Jud Anglin writing on financial independence…
Health insurance plans available through Obamacare come in bronze, silver, gold, and platinum. And, just as the metallic names imply, you would assume that every upgrade in metal gives you a better plan.
While it’s certainly true that each successive plan comes with a lower deductible to offset the higher monthly premium, an insurance expert friend told me that healthcare providers – doctors, surgeons, nurses – get paid the same low rate no matter what plan you have.
What this means, then, is that if you’re enrolled in Obamacare, even if you have the Platinum plan, you may be in for a shock when you try to schedule an appointment with a doctor or specialist… because the doctor may not want to see you.
Affordable Health Insurance Options
The good news is there are solutions. You just have to know where to look.
Today, I want to share three options with you. Referred to as insurance “supplementals,” they provide good coverage for incredibly low monthly payments, some as low as $20 per month.
To be clear, these are just supplements and are not compliant with the mandated insurance requirement prescribed by Obamacare.
However, when combined with your current policy, these options offer you an affordable solution in covering your ever-increasing deductibles.
Critical Illness Insurance Supplement
Critical illness insurance covers cancer, heart attacks, and strokes.
What I like most about these policies is that when you are diagnosed with a critical illness, they pay out one lump sum, tax-free amount.
Depending on the level of coverage you choose, you can receive a check in the mail for $10,000 $50,000, $100,000, or even $500,000. That way, not only will this money cover the cost of your treatment, but it can also replace your income while you’re out of work.
Two great benefits of the lump-sum, tax-free payouts that really appeal to me are:
1. You are not locked into a network of hospitals and doctors as you are with most insurance policies. This means you can go to any hospital and see any doctor or specialist that you choose.
2. Providing you are able to travel, you can then use this money to go to any hospital in the world. There are many state-of-the-art foreign hospitals that are significantly less expensive than U.S. hospitals, so you can potentially save thousands of dollars.
Accident Insurance Supplement
As the name suggests, this insurance policy provides you with cash when you are involved in an accident.
Suffering a bad fall, a sports injury, or even a car wreck can send you to the ER, setting you back thousands. But with accident insurance, you’ll be eligible to receive a check in the mail the following week for $5,000 or $10,000 (depending on the coverage level you opt for) to cover your expenses. This makes it a great option if you need to cover a high deductible.
According to an eHealth study of over 8,500 accident insurance policies in 2012, “The average monthly premium was $25 per month, regardless of age group.”
If you are between jobs, graduating from college, moving to a different state, or even working abroad, a short-term plan may be a great option for you.
Short-term plans provide health insurance coverage from one month up to a full year.
The biggest benefit of short-term plans is the low premiums: most are only about $20 a month. Before signing up for a short-term plan, however, you should know that you cannot extend the coverage period and it won’t cover pre-existing conditions.
Other than this, short-term plans are a great way to get quick and affordable health insurance that covers major incidents.
For more information, you can visit eHealthInsurance.
Of course, many of these options may not work for you. But if you choose to opt out of Obamacare, you need to remember that going completely without health insurance is a tremendously risky path to take. For many years now, in fact, the leading cause of bankruptcy in the U.S. has been due to the high cost of medical care.
At the bare minimum, you can sign up for a short-term plan today. This will give you a whole year to figure out your next option. At least that way, you’ll sleep better at night knowing that you are financially covered for the worst-case health scenario.
Editor’s note: Jud Anglin is a health services expert who writes regularly for Laissez-Faire.
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