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Just like there are options for alternative healthcare, there are also alternatives to traditional health insurance. People have been concerned for several years about the rising costs of traditional health insurance. With these rising costs, many Americans look to alternative options to help them get protection without having issues with their budgets. There are multiple alternative options for health insurance to consider. Keep in mind that there are positives to having a traditional health insurance policy as well. Consider these alternative health coverage plans, and compare them to not only each other but to traditional insurance coverages well.
Traditional health insurance policies are used by the majority of people who have health coverage. Consumers have been looking into other options for years, and there is a number available. Some of the available alternatives include primary care membership plans, health savings accounts, medical services discount cards, high deductible policies, and medical cost-sharing programs. Each of these has pros and cons, and knowing what these pros and cons are can help you select the best one to suit your needs.
One of the alternatives that are available in primary care membership. When a primary care physician or medical practice offers services for a monthly fee, it is called a primary care membership. Many people compare this to gym memberships. Also called concierge medical services, people get the services they would under a traditional policy from a primary care physician, including blood tests, pediatric care, and doctor’s visits, and do not have to pay a co-pay for the services. These arrangements do not consider some things, however. Often not included in primary care membership plans are major injury treatment, hospitalization, surgery, specialist care, and other things as well. Make sure to look at your policy to determine what the exclusions are. Also consider getting a high deductible, low premium health insurance policy that covers catastrophic injuries or illnesses as a supplement.
Medical cost-sharing plans are also available, which also have monthly fees that are similar to insurance premiums. A group of people pools their resources and share medical costs as the costs arise. There is a fee, called an incident fee, which is similar to a co-pay. After that, the medical expenses are covered by the pooled fees that people in the medical cost-sharing program have paid. In many cases, groups negotiate discounted prices with primary care physicians and hospitals to keep costs lower. With monthly fees that are generally less than traditional health insurance plans, and offering similar levels of reimbursement, this can be a fantastic choice for many people.
Health savings accounts are often available through employers, but can also be set up as individuals. Payments made into this type of account have tax benefits, so long as the money put in is utilized specifically for medical expenses. The Internal Revenue Service limits contributions to an HSA account, which has a maximum.
Many people look to medical insurance plans that have a cash-only basis. Medical discount cards are available for people and can be used for hospital services, as well as physician services, prescriptions, or a combination of these things. Significant discounts can be offered, sometimes up to 80% or more. In many cases, cards come with a one-time membership fee, though others have a small monthly fee in place instead. These are not health insurance plans, but rather discounted fee-for-service programs. Take the time to check and make sure that the services you need or think you may need are covered, as there is a fine print with these types of options. People often combine discount cards with high deductible catastrophic illness and injury insurance coverage.
There are high deductible policies available, which are generally purchased by younger adults who are in better health. For people who do not expect to incur a lot of expenses, a low premium and high deductible policy that just covers unexpected major illnesses or injuries can be a good choice. By having an adequate catastrophic health insurance plan, unforeseen medical expenses are covered, providing targeted financial protection.
Comparing these types of health insurance plans is important to do. Not only is this list of alternative health plans fantastic to look over, but make sure to compare what they offer to traditional health insurance plans as well. The cost of healthcare is rising, and it is expected that health insurance rates are going to keep going up. Even people who are in fantastic health can have emergency situations occur. For people who cannot afford traditional health insurance policies or are looking for alternative policies for other reasons, any one of these can be the best choice. Regardless of which type of plan you decide on, utilize the tools here to get the best rates available for them.
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