Finding Affordable Health Insurance
With as many as 16% of all Americans uninsured, the lack of health insurance in the United States has become a true epidemic. As many as half of all bankruptcies in the United States can be traced to medical bills.
There are a number of circumstances under which you may find yourself without health insurance. If you have recently lost your job, you may be eligible for a continuation of the health insurance that you had at one point. Under a Federal law known as COBRA, an employer that has more than 20 employees is obligated to allow former employees continue their health insurance plans. This may save you some money, but you will have to pay the cost of the premium. Should your employer have had fewer than 20 employees, however, you will be eligible for a limited continuation of your health insurance plan.
You may also have lost your health insurance because of a change in family status. If that's the case, COBRA can again help you to continue your health insurance. Circumstances covered under the law include graduation from school, aging out of a parent's plan, divorce, and widowhood.
The Trade Adjustment Assistance Reform Act can pay as much as 65% of your health insurance costs for as long as a year if your job was lost because of an offshoring move by your employer. Similar benefits exist for those that lose their health insurance benefits as early retirees.
If you have a low income and simply cannot afford health insurance, the medicaid program may be able to assist you. For families with children, you should check out Health Choice for Kids, which offers benefits with less stringent income requirements. Special benefits also exist specifically to help pregnant mothers. For those suffering from severe disability that is expected to last a year or more, medicare might be a possible solution.
If you should have a difficult time securing health insurance, discount health or medical card plans might be an option. Consumer Health Alliance and AmeriPlan are two of the largest such discount card plans in the United States. Some of these plans can be quite comprehensive, but they are also excellent as a means to supplement an existing health plan. Should your employer cut certain benefits, such as dental, supplemental discount plans can replace the lost benefits. By doing so, you can maintain excellent coverage while not having to look for an outside and more expensive plan.
When searching for a health insurance plan, there are many online price comparison websites that can help you make your decision. There are also insurance brokers that will do the shopping for you, if you can afford to hire one.
Other aspects to seriously consider when shopping for a more affordable health care plan are how much risk you and your family can afford to take on and how much of a premium you can afford. If most insurance happens to be out of your reach, you might want to consider taking on more risk if possible to defray the cost of the premiums.
In addition to supplementing your plan with a discount card, also consider taking any opportunity you can to put money toward health insurance directly from your paycheck. By paying for health insurance directly from your paycheck, you can shelter that money from taxation. One such method is known as a healthcare savings account, or HSA, and it can save you a great deal of money. The money contributed to the HSA is used to pay off any deductibles you might have to make.
Finding affordable health insurance can be a difficult process, but the internet is a great tool for price comparison. Also be aware of any special government programs or laws that may assist you or supplement your needs.
If you are between jobs, you should also consider using a shorter term insurance policy to cover the gap. A shorter term plan is probably going to be cheaper, although the deductibles would most likely be higher.
