Health Insurance for Unemployed Young Adults

Anyone—especially a young person—who has ever been without a job knows the immense stress that can overwhelm your life.  One of the biggest worries is how medical bills will be paid.  After all, the easiest way to be covered with medical insurance is to be a part of a group plan.  There are less pre-existing condition exclusions to worry about, and an employer will usually subsidize the cost of the plan, making it much cheaper than going out on your own and buying an insurance policy.  However, if the day comes that your job is no longer around, know that comprehensive health insurance for unemployed young people can be found at an affordable rate.  Here are ways to make that happen.

COBRA Health Insurance for Unemployed

If you worked for a company that employs more than 20 people, then COBRA insurance is available.  COBRA allows former employees to continue on the medical plan that they were a part of when they were employed.  The access to quality insurance is a good thing about COBRA.

However, there is a significant downside to this form of health insurance for unemployed young people, and that is the cost.  To be on a COBRA plan, you are required to pay the entire monthly premium of the plan (plus 2% for administrative costs).  Since the premium was most likely partly paid for by the company, the cost of COBRA insurance will be a big jump from what was being paid previously.

Parent’s Plan

The Patient Protection and Affordable Care Act, also known as PPACA or Obamacare, allows people to be enrolled on a parent’s plan until the child reaches age 26.  This can be a terrific option of health insurance for unemployed young people.  If your mom or dad has group insurance, they can enroll you in their plan if you lose your job.

The upside of this is that to add a child to a plan is not very expensive.  In fact, if another child is already on the plan then there will probably not be an additional cost.

Marketplace Health Insurance for Unemployed Young Adults

The Affordable Care Act set up health insurance marketplaces, also known as exchanges, where people can go online and shop for health insurance.  The exchanges might be a good option if a young person is having trouble finding good, affordable coverage elsewhere.

The marketplaces can be a great place to find health insurance for unemployed young people since the federal government provides tax credits to individuals that earn less than 400 percent of the poverty level but are not eligible for Medicaid.  Many unemployed young people will fall in this category.

The marketplaces are also good places to find health insurance for your children.

Medicaid

While Medicaid isn’t technically health insurance for unemployed young people, it can be a good way to help pay for medical expenses.  Medicaid is administered by the states, and eligibility varies by state.  PPACA expanded Medicaid eligibility, but not every state has implemented the new Medicaid rules.

If your child needs Medicaid, but you are not eligible, CHIP insurance is available.

If Medicaid or CHIP is something you are interested in, check out your state’s Medicaid website.

Find Health Insurance One Way or Another

With the cost of health care continuing to rise, quality and affordable health coverage is needed.  Fortunately, finding health insurance for unemployed young adults is not as difficult as it used to be.  Government programs and group plans are available to keep from going broke when you least can afford it.

Read More

Health Insurance for Low Income Earners – Where to Find Coverage

As most everyone knows, health insurance is not an inexpensive purchase.  Medical services continue to increase in cost, and the essential benefits of the Patient Protection and Affordable Care Act (PPACA), or Obamacare as many know it, have made the cost of medical plans increase dramatically.  Even with new measures in place to keep premiums in check, it is difficult to find low cost health insurance.  However, health insurance for low income earners can be affordable and comprehensive enough to provide good coverage is medical services are needed.  Getting sick should not mean going broke, and here are some ways to avoid that.

Health Insurance Marketplaces

The health insurance marketplaces, or exchanges as they were originally known, are great opportunities to obtain health insurance for low income households.  Through the marketplaces, individuals, families, and small businesses will be able to compare multiple medical and prescription drug plans and premiums side-by-side.  Not only is this a convenient way to purchase health insurance, but people with low incomes will be able to receive help paying the premiums.

If an individual makes less than 4 times the poverty level, he or she will be eligible for tax credits to help offset the cost of the insurance plan.  The online marketplace enrollment site will walk people through the process of determining if they are eligible for the subsidy.

Check here to see if an exchange is something that might suit your needs.

Mom or Dad’s Medical Plan

If the goal is to obtain health insurance for low income young adults, it is worthwhile to look into the medical plan of their parents.  The Affordable Care Act allows people to stay covered on their parent’s insurance plan until they reach age 26.  So if you are an adult, but under age 26, and you’re looking for a way to afford good healthcare coverage, your parent’s plan will be a great low cost, or even cheap, health insurance option.

If another child is already covered on the parent’s plan, the extra child many times will be able to be covered without an additional cost.  In essence, this is a no-cost way to obtain health insurance for low income young people.

Increase Out of Pocket Exposure

One of the easiest ways to find affordable health insurance for low income earners is by finding a plan with high out of pocket provisions, such as deductibles and copays.  This leaves less risk for the insurance company, thus the premium will be lower.

Of course, a plan with a high deductible is risky for the policyholder.  The plan may be inexpensive, but if a sickness or accident comes about, there will be a lot of money owed to doctors and hospitals.  However, the billing office of a healthcare provider will many times work out a payment plan over a period of months; if a health insurance premium is not paid, the policy will be cancelled.  There is a chance of a high medical bill if a plan with high out of pocket provisions is purchased, but at least the plan will be affordable.

