Turning a Medical Emergency into a Financial Emergency is definitely not a smart move. So, to be financially stable when in need of any medical attention you definitely need Health Insurance.
But, if you’re new to Health Insurance then you might find that in the United States Health Insurance is a bit complex.
This complexity is because of various factors such as the cost of insurance, type of coverage, state policies, multiple entry points, etc.
With this being said some obvious questions occur; How to get Health Insurance?
Which is the Best Health Insurance for you?
How to get a Less Expensive Health Insurance?
So, to answer all of your questions you simply need to read this article and sort out all of your queries.
And you will be surprised to see the number of options available for a good Health Insurance which won’t be a burden on your pocket.
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Medicare is provided by the government of the U.S. and is administered by the Social Security Administration.
The basic eligibility criteria for Medicare requires you to have:
- Entered the United States Lawfully.
- Lived in the United States for 5 years.
- Medicare also applies to people under age 65 with certain disabilities, and people of any age with permanent kidney failure.
And apart from this, there are several other criteria’s as well when it comes to being eligible for Medicare so, you can check out this website and see if you qualify or not.
Apart from having a basic coverage from Medicare, it is always advised that get your coverage extended.
The out-of-pocket payments required by traditional Medicare, are extremely High.
We highly advise you to visit MedicareProviders; so that if you’ve any other medical emergencies which are not covered in state-provided health insurance then you don’t burn your pocket by paying for all the extra cost.
This Medicare Supplement Insurance is commonly known as a “Medigap” insurance.
This Medigap insurance from MedicareProviders covers the things that traditional Medicare doesn’t.
The Health Insurance Marketplace:
The Obamacare or ACA (Affordable Care Act) changed the opportunities in the marketplace for Health Insurance, it has helped people a lot in getting better coverage at lower cost.
You can now visit various Health Insurance providers and compare the Price and what coverage they provide at that particular cost and then decide the one that suits you the most.
So, in the Health Insurance Marketplace the various available options for Health Insurance are:
2. Short-Term Health Insurance
Short-term health insurance cost less than the comprehensive health insurance, this is a major reason why people opt for these insurances.
Although, you need to check with your state policies as some states don’t allow you to buy a back-to-back short-term health insurance plan.
If you’re young, healthy, and pose little risk of expensive claims for the insurer, short-term health insurance can be a surprisingly low-cost health insurance option.
But this won’t be the same for people with serious long-term illness as Insurance Companies might reject your application because your pre-existing conditions might be a high risk for the insurer.
So, to further explain this in a better way, people who require some time to examine their individual and family health insurance choices opt for this insurance as they still want to be minimally covered with Insurance.
What you don’t get with Short-term Health Insurance:
- These plans do not usually cover pre-existing medical conditions
- They do not meet the requirements of covering the minimum essential coverage of the ACA
- These plans do not renew which means that after the term get completed you need to re-apply for coverage again.
- These plans do not allow you to receive a subsidy or tax credit as the ACA plans do.
But still, even after having these shortcomings Short-term Health Insurance plans are a must have for any uninsured gap in your life.
Short-term health insurance plans are a great solution when you’re between jobs, waiting for group coverage to start, or if you’re a recent college graduate
Better to have these short-term plans and not pay extensively high medical bills in case any medical emergency occurs.
3. Job-based Health Plan and Workers’ Compensation
Most of the times people are not aware of the fact that if they’re being treated for any work-related injury then your employer must offer you treatment under their Workers’ Compensation Program.
And also, many employers in the United States subsidize health insurance for their employees and their employees’ families and this comes under the part of employee’s benefits and compensation package.
This practice is very common in large companies for full-time employees.
So, when you join a job which brings along health benefits then you have a limited period of time to sign up for the health insurance which your employer is offering you.
And it is extremely important for you to sign up for these Health Insurances before the deadline otherwise you will have to wait until the next annual open enrollment period.
Now it comes down to Premium and who will have to pay for the same?
When you have employer-sponsored health insurance then your employer usually pays a part of the monthly premium and you pay the other part of the premium.
Your share of the Insurance Premium is deducted from your paycheck automatically so, you don’t have to take the pain of remembering the due payments.
And in most of the cases, this premium deduction is taken out of your paycheck before your income taxes are calculated and this is a good thing as you will not be paying income tax on the money that you are spending on the health insurance premium.
