Low income health insurance – the term seems like a oxymoron. And it is about the cost of health insurance and healthcare service providers in the USA, one is bound to think that there cannot be a bigger irony than this.
But a careful look at the insurance options available to Americans and one is sure to stumble upon a few plans that are designed for people who do not have access to a regular medical insurance. The options may be limited but they are options nonetheless and a it is wise to purchase such a plan than to be without any sort of coverage at all in the country.
In terms of cost, government aided plans are best suited for people belonging to the low income bracket. Federal supported programs such as the Medicaid, Medicare and CHIP (Child Health Insurance Program) are good options when the budget set aside for health insurance is very limited. There is a huge drawback to these plans though. The coverage is limited and only the basic health needs are covered under the policy.
For those who are looking to save costs and yet want a more comprehensive, private health insurance would be a better alternative. There are various low cost medical policies. Here is a look at the choices that Americans have if they want to purchase a low-cost plan:
1. Low income health insurance companies. There are certain insurers who specifically cater to the low income bracket. Their plans for especially designed for low premiums. These carriers usually have wider range of options. However these plans concentrate on providing healthcare during emergency like accidents and or any major illness.
2. Managed health plans. HMOs, PPOs and cover doctor’s fees, hospitals bills and money spent on prescription drugs. They concentrate on providing primary and preventive healthcare.
3. Catastrophic health insurance plans. These plans provide coverage only for grave diseases like heart attacks and cancer
4. Specialized insurance plans: these plans provide full coverage but only for a certain, specific disease.
Apart from specialized plans, there are several ways in which the premium can be reduced thus making it accessible for those in the low income bracket. Here are a few tips on how to lower the rate of premiums.
- Premiums are calculated on the basis of age and health status. Therefore the sooner you purchase a plan, the cheaper it will be.
- A group plan will always be less expensive than an individual plan.
- Accessing a plan at work is more affordable than buying one yourself.
- Excluding benefits that you are sure not to use will bring down the premium on your individual plan
- A plan with a higher deductible usually has a lower premium
Finding a health plan that suits the budget of a low income family is difficult but not impossible. Cheap medical plans, designed for such an income bracket exists in the market. The need is to look for it carefully at the right place.
Shaun Mike advocates that low income health insurance is a must in the American society. He is researching on how people from the low income bracket can access affordable health insurance.
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