Health insurance coverage is essential in accessing necessary medical services in the case of a medical emergency, injury, or a diagnosed chronic condition. There are a plethora of insurance programs available on the market. When most people hear the words “health insurance,” we imagine qualified health insurance, often provided through the Affordable Care Act.
This type of insurance coverage comes in many forms, such as social programs, including Medicaid and Medicare, and private insurance. While qualified health insurance programs rank as the most popular health insurance option for many Americans, there are still many citizens who opt out of insurance coverage.
This gap in insurance coverage is attributed to ACA health policies’ costly nature, making it difficult for lower class and middle-class families to afford coverage. Luckily, there are plenty of affordable options to consider that can offer sufficient health insurance coverage and protect you from the financial devastation associated with unforeseen medical emergencies. To reprioritize your loved ones’ health and safety, review this guide to examine the benefits of non-qualified health insurance plans.
What is a non-qualified health plan?
Generally speaking, ACA-compliant policies cover the first ten essential benefits, including mental health, substance abuse, maternity, and preventive care services. Non-marketplace health insurance options, on the other hand, are insurance plans that choose not to comply with the Affordable Care Act guidelines.
While non-marketplace health insurance options don’t adhere to ACA insurance recommendations, this health insurance option still provides substantial health coverage for its beneficiaries. Non-marketplace options are often considered a cheaper alternative to their ACA-compliant counterparts. If you and your dependents identify as relatively healthy and don’t require regular visits with their physicians, these plans can be an excellent option.
Recent studies from the Wall Street Journal report that about 27.5 million people are uninsured in the U.S. With rising health insurance costs, these statistics may not be surprising. High coverage cost is the primary cause of opting out of health insurance coverage. Those families dipping below the poverty line should note that non-compliant health plans can provide sufficient coverage that can accommodate your budget restrictions.
Short-term health insurance
Short-term insurance plans are short-term health coverage plans that run anywhere between one month to a year in duration. However, the coverage can be extended for three years, depending on each state’s renewable policy.
Short-term insurance plans strive to assist Americans in-need of temporary medical coverage, as they shop for budget-friendly long-term coverage plans. This type of insurance policy has subbed-out expensive, ACA-compliant policies that dominate the health insurance market. Sometimes, these short-term health insurance plans offer coverage for intensive care, surgery, or hospitalization—making it an ideal affordable option for those families who typically forgo health insurance coverage.
Indemnity insurance plans
Indemnity insurance coverage is a form of non-compliant insurance coverage that enables a beneficiary to pay a fixed amount of money for emergencies and unforeseen healthcare costs. The most significant incentive of indemnity plans is to grant recipients the freedom to choose from a pool of physicians and other healthcare providers.
As opposed to short-term healthcare plans, indemnity health policies don’t expire. Generally speaking, these insurance plans give beneficiaries an unparalleled sense of freedom compared to non-qualified or qualified insurance plans.
Indemnity insurance plans are ideal for those healthcare recipients who live in rural areas, where physicians aren’t easily accessible. These plans are also well-suited to recipients hoping to pay lower monthly premiums and manage overwhelming out-of-pocket payments. For those patients craving the freedom to choose their preferred doctor or healthcare provider, an indemnity health plan can be ideal.
Workers’ compensation insurance
Workers’ compensation insurance is a type of insurance that provides medical benefits and wage replacement to employed patients. Typically, an employer will purchase this form of protection to avoid liability and provide medical compensation if an employee is injured or is involved in a workplace accident during hours of operation. Workers’ compensation insurance is designed to persuade an employee against filing a lawsuit for negligence.
Medical discount plans
The core characteristics of medical discount plans don’t align with the basic tenets of medical health coverage. Unlike standard medical health coverage plans, discount health programs are designed to help recipients save money on particular services or products that basic insurance plans may not cover, such as chiropractic and dental services. Medical discount plans are excellent affordable options for those who, typically, can’t afford medical insurance coverage.
Supplemental accident insurance
Supplemental accident insurance helps cover emergency costs in the event of an accident or other medical emergency. Unfortunately, most insurance health plans don’t cover the total cost of your medical expenses. These supplemental accident insurance plans bridge the gaps in your employer-based insurance and swallow high out-of-pocket costs that compound after an accident or injury.
Supplemental accident insurance payments are paid directly to the beneficiary, so patients can spend the money in whatever way they wish. You can direct your lump sum towards prescriptions, emergency treatment, and other medical services. Note that this health plan is independently purchased, so you can benefit from comprehensive coverage whenever you need it.
Forgoing medical insurance coverage can be risky and potentially financially-debilitating. Unfortunately, it may be too expensive to cover all your medical expenses in the event of an accident, emergency, or prolonged severe health conditions out-of-pocket.
Though ACA-qualified health plans are quite costly, several non-compliant health insurance plans can provide sufficient medical coverage at relatively lower prices. Research the health plans mentioned above and select the plan that suits your family’s needs and budget.