What are the best types of affordable health insurance?
Affordable health insurance rates can be time consuming to find. Pulling out your hair because there are too many different types of policies? First figure out what you need from a health insurance plan and how much you calculate you can afford in health insurance deductibles and copayments as well.
Researching information on health insurance plans and providers is simple; just enter your ZIP code in the FREE search tool today!
The Health Care Reform law is seeking to expand upon government funded health insurance according to an article by the New York Times. With millions unable to afford health insurance the goal of the reform is to insure more than 30 million people.
Government Funded Health Insurance
Is government funded health insurance affordable? Government funded health insurance is probably the most affordable health insurance around. Medicare, Medicaid and CHIP are some of the government funded programs, but they all have requirements that must be met in order to receive the health insurance.
Medicare is health insurance for those who are 65 years of age or older. However, it is also for those under the age of 65 who have certain disabilities. A person with end stage renal disease, which is permanent kidney failure, is also eligible for Medicare no matter their age.
There are different parts of Medicare that offer certain services. There’s hospital insurance, medical insurance, Medicare Advantage that gives you both hospital and medical insurance, and lastly, Medicare prescription medicine or drug coverage.
Medicaid is health insurance for those of low income who have few financial resources.
While the government oversees the program each state has the flexibility of developing their own criteria and plans for Medicaid. Each state can also determine the type, duration, amount and range of services.
Medicaid offers many services that are very comprehensive. Some of these services include prenatal care, vaccinations for children, outpatient and inpatient hospital services, family planning services and even ambulatory services.
CHIP is short for the Children’s Health Insurance Program which is a federally funded program. Individual states offer it and have their own requirements. For example, the Pennsylvania CHIP program has their own eligibility rules and coverage for children.
Many families can receive CHIP for free.
In Pennsylvania those children who are eligible need to have yearly family incomes of $44,700 or less. Those who are above this yearly income can still qualify for CHIP, but may have to pay a low monthly premium or copayments for some of the services.
While this varies by state, most CHIP programs cover those children who are 18 years of age or younger, however, some states will cover those who are up to 19 years of age or younger. CHIP is actually offered by private health insurance companies. However, the private health insurance companies still have to go through the licensing and regulations of their state’s insurance department.
Other Affordable Health Insurance Options
What other affordable health insurance is there? If you’re looking at private health insurance the best way to go is with group health insurance. If your employer offers health insurance you should definitely sign up for it. Even if you have to pay part of the premium it will still be much more affordable then seeking out individual private health insurance.
If you don’t have government funded health insurance another option is to look at organizations or associations you’re eligible to become a member of. Many times they will offer group health insurance for their members.
Individual Health Insurance
Is individual health insurance affordable? If you do not belong to a group or organization that offers health insurance your next option is to buy individual private health insurance. This can be challenging when trying to find affordable rates, especially if you’re used to employer based health insurance.
Premiums for private health insurance can average around $4000 per year while family health insurance can average upwards of $14,000 per year.
It’s a good idea to know what you absolutely need in health insurance before signing with any plan. If you need very basic health insurance than don’t sign with a premium package that offers you more than you need. While it’s great to have peace of mind you could be paying out thousands of dollars of insurance you do not need.
Make sure you shop around and check your rates. You may find that there is a better range of rates to choose from rather than settling for the first plan that comes along. You should also be aware of what your premiums are versus your deductible and copayments. Sometimes companies will advertise low premiums but this is because their plans have high deductibles instead.
If you are searching for different health insurance choices and rates, it is simple when you enter your ZIP code in the FREE search tool now!