limits, or through copays and deductibles.
Frequently Asked Questions (FAQs)
How much does health insurance cost?
The average cost of employer-sponsored health insurance in 2021 was about $7,739 for individuals and about $22,221 for families. Americans paid an average of $1,181 in out-of-pocket expenses (excluding premium) in 2020.
What is the cheapest health insurance plan you can get?
The cheapest health insurance plan depends on your needs, but generally, you will find that individuals who do not need many healthcare services will find high-deductible health plans (HDHPs) to be the cheapest. HDHP plans offer coverage at low initial costs in exchange for higher deductibles on services. If you need a lot of care, you might find that HDHP plans are less effective than higher-cost alternatives.
Source: https://www.thebalancemoney.com/help-i-need-affordable-health-insurance-2645675
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