Cheap Health Insurance and Prescription
From LoveToKnow Insurance
While many Americans have found cheap health insurance and prescription coverage through health plans offered by their employers, many people in the United States gamble with their family's financial health by going without any health insurance at all.
How to Find Cheap Health Insurance and Prescription Coverage
According to the Henry J. Kaiser Family Foundation, about 45 million United States citizens lack basic health insurance. Most of those people are employed, but their employer does not sponsor a health insurance plan. This may feel like a viable option for many families, so long as everyone in the family is healthy. However, once a medical crisis hits, the family is faced with using an overpriced United States healthcare system that's very quick to turn medical bills over to collection agents and debt collectors. In a very short time, a family's financial health can be destroyed by even a fairly small medical incident.
Cheap Health Insurance for Low-Income Families
A family earning low wages actually has more options than middle class families. Federal and state agencies can often step in quickly to assist low-income families with any healthcare crisis that arises through state or federally-funded insurance programs. For example, the State of Maine offers the Dirigo Health Plan, a discount health insurance program for all households within the state with an income under 300 percent of the federal poverty level. Check with your state government to learn whether or not your state offers a similar program, as this will likely be your best option to obtain cheap and affordable health insurance that includes prescription coverage.
Federal and State Programs for Low-Income Families
Other federal and state programs offered to low-income families include:
- Medicaid and Medicare - If your family earns a fairly low income, you may qualify for Medicaid benefits. This is always the first place you should check to see if you are eligible, because it will be your least expensive option to obtain affordable health insurance for your family. Medicare covers anyone over age sixty-five, or anyone who receives Social Security disability payments.
- Workers' Compensation - If you are receiving medical treatment for an injury or illness you've received from work, the employer must pay for your medical treatment through your state's Workers' Compensation program.
Affordable Health Insurance for Middle-Income Families
If your family earns more than the eligibility requirements for state or federal programs, and you also do not work for an employer that sponsors group health insurance, you are a member of the high-risk group that typically decides to remain uninsured. The middle-class, in the United States, are currently the hardest hit group in terms of lack of healthcare options. However, this does not mean that you can't afford health insurance, it only means that you need to be a little more creative in order to protect yourself and your family from any major medical crisis.
High Deductible Private Health Insurance
One of the most expensive health insurance options is obtaining private health insurance, because you do not receive group discounts as you would under an employee-sponsored program. However you can still reduce the cost of a private plan by selecting a basic health insurance policy with the highest deductible. Submit requests for health insurance quotes, compare cost and benefits of each plan, check the rating of the insurance company, and then select the least expensive option with the highest deductible. While co-payments and prescription benefits will leave much to be desired, your family will still be protected from any major medical crisis.
Short Term Health Insurance
If you only expect to be without work for a short period, and you've already examined the costs of the COBRA insurance coverage, another option is to obtain quotes for insurance in the same way you would for a private plan above, but ask for a short-term policy, which will greatly reduce the cost of the premium.
Professional or Fraternal Membership Group Insurance
Many people don't realize that their membership in certain groups or organizations makes them eligible for group insurance discounts. Organizations such as AAA, AARP, and IEEE, or fraternal groups like the American Legion and Knights of Columbus, all offer various discounts on different insurance products. This option is sometimes the best one for middle-income families who are either self-employed, or work for an employer that doesn't offer health benefits. If you aren't a member of an organization that offers a discount health insurance program, consider joining one!
Additional Resources
Regardless what your family financial situation is, there's likely a reasonable solution to obtain cheap health insurance and prescription coverage for you and your loved ones. Going without health insurance is never a good option. By exploring all of your options, you should be able to obtain coverage that's affordable. Even if you need to cut a few expenses from your budget, the sacrifice is well worth the peace of mind that comes with knowing that you or your family will be cared for should a medical catastrophe ever strike.
The following articles provide additional health insurance resources:
Learn More
This page has been accessed 1,456 times. This page was last modified 19:33, 19 November 2008.
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