Many consumers are still seeking personal health insurance plans, but when it comes to those who may be in a low income situation and need options to buy health insurance coverage at an affordable cost, there are different strategies for finding the right plan. While there are numerous health insurance agencies that can offer a great deal of personal health insurance opportunities for buyers that range from unemployed and low income individuals to men and women that may want a more inclusive health insurance plan, there are few opportunities for buyers on a fixed budget to find coverage that will help them in the short term, but there may be some drawbacks to these plans.
Obviously, there are some consumers who are facing unemployment and may have exhausted their COBRA benefits, but those who still may be able to use COBRA health insurance options are often advised to consult these resources first as they can be more affordable and helpful to those that were recently laid off or may have been out of work for quite some time. Yet, even with COBRA benefits extensions, many consumers are now finding themselves without health insurance and are looking for affordable options while they continue to seek employment. Usually, short-term health insurance plans are used by unemployed men and women as a way to simply guard against excessive costs that may arise if a catastrophic emergency occurs.
A short-term health insurance plan will usually require a high deductible be met if these excessive medical costs are acquired by a policyholder due to either illness, injury, or some other need for medical treatment, but they can come with low monthly premiums. Understandably, someone who may be on a fixed income or may rely on unemployment benefits as their only source of financial income can benefit from these low monthly premium plans, but one of the main drawbacks is that some short-term health insurance plans are not that inclusive in terms of what they may cover or, in most cases, these plans will not help with routine medical costs, like a checkup or medication.
While, again, there may be some low cost health insurance options for short-term policy seekers that can help cover costs related to medical expenses or even preventative care, this will depend on a consumer’s state and, in many instances, what health insurance provider they may choose to work with, but cost may still be an issue. However, individuals that may be in an employment situation where they simply do not have health insurance from their employer are usually prompted to either explore a long-term, personal health insurance plan or couple a high deductible plan with a health savings account.
Obviously, a low deductible personal health insurance plan can offer options, in terms of coverage, which may be necessary for someone who needs help paying for frequent medical treatment or who may find themselves seeing the doctor more often than others, but these plans will obviously be more costly as consumers looking for a low deductible will usually have to pay higher monthly premiums. However, these plans can be helpful for employed individuals who may simply not have coverage from their employer, but may not be as beneficial to low income health insurance seekers. Yet, even those who may have a low income from their employer who does not offer health insurance plans can benefit from a health savings plan when combined with a high deductible health insurance policy. Ideally, this combination would work by allowing a policyholder to contribute low monthly premiums towards their health insurance, would require a higher premium be met if expensive medical treatment were needed, but when it comes to meeting a smaller expenses, money from a health savings account that is contributed over time can be used to meet either the deductible of a high deductible health insurance savings account or, again, routine medical visits.
While health insurance is still a debated issue in our nation, these options can be available for not only consumers who are in a low income situation but those who may simply be in an employment position where they have not been offered a health insurance policy. Yet, consumers must review these plans and look at their medical history as someone who may frequent the doctor will likely meet more out-of-pocket costs in the long run if they are using a high deductible account, and the opposite goes for someone who may rarely go to the doctor but has chosen a low deductible account with a high monthly premium. Simply put, looking for the best health insurance policy to not only meet one’s financial needs will be necessary, but consumers must also find a policy that will be most affordable for their medical needs as well.