Whether you are unemployed or employed, finding a health insurance is a frustrating and time-consuming process. With the current government’s stand on the Affordable Care Act (ACA), finding an affordable health has become more important for people; moreover, having a proper information is important. Low-cost insurances are available; however, qualification and coverage are important for your condition without leaving anything major ailments out.
Cost of going uninsured
Health insurance is expensive; however, it is important to understand the risk attached to going uninsured. There is a 20% chance that a person would end up in ER between the age of 25 and 44. With fractures costing $15000-$20000 for uninsured patients, it is estimated that 25% of people in the country lose their savings in medical bills. This is one of the leading causes of the bankruptcy filing in the country. In addition, you can have a 2.5% penalty on your income or $695/person-whichever is higher. This could be a burden on the family that lives paycheck to paycheck.
How to get low-cost insurance
There are three main ways you can buy an insurance policy:
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Directly from the insurance company
You can visit any of the insurances offices or websites and you can find good offers. Compare and buy insurance. -
Agents
There are two kinds of agents: independent and captive. Independent agents are agents of many companies and could give you options with comparison with other companies, whereas captive agents are bound by one company. -
Online insurance
Online insurance is like having independent agents, leaving aside the human side. -
Medicaid
Medicare, Medicaid, and the Children’s Health Insurance Program (CHIP) are the federal government’s subsidized insurance, making them great low-cost options. Check whether you qualify for those programs. Among these plans, Medicare Plan G is second best in terms of insurance coverage after Medicare Plan F as it covers some of the inpatient expenses like blood transfusion and some of the medical tests like X-rays.
Can one get low-cost medical insurance with zero deductibles
Yes. It is possible. You don’t have to spend money initially for the insurance company to pay. However, zero deductible insurance premiums tend to higher than those with deductibles.