Low Income Health Insurance – Cheap Alternatives You Can Afford

Low income health insurance exists for a very important reason. Part of the reason why a significant number of people are unable to get health care is lack of sufficient finances due to low income. So just health insurance is not going to solve any health care problems in the society, since low income families will not be expected to invest in insurance policies as well. The real solution is health insurance designed for low income families.

Insurance per se is naturally expensive; there is no way around that especially if you hope to get full coverage. If low income families cannot overcome this obstacle, they can at least find another direction to follow. Fortunately, low income health insurance alternatives provide just that.

If you want to avail of health coverage, which is a crucial need for families, but are struggling with your finances, well, the times have been rough on everyone so there are some companies out there that acknowledge special budget needs. If you cannot have full health insurance coverage, you can get the coverage and protection that you need by considering other more affordable alternatives to health insurance.

Your Low Income Health Insurance Alternatives

  • HSA or Health Savings Accounts
  • Critical illness plans and other focused plans
  • Indemnity health insurance
  • HMO health insurance

1. HSA or Health Savings Accounts

When it comes to low income health insurance, HSA of Health Savings Accounts are very popular products. Health Savings Accounts work like savings accounts you keep in a bank. This concept has not been around for very long, but has received a warm welcome in the health insurance department due to its consumer-oriented focus. An HSA account allows you to receive discounted medical care as long as you deposit a certain amount of money to the plan on a regular basis. All deposits are tax free so all your money remain yours. What’s even better is that, like a savings account, your deposits will yield interests, which are also completely tax free.

Each time you are faced with medical expenses, you can just easily withdraw from your own money. And when, as a member, you withdraw to get medical care, you are automatically entitled to discounted treatments. This is definitely a simpler and more low cost alternative to health insurance that those who can’t afford health insurance can benefit from.

2. Critical illness plans and other focused plans

There is another simple logic to work your way around expensive health insurance plans. Health insurance plans only get expensive when you want to be protected in every way possible. But if you are limited by your budget and are faced with serious medical problems that require continuous treatments, your next best option is to get low income health insurance that only focuses on your specific and most crucial needs. This is the advantage offered by affordable critical illness plans and a host of other focused plans.

Critical illness plans can help you with the expenses you need with treatments for your serious illnesses including cancer, heart disease, stroke, kidney failure, and any illness that lands you in intensive care. These plans are insurance policies in every other way, except that they only cover the expenses that are incurred in relation to your critical illness. This is a very useful option for low income families faced with a critical illness, which can really cost an arm and a leg or, in several actual cases, can lead to bankruptcy.

3. Indemnity health insurance

Another low income health insurance alternative is the indemnity plan. This is a type of plan that provides you with a pre-determined amount of money to cover your medical expenses. The amounts are predetermined individually for each type of treatment. This is a good option for those who need medical coverage due to an accident, illness, or special surgery. The plans will just send you the cash you need when you need it, as long as you pay the regular premiums.

4. HMO health insurance

If you are looking for low income health insurance that covers everything but does not rank up the costs, then your best option is an HMO health insurance. HMO health insurance is very affordable, but they do not offer focused medical assistance. Instead, they offer complete coverage, which means you can get discounts on all your medical needs.

Most HMO Plans charge very low monthly fees and require very low co-payments then simply shoulder the rest of the costs. The condition is that you have to choose a doctor within the HMO network you signed up with. If you choose a doctor outside the network, you will not receive the discounts.

Ensuring the Value of Your Low Income Health Insurance

Now that we’ve established that low income health insurance is indeed possible, let’s differentiate it from what some people refer to as cheap health insurance. Low income health insurance is health insurance you can avail of at a low cost, but it should still provide good quality medical care and sufficient coverage for your needs. Some cheap health insurance offers, on the other hand, simply provide a measly coverage at a low price, which means you do get insurance but you hardly benefit from it.

Be careful when investing in low income health insurance; don’t forget to check quality too.

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