With the extremely high costs of health services, health insurance is vital for most Americans, as it is the best way to cover medical expenses. Nevertheless, healthcare is so expensive that coverage plans almost match their price, and one is forced to turn to plans that either cover very little at a low cost, or cover most of what you need, but at a sky-high monthly premium.
Added to the premium, deductibles immediately inflate the price of insurance, as you are required to cover a lot of expenses before your insurer takes up most of the charges. With so many costs that inflate your bill, are there any options for fair insurance plans with low deductibles that will help you cover each expense?
The answer is yes, but to choose a plan that fits, you need to be very aware of what your needs are, as extra coverage will make the price rise. High deductible plans have lower premiums, but they are great for people in prime health and are not in a dangerous line of work, while low deductible plans have higher premiums, but will save a lot of money for people with chronic diseases or those in a high-risk environment.
Keep in mind that some of the plans will probably require a copayment, but with the premium, the insurer will take the bulk of the cost. Of course, we can’t talk about affordable healthcare without Medicaid. Since the 1980s it has provided millions of Americans a way of funding their insurance, and with its expansion under the Affordable Care Act, it covers around 72.2 million Americans as reported in November 2020.
Medicaid provides low-cost coverage as long as you qualify. In Medicaid part A you will pay a deductible for each benefit period and coinsurance, but once you reach it, the program will cover the rest. Medicaid part B has a much lower deductible, but once you reach it, you will have to cover 20% of the expenses associated with the program.
In the Health Insurance Marketplace, you will be able to find many plans for your needs if you do not qualify for Medicaid, and due to changes made in the Affordable Care Act in 2019, even if you are above the poverty line, you may qualify for many low-income programs in exchange for paying back some tax credits. While your state marketplace will have options, it is important to watch out for low-cost policies, income limits, exclusion clauses, and the extension of coverage, as some are so limited that it will harm your access to excellent healthcare providers.
In the private sector, programs sold by companies do offer low-deductible coverage at the cost of higher premiums. Famously, Blue Cross Blue Shield offers a program with no deductibles and little copay, but the premium can go up to $700 in-network. If this is an option or not for you will depend heavily on how much you use your insurance, so even with high premiums, it will all depend on the amount you save every month in healthcare.
The bottom line is that cheaper is not necessarily better, as an affordable plan with low deductibles may not even cover what you need, so the way forward is to take the time to understand each option available and choose the one that will save you money in the long run.Affordable Health Insurance With Low Deductible
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