Low Cost Health Insurance During Your Unemployment

Affordable Health Insurance for Low Income Families

Families with low incomes often struggle to make ends meet when it comes to medical expenses. Medical insurance for children is important as they require immunizations and regular check-ups to stay healthy, and adults need occasional tests for preventative care. Without affordable health insurance, family members are more likely to forgo doctor visits and miss diagnoses of diseases in preventable stages. Several low cost insurance options are available for families to maintain good health and help reduce the size of high medical expenses or debt.

One type of plan that works well for individuals with few medical needs is limited benefit medical insurance. These plans are often referred to as "mini medical" plans or "mini-med" plans. They work differently than traditional insurance plans and in most cases have much lower costs. Limited benefit medical insurance first gained popularity among small businesses looking to offer health benefits to their part-time workers at affordable rates. This low income health insurance is a basic plan that pays specific dollar amount benefits for a certain number of identified services like doctor appointments, prescription drugs and minor hospital visits. Families that have uninsured members with chronic illnesses might benefit from limited benefit medical plans due to the insurance carriers more lenient underwriting requirements. Another affordable option is a high deductible health plan, or HDHP. Policy holders pay for services, or make predetermined co-payments for some services, with each doctor or hospital visit, and there are usually low premiums. After the family reaches the deductible, the HDHP covers medical expenses for the remainder of the year with low or no copayments. The cap on out-of-pocket expenses for families is typically less than $12,000. Some plans also offer coverage for specific preventative care with no or low deductibles. With a HDHP, prescription medicines are not covered until the family meets the applicable deductible, but this plan may be combined with separate low cost prescription insurance.

Combining a HDHP with a health savings account, or HSA, saves families the most money on medical expenses. Deposits and withdrawals are completely tax-free to help optimize a family's savings. Account holders can deposit funds throughout the year and withdraw them for medical expenses. Money withdrawn for any other purpose will be subject to taxation and penalties. The HDHP/HSA combination is a great way for low income families to save money for health care and receive coverage at low premiums. These affordable options allow families to receive the medical attention they need without breaking the bank. Cheap medical insurance is now more accessible to individuals and families because everyone deserves affordable medical care.