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Taking the Guesswork Out of Your Health Insurance Options

Health insurance is a hot-button issue politically and economically. Every election cycle, politicians battle it out over who has the best health care plan and who is responsible for making health care more accessible. Health care is also a leading contributor to financial downfall. Two-thirds of people who file for bankruptcy cite medical issues as a reason. Health insurance can help, but the issue is complicated. We are going to break down your options when it comes to coverage.

Common health care plans

  1. The first and most common form of coverage is employer-provided health insurance. This means your job puts together an insurance package for you and decides what you’re covered for. Of course, one issue with this form of coverage is that it is dependent on your having a job. If you get laid off or furloughed, you could lose coverage until you find something new, so keep that in mind. Also, when you’re job hunting, it is important to pay attention to what insurance they provide and make sure that everything you need is covered. If you’re choosing between a job that pays more and a job with a stellar insurance package, you might want to go with the one that offers more coverage.
  2. The next option is the controversial Obamacare. These plans offer subsidies to low-income individuals who can’t pay their full insurance prices each month. Depending on how much you make annually, you only will pay a percentage of your insurance premium every month, and the government covers the rest.
  3. Last, and possibly least, is Medicaid, which is not to be confused with Medicare, which is for 65+. Medicaid provides free or low-cost insurance to low-income people. If your state provides it, and you are really in a bind, then Medicaid is an option, but it should be a last resort. Many doctors won’t be available under Medicaid, and certain services like prescription drugs and dental aren’t always covered.

Stay healthy to avoid the cost

The important thing is that you are aware of your options, and you get the coverage you need for a rate you can afford. Of course, if you can avoid illness, you should. Eat right, exercise, get lots of sun and take mental health days. Taking care of your mental and physical health can help stave off preventable diseases, so treat your body well and get regular check-ups to avoid paying out big bucks in the future.


For more on health insurance, check this out.

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