05-29-2020 Healthcare

Is Low-Cost Health Insurance for You?

The monthly cost of health insurance can be so high, some find themselves paying nearly as much as they would for a luxury car each month. The national average premium is more than $574 per month.1 In this time of pandemic and job loss, you may be wondering if there is a less expensive alternative. First off, if you’re thinking of forgoing your health coverage that is not a good idea. No health coverage can put both your health and finances at risk.

What is the Cheapest Health Insurance?

The cheapest is health insurance is Medicaid. Medicaid is a federal and state funded health insurance program for individuals and families with a low income. You may qualify for Medicaid based on income, household size, disability, family status and other factors. Benefits of Medicaid include coverage for doctor visits, hospital expenses, nursing home and home health care, and Rx expenses. But to get Medicaid you need to qualify. Even if you have never considered Medicaid before, a loss of income and health insurance might mean that you qualify now. If you think you might qualify, you can find out for sure atHealthCare.gov2.

Health Insurance Marketplaces

If you don’t qualify for Medicaid, don’t worry. Another alternative is purchasing medical benefits through your state health insurance marketplacesthat cover all ten essential health benefits including:

  • Outpatient services
  • Emergency services
  • Hospitalization
  • Maternity and newborn care
  • Mental health and substance abuse care
  • Rx drugs
  • Rehabilitative services
  • Laboratory services
  • Preventative and wellness services
  • Pediatric services

Marketplace health insurance is available to anyone who does not receive healthcare coverage through their employer, or anyone who is unemployed.

Other Health Insurance Options

There may have other options for cheap health insurance available to you as well. But regardless of the plan, you should do the research and understand the plan fully before you sign up. When deciding if low-cost insurance is best for you, be sure to take into consideration your current medical needs before choosing your health insurance coverage. If you find yourself visiting your family doctor multiple times a year or are using your pharmacy card for essential prescriptions, choose coverage that includes those benefits. Used in tandem with a pharmacy card for discounted prescriptions, low-cost health insurance may put money back into your wallet.

Choose How to Receive Your Discount Rx Card

Request a free prescription discount card on our website. You can choose how to receive your card - email, text, or mail it to yourself.

Is a Short-Term Health Insurance Policy for Me?

On February 20, 2018, the Trump administration had proposed a plan that would relax regulations on what is called short-term health insurance. One thing to consider is that these policies often do not cover pre-existing conditions (ones that occurred before you purchased the policy), but if you do develop a condition during the term you be covered. But please remember, short-term policies offer limited benefits compared to the policies that are on the Affordable Care Act state health insurance marketplaces. Limitations might also include mental health, maternity care, and substance abuse. However, they often cost less than comprehensive policies without a subsidy.

Sources:

1. https://www.ncsl.org/research/health/health-insurance-premiums.aspx#2019_rates

2. https://www.healthcare.gov/lower-costs/

3. https://www.healthcare.gov/