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Options available for low cost health insurance

Options available for low cost health insurance

In present day society, it is a challenging task to find low cost health insurance. Employers do not offer health insurance as they used to do in the past as the cost of health care has risen sharply. This has led to many Americans going without healthcare coverage as they find it difficult to obtain low cost health insurance.

However, finding low cost health insurance is easier that it is thought of by most people. The best thing about low cost health insurance is that an individual gets the opportunity for health care coverage even without enough income to meet the cost. The individual can rule out the frills of their policy as they want it to be even if unable to afford the insurance cost. Options available for low cost health insurance are many and one simply has to choose from the different plans that meet their specific needs and that of their family.

Low cost health insurance - Available options

The following options are available in case of low cost health insurance:

High-Risk Pools

High-Risk Pools are government programs that was established by thirty states to provide health insurance coverage to residents who are turned down by private insurers due to their health status and as a result do not have any insurance coverage. The coverage available with high-risk pools is similar to that offered by private insurers. However, the benefits available with high-risk pools are limited in some states. There is a waiting period of 6 to 12 months with respect to coverage provided with pre-existing conditions. If someone has a prior coverage, high-risk pools sometimes waive the exclusion period of pre-existing condition.

Costs involved with insurance coverage for high-risk pools are expensive compared to that offered by private insurers. The premiums of high-risk pools are 1.5 to 2 times more than that levied by private insurers and depend on the age of the individuals. It becomes expensive for people who are in their 50s or the beginning of 60s.

Medicaid

Medicaid program provides medical care to individuals and families who have low incomes and resources. The program is financed by federal and state governments. The states use the fund to provide certain people with specific eligibility criteria.

There are different groups of people qualifying for Medicaid. Certain requirements should be met within the groups. The criteria that are considered for eligibility include age, disabled, aged, whether pregnant, blind, income and resources and whether one is a lawful immigrant or a United States citizen. The rules are also different among states and groups with respect to considering income and resources. Special rules apply for those living in nursing homes and disabled children staying at their homes. People with diabetes can only apply for Medicaid provided their income is low and are either pregnant, blind, disabled or are over 65 years of age.

Prescription Assistance

Financial assistance programs are available with most pharmaceutical companies to persons without any insurance coverage. The program covers medication costs and supplies if the person is unable to pay out-of-pocket. Every pharmaceutical company has its own criterion that must be met by the person to qualify for the financial assistance program.

The State Children's Health Insurance Program (S-CHIP)

S-CHIP is a private health insurance program with low cost of premium. It provides coverage for health insurance to children who are eligible for the program and it continues till the children reaches the age of 19. The family size as well as income determines the eligibility of your children. There is no need for the children to be US citizens. The coverage provided under S-CHIP includes payment to see doctors, hospitalization and prescription medicines and a host of other services. In most states, dental and eye care costs and also the cost of medical equipment are included in the coverage.

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