Affordable Health Insurance Option 1 – Medicaid

Medicaid is a state-managed program that is funded by both the states and federal government to provide health insurance for low-income individuals and families that meet the eligibility requirement. Each state has its own set of guidelines regarding eligibility, services, and payments. There are 25 different eligibility categories that can be classified into five broad groups: (1) pregnant women, (2) children and teenager, (3) the elderly, (4) the blind, and (5) the disabled. In general, you should apply for Medicaid if your are considered low-income under the federal income guideline and if you match one of the descriptions of the eligibility groups. Your total asset and immigration status are also considered in the overall assessment of the application. Note a child under the age of 18 can qualify for Medicaid if the child is a U.S. citizen or legal resident regardless of their guardians’ legal statuses.

Medicaid covers most health care services including hospital and nursing home care, lab tests, medical equipments, prescription drugs, and some dental care. It does not, however, cover podiatrists, chiropractors, naturopaths, psychologists, physical therapists, audiologists, or speech therapists.

Affordable Health Insurance Option 2 – Catastrophic Health Insurance

Catastrophic health insurance, also known as the major medical plan, is available to people who have good general health. Major pre-existing medical conditions such as AIDS, diabetes, emphysema, heart disease, multiple sclerosis, and schizophrenia may bar you from purchasing a catastrophic health plan. Catastrophic health insurance has high deductibles and very low monthly premiums. For instance, a 21-year old female nonsmoker would only need to pay $29 per month.

As implicated in its name, catastrophic health insurance only covers major hospital and medical expenses above a certain deductible. Most of the catastrophic health plans cover expenses for hospital stays, surgery, intensive care, diagnostic X-ray, and lab tests. All other expenses must be paid out-of-pocket. While it is possible to vary your level of coverage by selecting different deductible-plans, the deductible under catastrophic health plan is typically $500 or higher. Catastrophic health insurance is a great alternative for those seeking affordable health insurance and who do not qualify for Medicaid.

Health related problems always strike you when you least expect them. Depending on their intensity and longevity, health problems can easily leave you financially crippled. Whether you are single or need to take care of your entire family, being prepared for unforeseen health related expenses is not only smart; it can sometimes make the difference between life and death. A robust health insurance plan can help you pay your medical bills without putting you under tremendous financial strain.

Whether you are already covered by your employer’s insurance scheme or not, you may still need to get additional coverage through an individual health insurance plan. This is because sponsored programs often fall short of individual needs. Extensive coverage for self and family can be achieved through a separate individual health insurance plan.

Individual health insurance plans are of two types:

- Indemnity plans

- Managed care plans

Indemnity plans are costlier than managed care plans. These plans are best suited for those who have particular health issues and need to be treated by specific doctors.

Managed care plans are cheaper because you will be visiting a doctor or a hospital that is provided under the plan. If the treatment requires you to visit a specialist, you will need special permission from the insurance service provider. This kind of plan is best suited for individuals without specific health problems, and for those looking to cut costs.

Selecting a good individual health insurance plan is somewhat tricky if you are not well versed with the intricacies involved. You must choose a plan that will provide you with enough financial coverage. To do this, choose your plan carefully.

The first thing you need to identify is the kind of health insurance plan you need. Do you suffer from any pre-existing medical conditions? Search for a health insurance company that covers your particular condition.

Next, identify a health insurance plan that fits your budget while at the same time provides you with the necessary coverage. Make sure that you are aware of any waiting period for the policy you buy. Some plans have an initial waiting period before coverage begins. If you are unaware of this, you may get a nasty shock when you are in the medical centre.

Finally, choose your insurance company carefully. Health insurance companies need the business you give them. That means that there is quite a lot of competition out there between companies that vie for your attention. Use this to your advantage. Choose a company and then talk to them. Explain what you want. Find out if they have the kind of coverage you require.

Now, you are well on your way to ensuring the kind of health care coverage that you want.