But what happens to this Health Insurance when you witch your job?
In case you leave your current employer then you will also lose your job-based health insurance but you may be eligible to continue this coverage for 18 months through COBRA (Consolidated Omnibus Budget Reconciliation Act) continuation coverage.
In this case, you will have to pay the entire premium which will include the premium paid by your former employer.
You can also checkout for some other options at MedicareProviders.
4. Obamacare Subsidy (ACA)
Obamacare which is commonly known as ACA (Affordable Care Act) provides for government subsidies so that buying health insurance gets less expensive for the people who have modest incomes.
They also make both buying and using health insurance less expensive for people who have low incomes.
Eligibility criteria for Obamacare:
- If you have income between 100% and 400% of federal poverty then you might qualify for the premium tax credit subsidy.
If you receive this premium tax credit subsidy then the government will pay a part of your monthly health insurance premium and you will have to pay the rest of it.
- If you have income between 100% and 250% of the Federal poverty level then you might be eligible for Cost-sharing Reduction Subsidy.
In this government will help you by paying for your health insurance and you may also get some additional help.
In this additional government help, the government will pay your deductible, co-pays and coinsurance when you use your health insurance.
These subsidies can only be used to buy Obamacare Health Insurance which is sold on the Affordable Care Act’s Health Insurance Exchanges, also known as the marketplace.
So, you can visit HealthCare.gov and check your eligibility for Health Insurance.
5. Spouse’s Health Plan
If your spouse has job-based health insurance then you might be eligible for the same coverage as many employers extend the coverage to their employees’ spouses, children and step-children.
But you need to check with your employer for all the policies and procedures for the same, as the premium that needs to be paid for the extended health insurance for your family might not include any contribution from your employer’s end.
So, if your other half already has extended health insurance then you don’t need any extra coverage for yourselves, but still having a basic coverage provided by the government won’t harm you.
6. Parent’s Health Plan
If you’re less than 26 years old and your parent has:
- A Job-based Health Insurance
- Or a Privately-purchased Comprehensive Health Insurance
Then you’re eligible for coverage under your parent’s health plan.
The best about the plan is that even if you’re less than 26 years old and you are not your parent’s tax dependent, you are married or you are living on your own then also you’re eligible for coverage under Parent’s Health Plan.
All you have to do is get your parent’s health insurance coverage added in your health insurance in the next enrollment period.
And if you have recently lost your other comprehensive health insurance coverage then you might be able to enroll if you meet the requirements for a Special Enrollment Period.
Medicaid provides comprehensive government-based health insurance to low-income people, it is a Social Welfare program.
Medicaid is Free Health Insurance for those who qualify and in most of the cases there are NO monthly premiums and there is NO or minimal cost-sharing in the form of deductibles or co-payments.
And after the new law, the people who were not covered previously under Medicaid might get the Health Insurance now so, it is better to check if you’re eligible for the same or not.
Medicaid works differently in each state, you can apply for Medicaid through your Affordable Care Act health insurance exchange or by contacting your state’s Medicaid program directly.
So, anyone living below the poverty line may now qualify for this health insurance and this insurance is also available for adults without children.
The best to expect from Medicaid after the New Law implementation is that even people above the poverty line might also get this health insurance, hence contacting your State Insurance Commissioner is a better option.
8. Group Insurance from Organization Memberships
People generally overlook this source of affordable or low-cost health insurance but people who are members of specific organizations that offer health insurance coverage often get various benefits.
For example: People who are a member of a specific organization like University Alumni Associations can get a variety of insurance choices.
Though these organizations do not pay the health insurance premium, the rates offered on health insurance would be lower because of group discounts.
All you need to do is research about organizations that provide group health insurance and you can join these groups to save money on health insurance.
We all need to focus on keeping our body and mind healthy and well apart from this basic factor there’s one more important thing to note:
Even if you have the perfect BMI and you exercise regularly and have had no medical history in the family then this does not mean that you do not require health insurance.
Health Insurance is a must have for even a gym trainer or a doctor (The people who we consider the healthiest) and also you need to focus on your mental health.
So, if you require any other options to get affordable health insurance then check out this read and step towards your less expensive Healthy Life by getting the best Health Insurance.