You may have serious concerns about the increasing costs associated with medical insurance and its premiums. If so, you are not alone. Most Americans are facing the same struggle of trying to find health coverage without breaking their budgets. You can end your struggle by exploring all of your health insurance options and finding the one that fits your budget best.
Some of those options may include government or employer-offered insurance. You may also be eligible for various other insurance alternatives based on your age and other factors.
One way to reduce the cost of your medical insurance is to apply for a government medical coverage program. One such program is the Children’s Health Insurance Program, better known as CHIP.
The other two common government health insurance programs are Medicare and Medicaid. Each program has a particular purpose, as outlined below.
Medicaid is medical insurance for low-income households. Applicants must typically earn less than a certain percentage of the established federal poverty income level to qualify. That percentage varies in each state and is subject to potential change. However, it is usually between 133 and 138 percent.
Medicare is a program designed to provide medical insurance for senior citizens, those with disabilities, and those who are terminally ill.
Medicare coverage is divided into different sections, known as parts. Each has a different specific purpose.
- Part A provides partial inpatient financial coverage for hospital stays, hospice services, and other long-term care. However, Medicare Part A recipients must still pay copays and deductibles.
- Part B covers outpatient procedures, such as annual physicals.
- Part C provides financial coverage for both inpatient and outpatient procedures.
- Part D provides financial assistance to help cover the costs of prescriptions.
You may think you can only qualify for Medicaid or Medicare. However, it is possible to obtain both coverage types under certain circumstances.
For example, many senior citizens on low fixed incomes qualify for both. Certain medical conditions also create eligibility for both. If you think you fit in one of those categories complete the application processes for both.
The Children’s Health Insurance Program (CHIP) is considered a third assistance program, even though it is technically a type of Medicaid coverage.
It has a separate application process and lowered eligibility requirements because it is a programs specifically designed to provide medical insurance for children. You do not need to have adult Medicaid coverage to enroll your child in CHIP.
There are several more alternatives you can use to get affordable medical coverage. Read the next slides to fully explore your options.
