Individual Health Insurance Plans
For individuals and families, there are three best individual health insurance plans on the market.
Affordable Care Act Plans
You may know Affordable Care Act (ACA) plans as primary medical, comprehensive coverage, or even “Obamacare,” but whatever you call them, these plans meet all the requirements of the ACA and are usually the most widespread on the market. If you have a chronic illness or face a medical emergency, these programs can help prevent high medical costs.
ACA plans offer benefits for a broad range of health care services, both inpatient and outpatient. They can save you money on routine doctor visits, prescription drugs, preventative care, hospital stays, and more. ACA plans are available to almost everyone, and you cannot be denied based on preexisting conditions.
If you cannot afford an Affordable Care Act (ACA) plan or have missed the cutoff to apply, you may need to consider a short-term health insurance plan. Compared to ACA plans, short-term health insurance usually offers much less coverage and does not help avoid state tax fines. Short-term plans usually accept applications year-round, and they can help offset costs if you have a medical emergency unrelated to a preexisting condition.
Short-term plans do not meet the ACA requirements and may not cover all — or any — of your medical conditions, so you’ll need to read the plan details carefully before applying. Also worth noting that buying short-term health insurance may make you ineligible for other health insurance, including ACA plans and COBRA.
Examples of how short-term plans can assist…
Change in Employment
Laid off? Job loss? Get insured while in between jobs and employee benefits.
Cannot get primary medical coverage? Short-term health insurance may help.
Want proof of insurance? A short-term health insurance plan can be faster and affordable.
Are you waiting for coverage? Short-term health insurance can assist protect you in the meantime.
Medical Indemnity Plans
Also called fee-for-service plans, medical indemnity health insurance pays you a fixed amount for services like $50 for a doctor visit. In this case, if you visit the doctor, the plan will give you $50, irrespective of the bill for the actual visit.
When combined with other forms of insurance, medical indemnity plans can help cover out-of-pocket medical expenses such as copays and coinsurance. You can also buy a medical indemnity plan as your only insurance or as part of an insurance package, but as with short-term health insurance, medical indemnity plans do not meet the requirements of the Affordable Care Act (ACA) and will not assist you to avoid any state tax penalties. Indemnity plans also usually do not cover preexisting conditions and may consist of per-incident, yearly, and/or lifetime benefit limits.
Medical indemnity plans are not right for every individual, but if you need help covering medical costs and expenses, they may be worth a second look.
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