Thursday, October 31, 2013
Low Cost Health Insurance Options Are Overlooked
Let's stick with the concept that something is better than nothing. Low cost health insurance alternatives are the only solution to millions of people right now. If you're uninsured you either don't have a job, don't have enough money to pay for an expensive plan or you don't have good enough health for a standard plan. Which category are you in?This article is dedicated to a couple of overlooked health care options that millions of uninsured Americans can afford yet they don't have. Spreading awareness about these options is vital in helping improve our health care crisis.The negative affects of not having health insurance are very straight forward. You end up with medical collections that ruin your credit and tax payers cover your bill. This is one of the reasons health care costs keep going up as the insured are now under more strain to help compensate for all the uninsured. Finding a low cost health insurance alternative that actually is within your financial budget can save you from adding to this problem.There are two plans cheaper than short term health insurance that stick out and remain ready and waiting for you to jump on. The great thing about these plans is you don't have to worry about being turned down. Anyone under 64yrs of age can enroll. If you've already checked for a short term plan and can't afford the premium then this is your solution. One of these two low cost health insurance options will be within your reach.Your first option is a form of supplemental health care. A fixed indemnity plan pays you a fixed amount of cash when qualified medical services are needed. The coverage is very broad and for many individuals a fixed indemnity plan is all they will ever need. Only a major, life changing health condition would be enough to outweigh the protection of these plans. A fixed indemnity plan is one of the most valuable dollar for dollar health care options available today.The plan provides network discounts like an HMO, so you save money on your medical needs. Most insurers give you a card that you use like a credit card when you need a medical service. Fixed indemnity plans are low cost health insurance plans simply because you pay the monthly premium and don't have to worry about a deductible or co-insurance costs. There is a set cash amount credited you for each service you receive. For example, a visit to your doctor would bring you a $50 credit. If you needed a name brand drug prescribed while you're there, you would receive a $25 credit for the prescription.The plan also covers allergy shots and immunizations, outpatient medical events, surgery, anesthesia, ground and air ambulance, emergency room or urgent care and inpatient hospital confinement. The primary insured on the plan also receives a built in life insurance policy to cover final expenses. If you're stuck in the hospital, you'll receive $2,000 a day for illnesses and $4,000 a day for injuries. As you can see, there is plenty of value in these plans, but how much do they cost you might wonder?The cost of your premium for a fixed indemnity plan is based strictly on your age, but can also be affected by where you live. Pre-existing conditions are not covered under these plans so you're not penalized for any health conditions including smoking. In most cases, the premiums are slightly higher than short term premiums...usually between $20-$50, depending on the deductible and co-insurance you might choose for a short term plan. As stated though, you avoid the cost of deductibles and co-insurance with a fixed indemnity plan.For a base example, a 35 yr old male would pay $120 a month. This same male with an equal aged spouse and one child would run a monthly premium of $330, a slight discount for family pricing. By way of comparison, you could easily pay $330 just for yourself without factoring in the rest of your family or deductibles and co-insurance using a traditional health insurance plan.We highly recommend Assurant Health's "Health Access" fixed indemnity plan. It's a very mainstreamed, popular choice used by many large scale companies like Wells Fargo for their employees. This is a tremendously underused health care plan that millions of uninsured people need to start considering as soon as possible.The other option is a simple health discount plan. This is by far the cheapest route and for good reason. Health discount plans are not insurance, so technically it really isn't low cost health insurance. Regardless, it remains at tremendous value when utilized.You receive discounts on services you select that cover your entire family. There are three choices you can choose to receive discounts for and we will again use Assurant's Discount Plan for this example. You can pick any combination or all of the discount options to customize your plan.The first option is the medical discount plan which saves you up to 40% on physician and hospital services, prescriptions, dental and eye care. This option costs $20 a month. The dental and vision plan provides discounts on a broader range of services including eyeglasses and vitamins for $10 a month. There is also a prescription discount plan for $8 a month that covers additional drug, hearing and nutritional care.Combining all three plans together provides substantial discounts for your family for about $38 a month. This is as cheap as health care plans get. The sad fact is that there a countless uninsured families who could easily afford the $38 a month for a discount plan like this and they go without. If you can afford to combine both of these low cost health insurance options together we strongly suggest you do.Having a fixed indemnity plan with a health discount plan on top of it makes sense. You'll maximize your protection and still be paying far less than you would with any standard health insurance plan. It all comes down to understanding your health care options and being proactive.You'll need to check to see if your state will allow you to enroll in either their "Health Access" fixed indemnity plan or the Health Discount Plan as coverage isn't available in every state.These plans need to be utilized on a much greater level if America's health care problem is going to start improving. Now that you've read this page, spread awareness!