The Covid-19 crisis is spelling doom for everyone, not just in terms of health, but also for the economy. According to the experts, the global economic slowdown and job loss are bad as the situation was during the second world war. These job losses mean a loss of health insurance too.
The Affordable Health Care for America Act (ACA) plans to provide affordable healthcare to people from all sections of society. The healthcare program covers people who fall between 100% and 400% of the federal poverty level or have any pre-existing medical condition. If you are suffering from the impact of the pandemic too and are looking for an alternative insurance plan, here are a few alternatives that you could try.
Faith-based medical insurance covers people of a religion, community, or faith. In this insurance plan model, a group of people comes together to share the premium expenses every month. And when one of them falls ill or needs medical attention, all the members pool in to cover the costs.
The prices are lower in the faith-based plans, while the coverage is considered the same as traditional health insurance. It thus makes as a great lost cost health insurance plan for those who cannot afford expensive private health insurance. While the faith-based plan does give you a healthcare cover, it is important to understand that it isn’t an actual health insurance plan. Instead, it has a few people pooling in money to help the members at the time of need. This means that members of this plan will not be eligible for health savings accounts that fall under high-deductible health plans. To avail yourself of the faith-based plan you will have
Fixed Indemnity Plans
A Fixed Benefit and Indemnity Based Health Insurance is one of the many supplemental health insurance policies available. It offers the individual a fixed cash benefit payout in case of an injury or an illness. However, the cover only applies to a few ailments and injuries.
In other words, fixed indemnity insurance plans pay you a specific amount of money for every healthcare service that you avail. This amount remains the same irrespective of the cost of the treatment. There might be times when you will have to pay out of your pocket for certain treatments.
While this might be right if you need some low -cost treatments. However, imagine having to undergo surgery or an expensive procedure like the one for cancer. You will end up paying through your nose despite having insurance. So, make sure you keep this as your last option in terms of a low-cost insurance plan!
Short-Term Health Insurance
This insurance policy is ideal for individuals and families who need a health insurance cover for a short period. You could avail yourself of this policy until you become eligible for the domestic health insurance coverage or other state-sponsored health insurance. This plan cover comes in handy when you have an impending doctor visit, a surgical producer due, or need some preventive care treatment. These insurance plans offer immense cost-saving options when you consult in-network providers.
However, this is not the best health insurance option if you are planning on starting a family. That is because it aims to cover the people’s immediate insurance needs and not a long-term engagement. While most people think of short-term health insurance as a panacea it is anything but that! However, this insurance could come in handy, if you recently lost your job or retired. It could give you that insurance cover for the window period until you get back on the Medicare or ACA cover! In short, it is the fallback insurance policy that will cover your medical needs. It comes handy until you have a more sustainable health insurance cover. And it does it without burning a hole in your pocket!
At a time of health crisis like now, it is important to have health insurance. However, if you do not have one for some reason, these are just a few alternative health insurance plans that you could consider. However, make sure you do your research, talk to the insurance providers, compare their plans, and coverages before making a decision. Remember, it is always best to make an informed decision than regret when you fall sick!