Affordable Health Insurance

Health care costs are on the rise, and as a result, finding an affordable health insurance plan can be challenging. The concept of universal, Federally-funded health care continues to be discussed in Washington D.C. Fortunately, there are many different coverage options available in the meantime. Whether you are looking for Individual Health Insurance or coverage for your whole family, there is an affordable health insurance plan out there for you.

Affordable Health Insurance Options

One of the easiest ways of obtaining affordable health insurance is through your employer. Many employers now offer health insurance plans as part of their benefit package. Often, the employer takes care of most of the premium, making the plan much more affordable and attainable for the employee. The amount paid by the employer varies. Some companies pick up the entire tab, while others pay only a small portion.

In some states, employers are required by law to offer you more than one plan option. If this is the case in your state, you will want to carefully compare the options before making a final decision. Do not go by price alone. Although it is important to choose an affordable health insurance plan, you also want to make sure that the coverage is right for your needs.

If you are self-employed or if your employer does not offer health insurance as a benefit, obtaining health insurance will be your responsibility. There are many insurance companies and agents that offer affordable health insurance plans.

Individual and Family Plans

Individual and family coverage can be purchased from an insurance agent, broker, or company. You will find that there are many different types of plans that can be purchased, such as:

• HMOs – Health Maintenance Organizations
• PPOs – Preferred Provider Organizations
• POS – Point-of-Service Plans
• Traditional Fee-For-Service Plans
• Indemnity Plans

Health Savings Accounts

Health Savings Accounts (HSAs) are one of the newest options in health care. The accounts consist of two different parts:

• A high-deductible health plan (HDHP) that covers large hospital bills.
• An investment account that can be used to withdraw tax-free money for health care.

The investment account works much like a retirement account. If you don’t use the money that accumulates (with tax-free interest) in the investment account for medical care, you can withdraw it for other purposes. As of January 2004, any individual can establish a health savings account with a qualified HSA trustee or custodian. A high-deductible health plan (HDHP) can be purchased through an insurance broker, agent, or company. In some cases, insurers may offer an HSA and a high-deductible health plan.

State High Risk Pools

High-risk pools are special health insurance programs created by state legislatures to provide health plans to people who have been denied coverage due to a pre-existing medical condition. This type of health coverage is only available to residents of certain states. Coverage also varies depending upon the state in which you live. Though high-risk pool insurance usually costs more than standard insurance, the premiums are capped to keep insurance affordable.

Medicare and Medicaid

Medicare and Medicaid are federally-funded programs that offer health insurance coverage to those who may not be able to afford it on their own. Medicare is mainly for elderly individuals, while Medicaid is for low-income and disabled individuals.

Finding Affordable Health Insurance Coverage

When shopping for affordable health insurance, it is very important to take time to make coverage comparisons. This is the only way to ensure that you are getting a good value. You may also want to check the rating of the insurance company that you choose with AM Best. AM Best evaluates the fiscal health of insurers. If the carrier that you chose has a rating less than A, you may want to keep searching for other affordable health insurance options.

[tag]insurance,affordable,health[/tag]