Medicaid

If health insurance for low income residents is not affordable, Medicaid could be a viable option.  Medicaid is administered by the states, so eligibility is different all over the country.  PPACA expanded Medicaid coverage in 2014, so check with your state’s Medicaid office to see if you are eligible.

Health insurance for low income earners does not have to be unaffordable.  Take a look around and affordable and comprehensive coverage can be found.

Read More

Coins representing the cheapest health insurance options available.

5 Ideas for Cheap Health Insurance for Young Adults





Finding the cheapest health insurance options available can seem like an overwhelming task.  There are numerous insurance companies to search through as well as a long list of plan types to enroll in.  What can make the task harder is finding the time to research and sign up for the plans.  At the end of the day, though, you need to have good coverage at an affordable price.  Here are the best ways to find low cost medical insurance and the cheapest health insurance for young adults.

Short-Term Health Insurance

Between jobs, or just need to make sure you have some low-cost health coverage during a certain point in your life?  Short-term health insurance may be the best thing for you.

Short-term health insurance plans are generally less expensive than qualified major medical health plans, but they do not offer the same level of coverage and usually do not cover pre-existing conditions. They also do not cover the minimum essential coverage of Obamacare, so a short-term plan will not get you off the hook for paying the individual mandate penalty.

Having said all that, short-term plans are a really good idea if you want an inexpensive plan for a short period. Just make sure you understand – and are ok with – the fine print.

Need help finding a great short-term plan? Get a quick and easy quote here.

Medicaid

Medicaid is a government program that helps people with low incomes receive medical services.  Medicaid is administered by the states, and eligibility varies depending on where you live.  The Patient Protection and Affordable Care Act (PPACA), or Obamacare as it is commonly known, expanded Medicaid, making it easier to enroll.  If Medicaid is something you think you might qualify for, check out your state’s Medicaid website.  Medicaid isn’t the cheapest health insurance, because it is not technically insurance, but it helps pay for the cost of health care needs.

Health Insurance Marketplaces

The health insurance marketplaces, or exchanges as they were first labeled, will not be the cheapest health insurance for everyone, but it can be for some people.  The Affordable Care Act provides tax credits for individuals that makes less than 400% of the federal poverty level.  The credits are graded based on income, and if you are eligible for the subsidy, the marketplaces can be great places to find cheap medical insurance.

Like Medicaid, the marketplaces are administered by the states.  However, not every state participates.  In that case, residents can use the federal exchange.  You can find your state’s exchange here.

To enroll in a Marketplace plan, go here.



Your Parent’s Medical Plan

Another benefit of the Affordable Care Act is that young adults are able to be enrolled in their parent’s medical insurance plan until age 26.  This can be advantageous because many times there is not a huge rate increase to add a child.  If your parent(s) already have another child enrolled in the plan, you can probably be added with no additional cost.  Many group plans have an Employee + Child(ren) rate tier, meaning that a subscriber can add multiple children for the same rate.  The same goes if your parent is in an Employee + Family rate tier.

Not only could this be the cheapest health insurance option, it can also be a free health insurance option.

Catastrophic Health Insurance

You have to be careful with catastrophic health insurance.  On one hand, the premiums will be lower than a plan with lower deductibles and copays.  However, if you have a claim, you will be required to pay more out of pocket expenses.  But if you are looking to at least have some coverage, and you are lucky enough to not have many claims, catastrophic coverage might be the cheapest health insurance available.

Your Employer’s Plan

This option is not available to anyone, but if you are offered a health insurance plan by your employer, it might be the cheapest health insurance that you can get.  Employers that offer group coverage will usually subsidize the cost of the employee’s health insurance premium, many times paying 100% of the cost.  What they pay for dependents, though, is usually a much higher amount.

In addition, PPACA caps the most a company can charge a worker for the employee portion of the premium at 9.5% of the employee’s salary.  This equates to about $89 per month for a minimum wage worker that works 30 hours per week.

Health insurance costs continue to increase, but these options will help you find cheap health insurance for young adults.



Read More

What is a Network Discount in a Health Insurance Plan?

There are a lot of confusing aspects about a health insurance plan, specifically a medical plan.  Something that causes much head scratching is the concept of a network discount.  Just what is a network discount, now is it applied, and how is it beneficial?  First, though, one must understand what a network is.

By having a health care service performed at a network provider, the network discount keeps an individual’s health care costs down.

What is A Medical Insurance Network?

Insurance arrangements such as a preferred-provider organization (PPO) and point of service (POS) plan allow plan participants to visit any doctor or facility (providers) that they would like.  However, in an effort to keep the cost of health care down, insurance companies create a network of providers that accept a set amount for each covered service.  Insurance plan policyholders in turn are able to pay less for medical services by using a provider in the network.  The network providers bring in less revenue than they otherwise would, but they are able to attract more patients since the patients get better benefits.

