Some Options if You Can't Afford Health Insurance

You won’t be surprised to know that this question comes up. We all know that health insurance premiums are expensive, and that the economy isn’t exactly zipping along for most people. Well, the premiums aren’t going down despite what the politicians tell you. So if you’re having trouble making your health insurance premium fit into your budget, here are a few suggestions:

  1. Consider a short-term health insurance plan. These plans are typically a LOT cheaper because they don’t last in perpetuity. There’s an end-date, usually in the 6-11 month range. They tend to be fairly simple in that they provide catastrophic coverage and few other pre-deductible (“first dollar”) benefits. (The plan we typically use, however, does provide a $50 copay at an urgent care center). Short-term plans have very limited underwriting and they count as “creditable coverage,” meaning you’ll have continuous coverage when you get back to a traditional plan. They’re a great way to maintain catastrophic coverage while you try to get your budget to a better place. To learn more or get a quote on short-term health insurance, follow this link.
  2. Re-examine how much coverage you need. In other words, are you over-insured? We’ve written about this at greater length in the past, but the main reason you need health insurance is not to save $50 at the doctor, but to protect you from the catastrophic costs of a big health event. You know, the $30,000 appendectomy or the $145,000 bypass surgery (and I’m not just making up those numbers). Perhaps switching to a high deductible plan could be done within your budget.
  3. As a last resort, consider a limited benefit plan. These plans will help you with basic costs like doctor visits, but will not provide the lid on catastrophic costs that a health insurance plan provides. But they’re better than nothing.

Feel free to contact AC Forrest to talk more about your budget challenges — we’d be happy to help you find out if there’s a solution that will work for you.