Fast rising health insurance costs have prompted Americans to look for some other low cost options that are easy to sustain and within their monthly budgets. Traditional healthcare coverage policies are now assuming the backstage and are slowly being taken over by cheaper alternatives. To that effect, here are some options which you may explore if you are looking to make health insurance more manageable and sustainable.
- Primary Care Memberships -Individual and family dependents can get access to medical services provided by primary care physicians. The policy will pay expenses for doctor’s fees during unlimited visits, paediatric care and blood tests without any requirement of co-pay. Besides, it is possible to supplement primary car membership with a low premium high deductible health insurance plan which covers bodily injuries as well as catastrophic illnesses. Such a move gives complete financial protection against any kind of health hazard.
- Medical Cost Sharing Programs - You can get enrolled for a medical cost sharing plan by paying a monthly fee that is similar to health insurance premium. All program participants in a Medi-Share policy pool resources for sharing each other’s medical expenses when they rise. Members may be required to pay a small amount of “incident fee” that is very much similar to co-pay in regular health insurance policies and the remaining costs are taken care of by pooled fees. For keeping costs down, programs will negotiate discounts with primary care doctors as well as hospitals and coverage will be adequate.
- Health Savings Accounts (HSAs) - HSAs can be normally accessed through employers but they can also be setup at an individual level. Typically, an HSA in combination with high deductible health plan (HDHP) can cover medical costs as well as injuries/critical illnesses and thus, guarantee full financial protection. In addition, HSAs qualify for tax deduction as well but there might be some limits prescribed by IRS for claiming tax deductions. It will be better if you talk to an expert to know more.
- Medical Services Discount Cards - Different types of medical discount cards could be available in the market for people who like to operate on a cash-only basis to fund medical costs. These cards can be effectively used to fend expenses during primary care visits and hospitalization services. The discounts could be up to 80% but you may have to pay a nominal monthly fee for receiving benefits.
- High-Deductible Health Insurance Policies - If you are young and healthy individual, you can buy a high deductible healthcare insurance plan. The premium could be low and such a policy will provide coverage for unexpected illness or injury. And to ensure further savings, you can even have HSA.