Selecting the Best Type of Health Insurance Coverage for Your Family
Health insurance is a necessity for most people and being able to own comprehensive coverage at an affordable price is essential. Some people are fortunate enough to obtain health insurance from the workplace at a very affordable price. This coverage tends to be comprehensive covering every imaginable health challenge from pregnancy to accidents and chronic illnesses. Other insurance options include private insurance, the Affordable Care Act insurance coverage, government insurance and catastrophic plans.
Workplace Insurance: These plans are offered to employers and the rates are based on the number of employees employed there. Plans are generated in categories such as small business plans and plans carried by large companies like Amazon, Microsoft, Walmart, etc. Employers offer this option to employees because it is a tax advantage for the employer as they may deduct their portion of the premium on their taxes. The other benefits to the employer are they may offer lesser salaries to employees because of the health insurance provided. Lastly, it results in more content and productive employees.
Private Insurance: This type of protection is very costly because it does not spread the risk among a larger pool of subjects. The risk is focused on the subscriber. Many providers are available to buy insurance from, but pre-existing conditions are rarely ever accepted. The cost for this type of coverage tends to be extremely expensive and often is very limited only covering limited health concerns.
Affordable Care Insurance: This insurance is offered on each state’s unique exchange and includes access to the providers chosen by that governmental entity. Under the Affordable Care Act the applicant for this type of insurance may qualify for a subsidy depending upon their finances. This subsidy comes in the form of tax credits. The limits of the Affordable Care coverage are the limited number of providers in your state of residence. You cannot subscribe to an out-of-state provider as of 2019.
Government Insurance: This protection includes Medicare and Medicaid. Availability of this type of coverage is yielded upon retirement or upon the onset of a disability. This is the most affordable type of coverage as the cost only amounts to $100+ per month for the average subscriber. Both Medicare and Medicaid cover preventative checks by a physician and emergency visits to the hospital. They also cover regular visits to the doctor. Medicaid can be more comprehensive, covering transportation to and from the doctor and the cost of medications.
Catastrophic Insurance: This is a very affordable coverage, but it covers a limited number of conditions. These plans usually have a high deductible before the insurance pay anything. The ideal candidate for this type of insurance is the person who takes little to no prescription medications and is in excellent physical condition. This may apply to a independent contractor or small business owner. They would buy this coverage in case of being confronted with a heart attack, stroke or cancer.
The type of protection you are eligible to apply for depends on different factors. Your finances, your age, and your health are all factors that limit or afford you varying options. Still, choose a policy that will provide the best coverage and has the best compatibility with your finances.