Everyone needs health insurance as they grow older, but it can be expensive. Finding the right policy is difficult, and a lot of people simply give up and don't purchase health insurance. This can cause even more financial trouble down the road, as nearly every health service is incredibly expensive. Luckily, there are ways to save money on health insurance.
Consider Alternatives To Standard Health Insurance
There are alternatives to standard health insurance coverage for certain individuals. These include:
- CHIP: Also known as the Children's Health Insurance Program, this insurance program provides health insurance for eligible children. States have different eligibility requirements. CHIP typically covers check-ups, immunizations, prescriptions, dental, vision, inpatient and outpatient hospital care, laboratory and X-ray services and emergency services. There may be a monthly premium involved that is less than 5 percent of your household yearly income.
- Medicaid: Medicaid is an insurance program that provides health insurance for certain eligible individuals — including low-income families, people with disabilities, seniors and pregnant women. Unlike with other health care, people can enroll in Medicaid year-round.
Get Rid Of Optional Coverage
Not all health insurance is required or necessary for people on a budget. Getting rid of extra coverage can reduce your monthly premium. The federal government no longer penalizes people for not carrying health insurance (as of 2019), but some states require their residents to carry certain amounts of health insurance. Please note that Utah is not one of these states. States that may still have health insurance penalties include New Jersey, Massachusetts, Vermont and District of Colombia.
The basics of health insurance (coverage for outpatient care, hospital care, pregnancy care and mental health services) are crucial to carry, but optional coverages can inflate your premium while providing you few tangible benefits. Make sure to review your policy with an ISU-Wiseman Insurance agent.
Enroll in Your Work's Health Insurance Plan
Workplaces often offer health insurance for full-time employees. This insurance is typically cheaper than purchasing individual health insurance. There are, however, limits to the offered policy. Make sure to consider your individual health needs and discuss with your health insurance provider about what they cover and what they don’t.
If you have questions about the intricacies of saving on your health insurance coverage, we have answers. Get in touch with ISU-Wiseman Insurance today!
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