Low Cost Insurance Options for Americans

It is the cost of healthcare plans that prevents most Americans from accessing them. Plans that offer comprehensive coverage are often costly and low-cost policies do not necessarily offer all the health benefits that you may need. And with the federal healthcare reforms making access to coverage compulsory for residents, people are scurrying up to find an affordable health plan that does not dent their budgets.

Here is a look at how citizens can offer suitable medical plans without having to compromise either on the coverage or with the budget.

1.    Health Savings Account (HSA): HSAs are not insurance plans. These are accounts where you can save your dollars for future medical expenses. So, the premium that you pay for your plan can instead be saved in this account.  HSA also entitles you to tax benefits, thus lowering your medical budget further.

2.    Worker’s Compensation: It is a program that helps pay for injuries incurred during job. It could either be free/reduced medical care or lifetime stipends in severe cases. If your treatment is the result of an on-the-job injury, your employer must offer to pay with your company's Workers' Compensation program.

3.    Individual/ Family plans: It is true that individual plans are often the costliest, but going in for managed healthcare plans bring down the costs considerably. Plans such as the HMO and PPO offer primary and comprehensive coverage at affordable premiums.  Family plans, on the other hand, are the best of the lot. They offer the exclusivity of individual plans at the price of group coverage. Another advantage of individual or family plans is that they can be customized according to personal needs. Thus applicants will have to pay only for those benefits that anticipate using.

4.    Short term Coverage: For those between jobs, this plan is the best option. The duration of coverage is short, but the premiums are low and affordable

5.    Specific health plans: These are policies that cater to a specific disease, catastrophic diseases or for a specific period of time. These also come with low premiums.

6.    Group Insurance: In the US, group insurance is the cheapest way to get coverage. Accessing insurance at work is less expensive as the rates are by nature less and a part of the premium is paid by the employer.  If one does not get insurance from his employer, then he should look to be a member of group like an Alumni Association. He could access coverage through this group as well. Apart from their low cost, group insurance comes with a lot of added benefits that make it a hit among Americans.

The price does not always dictate the extent of coverage that a plan offers. Residents should go through all their options before finally purchasing a medical policy.