Since the price of traditional health insurance has increased, some Americans are trying to find options offering some type of protection without purchasing traditional health insurance. Listed below are just five workable alternatives worth considering.
Only Well Check Ups
You can find the typical services offered by a primary care doctor without a copay. These services include:
- Unlimited doctor visits,
- Blood tests
This kind of arrangement doesn’t cover:
- Operation
- Hospitalization
- Major injury therapy
- Specialty care
Most who select this alternative supplement the principal care membership using a high-deductible, low-premium health insurance policy which insures catastrophic illnesses or accidents .
Medical Cost Sharing Apps
Participants in applications like Medi-Share pay monthly charges very similar to insurance premiums. By pooling their funds, they discuss each others’ medical costs. Each member who desires medical services pays a fee, like a copay.
The monthly fee is generally less than traditional health insurance, but provides similar levels of treatment.
Many cost sharing apps are from faith-based organizations. Their health care coverage generally excludes certain things like:
- Birth control
- Substance abuse therapy
Nonetheless, if you are considering a medical cost sharing app, make sure you read the fine print carefully. A number of those programs do not promise you will be reimbursed for bills.
HSA
HSA is a health savings account. HSA’s are offered through many companies, but you can also purchase it individually. Payments made in an HSA are considered pre-tax deductions. There’s no tax penalty for withdrawing or spending it provided that it is used to cover medical expenses.
The IRS limits highest contributions to a HSA account. For 2020, it is possible to donate $3,550. If you are age 55 or older, you are able contribute an additional $1,000 each year.
Medical Discount Cards
For people who prefer to run on a cash-only system for medical costs, many different medical discount cards are available. Some discount cards may be used for doctor and hospital services, prescriptions, or even a mix of them. The discounts may be substantial, as much as 80% or more.
Some cards include a one-time subscription fee. Others have a tiny monthly fee. There are typically limitations on where the discount cards can be used.
One notable benefit is that the cards can frequently be used for major dental providers. The dental policy in traditional health insurance coverage is generally severely limited, costly, or both.
Discount cards may also be used together with high-deductible devastating illness or accident insurance policy .
High-Deductible Policies
Younger adults in good health who don’t anticipate to incur large medical costs throughout the year can consider a low-premium, high-deductible coverage that insures just sudden significant injury or sickness. A devastating health insurance policy guarantees coverage in case of these sudden medical expenses while maintaining insurance costs to a minimal.
The Most Important Thing
The most important thing is to stay healthy. Staying healthy can help reduce costs on traditional health care coverage and any alternative health care coverage that you have.
Remember that these aren’t perfect solutions. It is vital that you read the fine print so fully understand the coverage you have.
Additionally, many providers offer you a discount if you pay for services on exactly the exact same day you get them, however, you must request it. And, many health programs offer you financial assistance–interest-free payment programs or reductions, normally based on your income.
In the end, keep in mind that one of the greatest methods to control healthcare costs is to avoid injury and illness.
