Here Are Some Of The Best Alternatives To Health Insurance
Edward Neeman | Published: June 14, 2018
Everyone wants the same thing in life, more for less. Bigger houses for less money, healthier food for a cheaper price, and better health coverage for a small monthly premium. Unfortunately, most of the time you need to pay more for more unless you are thinking about exploring alternative options.
It's no surprise that health insurance is expensive, even though the reason it's expensive may frustrate you, but what do you do when you are trying to stay covered but don't want to pay the high monthly premiums? You can explore health insurance alternatives.
What are Some Alternatives to Health Insurance?
Health insurance alternatives include options which may reduce your up-front medical costs, and, may also provide savings throughout the year on medical care. Below you can find some of the best alternatives to traditional health insurance that can save you thousands each year. However, it's important to keep in mind that these alternatives may not be suitable for everyone. Make sure to consult your primary physician before making any drastic changes to your coverage.
Medical Cost Sharing
Medical cost sharing allows members to pay lower premiums throughout the year while members "share" the cost of each other's medical bills. Currently, most cost-sharing plans are done through Christian ministries. This option may also be helpful for smaller groups looking to avoid buying traditional health insurance.
The key for successful cost-sharing is to have members which keep costs down. While a healthy lifestyle does not guarantee low medical bills, the theory is that healthy lifestyles without high-risk activities will help members need less medical care. This is supposed to keep each member's 'share' down.
Health Savings Accounts
A Health Savings Account can be used to help pay for eligible medical expenses, such as co-pays or deductibles. They can often be used in conjunction with a high-deductible plan, which is designed to have extremely low premiums but high deductibles, which are perfect for people who don't have a medical history. The funds in a health savings account are tax-exempt and are disbursed through a custodial or trust account. You may also use this fund in order for reimbursement if you've already paid the cost out-of-pocket.
Health Discount Card
You may have heard of health discount cards and not taken them seriously, but there are some that can save you money. Some discount cards only work for dental and vision services, but others will cover a wider range of medical services. Be careful though, because if you don't have health insurance, you still may be paying a tax penalty because of the individual mandate.
Why People Would Want Health Insurance Alternatives
People are often seeking health insurance alternatives in order to save money on premiums. Both cost-sharing and health savings account plans claim to help you save money on those costs. You may be looking at health insurance alternatives in order to save money on co-insurance or co-pay costs. While high-deductible plans combined with an HSA typically have very high costs when medical care is needed, they often don't have co-pays or co-insurance once that deductible is met. Medical cost-sharing plans claim to have lower co-pays and co-insurance due to the overall healthier lifestyles their members live.
Are Health Insurance Alternatives as Good as Traditional Health Insurance?
The answer to this depends on your situation. Health insurance alternatives such as a cost share plan may not be ideal for you if you don't meet a medical cost-sharing group's requirements. Health insurance alternatives such as a health savings account won't do you much good if you anticipate going to a doctor frequently, as you'll pay a significant amount out-of-pocket. These accounts are tied to plans which have high deductibles, so insurance won't kick in until you pay several thousands of dollars.
Explore Cheap Health Insurance Instead of Alternatives
While you may feel that cheap health insurance simply isn't an option for you, it still doesn't hurt to look at the options. Health insurance quotes are simple and quick, usually taking less than five minutes to get started. Once you supply basic information, such as your address, family size, and type of insurance you're looking for, an agent can provide you with the best health insurance quotes available. You then choose a plan that meets your needs.
Where to Find Health Insurance Quotes
First Quote Health is a website which will help connect you with an agent. The website and the use of an agent to receive health insurance quotes is completely free. They will help you find cheap health insurance which meets your premium, deductible, copay, and co-insurance needs.
By finding a traditional health insurance plan, you can avoid health insurance alternatives and keep your family protected. If you've been contemplating alternatives to health insurance, contact First Quote Health today and see what cheap health insurance options are available. You may even qualify for a special enrollment period which allows you to sign up for a plan on the Marketplace exchange. When you submit a request, you'll soon receive health insurance quotes with a variety of options for low-cost premiums, reasonable co-pays, and deductibles, and a friendly agent to help you the entire time.