Monday, September 5, 2022

Methods of Making Sure You Can Afford Your Health Insurance

Insurance protects from the things that can go wrong in life. One of the most important forms of insurance you can hold is health insurance. 

Health insurance could end up saving your life one day without forcing you to go into financial ruin to do so. Like many things, health insurance isn’t always cheap. If you’re worried about whether not you can afford it, below are some strategies to deploy.

Obtain State Provided Health Insurance

Quite often, the most cost-effective plans are “state health insurance.” Investigate what your state offers. These plans often work in conjunction with Medicaid and the Health Insurance Marketplace to provide the cheapest possible health insurance to those that qualify. 

For certain low-income individuals, this insurance may be provided virtually cost-free. Investigate your state’s healthcare website to see if you qualify and what the enrollment process consists of.

Use a Health Savings Account

Another choice you can use to help you save on health insurance expenses is an HSA, short for Health Savings Account. This is a special kind of savings account. 

Funds placed in the account are not subject to US income tax. They can then be used to pay for your deductible. If you have high deductibles with your insurance plan, this is one way to help slash some costs when paying off your yearly deductible.

Get Insurance Through an Individual Health Insurance Plan

Don’t be afraid to look for individual health insurance outside of other options like an employer or the Health Insurance Marketplace. 

Today, there is a lot more competition than ever before in the insurance market, and other factors are helping to bring costs down for the insured. 

Make sure to speak to an insurance agent, like someone at American Eagle Health Insurance, and discuss the different possibilities of obtaining insurance for yourself and for your family. 

You may be able to obtain significant discounts versus other options. Adding more family members to your plan could bring down costs even more.

Utilize the Children's Health Insurance Plan

Another option you should consider if you have children is CHIP, the Children’s Health Insurance Plan. This is a plan for children of low-income families that is supported by a collaboration between the US Department of Health and Human Services and different states. 

It is designed specifically for families with modest incomes with too much income to be approved for Medicaid. It can provide low-cost coverage for families with qualified children, thanks to the matching funds provided by the federal government.

Obtain Coverage Through an Employer

One of the best ways to obtain affordable health insurance is through your employer or your spouse's employer. Under such plans, the employer often pays for part of your premium. 

The insurance company is also incentivized to provide cheaper rates because they insure an entire group of people. While certain employees may get sick, not all of them will. This brings down costs.

While healthcare can be expensive, it doesn’t have to be necessary. Investigate the options above for bringing the cost of your coverage down. You don’t have a choice, really. Health insurance is necessary in today’s world that your family cannot go without.

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