How to Find an Affordable Health Insurance Plan
There are a number of benefits associated with having a health insurance plan, including not just health, but financial and mental/emotional as well. If you have an insurance plan, you do not have less significant worries when it comes to medical bills, managing a particular disease, or finding appropriate care. Even a very low-cost plan could protect you from financial catastrophe in a true emergency.
For example, the COVID-19 pandemic made the world realize that medical exigencies are unpredictable and can lead to an overwhelming financial crisis that can be difficult to control. There are affordable plans available for individuals on a budget or those facing an inevitable financial crisis. Here are some reduced or low-cost insurance plans you should know about.
Medicaid
Medicaid is one of the most popular health insurance programs in America, offering health coverage to millions of eligible low-income individuals, including children, adults, elderly adults, pregnant women, and those with disabilities. The program receives funds from both state and federal governments, but each state controls and administers the program under the federal guidelines. Due to this, the eligibility for Medicaid and the list of covered benefits vary from state to state.
Medicaid is considered an entitlement program, which means that every U.S citizen who meets the set eligibility rules is legally allowed to enroll in the program's coverage. You can check with your state government for detailed information about Medicaid eligibility. Typically, the most significant factor determining qualification for Medicaid is income.
Another vital requirement for eligibility is citizenship status. Applicants must be either U.S citizens or lawful permanent residents to qualify for the program. However, the immigration status requirement may be ignored for those individuals with certain medical conditions, like pregnant women. Finally, you are required to be a resident of the state you are applying for Medicaid to be eligible for the benefits.
Medicare
Medicare is a federal health insurance program sometimes confused with Medicaid. The federal government provides this program to individuals 65 years or older, certain children with disabilities, and people suffering from End-Stage Renal Disease.
There are four main parts of Medicare which include:
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Medicare Part A. This is hospital insurance covering services such as hospice care, inpatient hospital stays, and care in certified nursing homes.
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Medicare Part B. This includes medical insurance, which offers cover for services such as outpatient care, preventive services, medical supplies, and certain doctor services.
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Medicare Part D. This part provides prescription drug coverage, which includes numerous prescribed shots and vaccines.
Medicare Advantage plans, which are provided by Medicare-approved insurance companies, can help cover some of the services not covered by the above plans. Examples of the benefits you can receive through the Medicare Advantage plans are eye exams, dental coverage, OTC benefits, and even fitness programs. Medicare Advantage plan availability varies from state to state, with some offering low-cost or even zero-premium options.
Health Insurance Marketplace
Those not eligible for Medicaid and Medicare can still get affordable health insurance coverage from their state's Health Insurance Marketplace. The marketplace gathers and features all of the health coverage plans available to the public. You can use your state as a marketplace to select the one that fits your budget and needs.
The plans in the marketplace offer numerous health benefits such as:
- Preventive care
- Doctor visits
- Prescriptions
- Hospitalization
The eligibility requirements for Health Insurance Marketplace include:
- You must be residing in the U.S
- You must be a U.S citizen or legally present
- You are not in prison
Applications for coverage via the Health Insurance Marketplace can be made during the Open Enrollment Period. You can submit your application via phone, online, written application, or with the help of a locally trained assistant. Those going through certain life events such as getting married, having a baby, or losing a job are offered special enrollment periods that allow them to enroll in a Marketplace plan when Open Enrollment is closed. Check your state's site for eligibility guidelines in those cases.