What is the Network Discount?

The network discount, then, is the difference between what a provider bills for a medical service and what the provider is contracted to receive through the patient’s insurance plan.  For example, if your family doctor charges $100 for an office visit, and the contracted rate through the insurance network is $60, then the network discount would be 40% (($100 – $60)/$100).

How are Discounts Determined?

Network discounts are negotiated between each provider and insurance company.  If a provider isn’t happy with the potential arrangement, he/she/it is free to stay out of the network.  However, that could possibly mean less business.

It is not always a percent discount that is negotiated.  The rates that can be charged by a network provider can be based on a fixed fee for medical services, a percent discount off of billed charges, or in the case of an inpatient hospital facility, a per day amount.

However, the negotiated rate is developed, a discount percentage can still be calculated by figuring the amount saved through the network divided by the billed charge amount.

Is a Network Discount Beneficial?

The easy answer for a medical insurance policyholder is a resounding yes.  By having a health care service performed at a network provider, the network discount keeps an individual’s health care costs down.  And if the patient still wants to go out of network, he or she is free to do so, just with a higher out of pocket cost.

For the provider, the network discount is a double-edged sword.  The discount means that the physician and/or facility will bring in less revenue than they would with a non-network patient.  However, the trade-off is that the provider will be on the in-network provider list and will attract more patients.

In any event, the network discount will mean medical services will be available at a lower cost both to the health insurance plan member and the insurance plan itself.  This equates to more money in the pocket of the patient and lower medical insurance premiums (which itself will result in more money in the pocket of the patient).

Is Your Insurance Company’s Network Working For You?

The last thing any of us want to do is find out we’re paying too much for a bad health insurance network. Does that sound like you?

Fortunately, we have access to hundreds of plans and can narrow your choices down to the ones that make the most sense for you and your family.

All you have to do is visit this link  —->>>> Affordable health insurance with great networks

Once there you can find the best insurance plans at the best prices available.

Read More

What is a Health Insurance Deductible?

If you are buying insurance for the first time, there is a lot to learn about how a medical plan functions.  One of the things you will want to understand is how a health insurance deductible works.

Fundamentals of Insurance

To understand how a health insurance deductible works in a health insurance plan, it is important to understand a basic principle of insurance.  Instead of a person taking the chance of financial loss due to an unforeseen event, that person can pay a price (called a premium) to an insurance company, and an insurance company will accept the risk of the financial loss.  The greater the risk of loss, the greater the premium.

One way to lower the premium is to take on more risk of the loss for yourself.  A typical method employed to do this is to implement a deductible.

So What is a Health Insurance Deductible?

A deductible is a flat dollar amount that a policyholder pays before the insurance plan pays any claims.  For example, if you have a $1,000 deductible, and your medical claims are $5,000, you will pay the first $1,000, and the insurance plan will pay the last $4,000 (assuming no coinsurance).

What if you have a medical claim of just $400?  Well, you will pay $400, and on your next medical claim you will be responsible for the first $600 ($1,000 deductible minus the $400 you paid earlier).

Is Everything Subject to a Deductible?

It depends on the plan that you have.  A typical major medical plan utilizes copays for things like office visits to primary care doctors, specialists, and the emergency room.  If you pay a copay for these visits, you usually will not be required to pay your deductible on top of this (some plans do actually require a copay plus a deductible for emergency room visits).

Plans that are labeled “High Deductible Health Plans,” or HDHPs, usually require all claims to be applied to the deductible before the insurance company will pay for any claims.  This means that the policyholder will pay the full cost of medical services and prescriptions until the health insurance deductible is met.

How Can I Know What is Subject to My Deductible?

Make sure to carefully read the benefit summary of any medical plan you are thinking about enrolling in.  The Patient Protection and Affordable Care Act (PPACA), more commonly referred to as Obamacare, requires insurance companies and group plans to provide a Summary of Benefits and Coverage (SBC) for medical insurance plans.

SBCs are designed to succinctly display the benefits that a medical plan provides.  The language is easy to read, and an SBC makes it easier to compare benefits between multiple plans on an apples-to-apples basis.  This will be the best way to find out what is subject to your health insurance deductible.

How Do I Know What Deductible is Best for Me?

That really depends on the amount of risk you are willing to take.  A low deductible will require more money paid in premium.  A high deductible means lower premiums.  If you do not want to take the chance of paying a lot of money out of pocket if you need medical services, then you’ll want a lower deductible.  Just know that you’ll be paying more in premium.

A high health insurance deductible requires you to pay more money up front if you get sick, but it also lowers your premium and gives you more money to use for other living expenses.

Are You Getting The Best Deal With Your Deductible?

The last thing any of us want to do is find out we’re paying too much for a deductible that is way too high. Does that sound like you?

Fortunately, we have access to hundreds of plans and can narrow your choices down to the ones that make the most sense for your family.

All you have to do is visit this link  —->>>> Affordable health insurance

Once there you can find the best insurance plans at the best prices available.

Read More