Affordable Health Insurance
Corporate America has been the source for a lot of benefits to its citizens. Being a part of an organization promises a certain number of securities that cannot be enjoyed otherwise; even if it’s so, it requires more. That brings to focus one of the most vital ingredients for survival in today’s world of uncertainty i.e. affordable Health Insurance. Premiums usually are high and the Insurance companies make it sure that one won’t be a defaulter playing his part; therefore, while the goodwill of an organization vouches for it’s employees, for a self-employed professional, the picture becomes a little difficult. It’s either the insurance company shall straight be denying a policy, or, it shall allow the same at much higher premium rates that people in the low or mid-income group often find tough to pay. So how to find an affordable health insurance scheme?
- Present Statistics
- United States Census Bureau reports affordable health insurance to cover 85% of Americans (approx.)
- 60% of the total figure depends on their employer for health insurances.
- Government-introduced plans cover 29% of Americans.
- 14.2 percent of the American population goes without an affordable health insurance.
- The reason behind, in most of the cases is the schemes are expensive; the other reason is the young and healthy individuals who run a low risk of serious illness, do not consider health insurance to be important.
- Foreword
When it comes to self-employment or - let’s go to the extreme – unemployment, most of us are ignorant on something called a group health insurance plan. This is the terminology for what we normally refer to as an affordable health insurance plan. The rates come much lower than the usual health insurance plans; however, one needs to know certain options before deciding which one to settle for.
- The way out
Health insurance through the spouse’s employer: Obtaining coverage in this manner has been regarded as the option liked by most. This form of affordable health insurance is granted if one of the couples is employed full time in a company with group health insurance plan; simplified, it is an insurance coverage made by an employer or another authority for covering all individuals in a particular group.
COBRA (Consolidated Omnibus Budget Reconciliation Act): The first step towards self-employment. An employer is bound to continue the existing health insurance plan under this act for the first few months for the employee who recently called quits; though the monthly premium shall cost more than what it used to be previously, still it would work out a lot cheaper than starting a new policy.
Registering with a Health Insurance Cooperative: Self-employed and Small Business Owners often band together and combine their buying power to obtain affordable health insurance premiums. This functions as a group policy. National Association for the Self-Employed and the American Association of Home-Based Businesses are two such organizations that deal in similar stuff.
Conclusion
Once the confusions on affordable health insurance clear off, it’s time to choose for an appropriate program. One may choose from the government-funded Medicare programs; the Medicare Advantage for Medicare beneficiaries; Medicaid etc. But one must also consider The Medicare Prescription Drug, Improvement and Modernization Act of 2003 that was later turned into a law; this gave rise to the tax-deductible Health Savings Bank Accounts. However, with HAS, one shall get penalized if the money in the account is spent on anything non-medical. HSA insurance has a very low monthly premium rate and allows people to handle the money themselves instead of letting the insurance company possess it right from the beginning.