OPTIONS ASIDE FROM CONVENTIONAL HEALTH INSURANCE
Not everyone can afford to have a conventional health insurance; hence, they are looking for alternatives to settle medical bills and other related costs without burning a hole in their pocket or breaking their bank accounts. Here are today’s most well-known options for getting a desired healthcare coverage.
A health savings account, which provides some tax advantages, covers the most common medical costs, including checkups and medications. HSAs, which entail deductible insurance policy for illness or injury, can be secured from employers or created by employees themselves. Contributions made into an HSA are pretax deductions, but the IRS caps the maximum payment to this account. Also, there is no fine for using up the money from the HSA provided it shoulders medical expenditures.
Why not turn to primary care membership? By paying a monthly fee, individuals or families have access to nearly all kinds of essential medical services such as blood tests and doctor visits. It does not require co-pay. However, holders can obtain a health insurance coverage for unanticipated, unfortunate incidents.
Opt for a high-deductible policy if you want a low-premium and high-deductible insurance. Offered to young people in good health, it shoulders illness, major injury or unexpected treatment. The costs are kept as low as possible while it covers sudden medical expenses.
If you prefer paying cash for medical costs, you may consider getting a medical services discount card. But, under the Affordable Care Act, you will pay a tax penalty for failure to have a coverage. One can secure the discount card for free or by paying a one-time membership fee or a membership fee plus minimal monthly charge. Such cards cover hospital or physician services, prescriptions or both. It can also be utilized for major dental services. Usage of discount cards have certain limitations, though.
Joining a medical cost-sharing program may interest you. The program is designed for people who can give monthly payments, pool their cash, and share medical expenses to each other. The monthly fees are normally lower than the premium of a traditional health insurance. Programs like Medi-Share frequently negotiate with hospitals, primary care physicians, and the like to obtain a discounted rate for their services. If a member incurs a medical cost, that member will pay an incident fee, and the rest of the expense will be covered by the pooled payments given by other members. Several faith-based entities provide such programs, excluding abortion and birth control.
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