The premiums for family insurance can become expensive, both in time and money. For example, you need to evaluate premiums and coverage.
It is possible to spend hours trying to find the right coverage plans for the right price. Family health care can be challenging to find, the reason for this is because you must look for a plan that suits the needs of everyone involved.
Even if you are having financial difficulty, it is important to understand that you have options when it comes to health care.
In the sections below, you will learn about some options that might provide substantial coverage for you and your family.
Learn About Medicaid
This government assistance program is meant for low-income families or individuals who need medical insurance.
Because this is an income-based government assistance program, it is important to meet the income requirements.
Medicaid covers certain services depending on where your household level is at. The services will also vary by state, so it is important to contact your local agency to make sure the services you need are available.
Generally, the program covers services such as preventative care to your primary care physician. This program also has subprograms to meet the needs of specific groups.
For example, there is a specific program for Native American tribes. The Children’s Health Insurance Program (CHIP) is also meant to provide health insurance to young children.
What is Short Term Health Insurance?
This type of health insurance, also known as temporary health insurance, is useful if you want to fill gaps within your coverage.
The premium for short term health care is much lower because of the shorter length of time and the minimal services it covers.
With this health insurance, you can still visit your doctor and get hospitals visits. You may also apply whenever you want since there are no open enrollment limitations.
Spouses and dependents may be covered, so long as they meet the medical requirements of the plan.
One detail to remember is that this type of health insurance plan does not meet the “minimum essential coverage” requirement of the Affordable Care Act (ACA).
Additionally, if the plan that you chose stops meeting your needs, it is possible to cancel that plan at any time with a penalty. You may also extend your coverage by applying for another short-term health plan.
Find Out About Catastrophic Health Insurance
This type of health insurance is available only to individuals or households who are younger than 30 years of age or for those who qualify for a hardship exemption.
A hardship exemption is when the individual is in a financial situation that keeps them from affording health care.
Catastrophic coverage is one of the most affordable health insurance alternatives. This is a good alternative for those who are in good health.
The catastrophic coverage plan will provide three primary care visits and free preventative services.
One drawback is that the deductible is very high because it is typically used for costly and specific emergencies.
Copayments and coinsurance are also higher with this plan. However, the monthly premiums are generally lower than average health care plans.
Learn About Subsidized Health Insurance
This type of health coverage is available at a low or reduced cost to low-income individuals or households. Some examples of subsidized health care are Medicare and CHIP.
Additionally, health care plans on the marketplace with premium tax credits are also known as subsidized coverage.
These specific plans lower the premium of your plan. There are also cost-sharing reductions, which lowers out-of-pocket costs you pay during the period of the policy.
This will include the deductible, coinsurance and copay.
In order to qualify for Medicaid, the household income must be 138 percent below the government poverty level.
To qualify for the premium tax credit insurance plans, your income household needs to fall between 100 to 400 percent below the poverty level.
