August 5, 2022
  • August 5, 2022

Health Insurance Alternatives | RamseySolutions.com

By on July 15, 2022 0

We understood. Health insurance can be Great Dear. Like how-will-I-ever-pay-this-cost. But you know what is After Dear? Medical bills. That’s why you need a way to help cover your medical bills in addition to your own savings account or, worse, a credit card.

Well, don’t throw in the towel just yet, Rocky! There are excellent health insurance alternatives. We’ll look at five alternatives so you can make sure you and your family are protected.

Benefits of Health Insurance Alternatives

You need some kind of health insurance. No ifs, ands or buts about it. But maybe you’re unemployed or can’t afford traditional health insurance policies. What are you doing?

Good news! You have options. Before we dive in, let’s take a quick look at the benefits of health insurance alternatives.

  • To save money: Some health insurance alternatives may be cheaper than your employer’s plan or the plans you find in the government marketplace.
  • Customization of your package: Alternatives often allow you to customize your plan to your specific needs.
  • Choose your doctor: Some alternatives give you more flexibility in choosing your doctor. And who doesn’t want that?

Now let’s go to the first option.

1. Adherence to primary care

Primary Care Adherence (sometimes referred to as concierge medical service Where retainer medicine) are like joining a gym but for medical care. You pay a monthly fee to an independent primary care doctor or medical practice and they agree to take care of some of your medical needs.

Do you have the right health insurance coverage? Contact a trusted professional today.

Primary care memberships can be useful if you only need basic medical services. Since you are already paying a monthly fee, there is no co-payment. You will also be able to choose your attending physician and obtain almost unlimited visits.

Here is a summary of the standard services covered:

  • Pediatric care
  • Almost unlimited visits to the doctor
  • Blood tests and lab work
  • Savings on prescriptions

The inconvenients ? Primary care memberships will not help you if you need surgery, hospitalization, or a specialist. That’s why some people combine primary care enrollment with a high-deductible, low-premium health plan. They are also not considered insurance, so they are not regulated like traditional policies are. This means that what is covered by one membership may not be covered by another. So do your research before going down this trail.

2. Discount cards

We’ll be honest. Discount cards can be a bit sketchy (like sketchy fake Rolexes). But some are the real deal. In any case, they should never be used as your only form of health coverage.

Here’s how they work. Discount cards give you deep discounts (sometimes up to 80%) on things like prescriptions, dentistry, or chiropractic care. But they won’t help with primary care services like doctor visits.

Like we said, not all discount card programs are as good as they sound (much like that get-rich-quick scheme your uncle told you about). In fact, the United States Federal Trade Commission warns that some of them are outright scams.1

Check out legit discount card services (like GoodRx, ScriptSave WellRx, or AARP’s partnership with OptumRx) though. . .

  • You already have some sort of basic health insurance coverage.
  • Your plan will not cover your prescriptions until you reach your deductible.

And if you’re looking for more ways to save on health insurance costs, check out the benefits of a Health Savings Account (HSA), too.

3. Compensation Insurance

Another alternative to health insurance is called indemnity insurance. Compensation essentially helps to offset certain costs of medical care. For example, if you go to the doctor four times a year, indemnity insurance will give you $50 for each visit. You’ll still have to pay out of pocket for your care, but at least you’ll get help with the bills.

Like discount cards, indemnity insurance shouldn’t be your only health insurance coverage. It’s just meant to be an extra layer of protection on top of a different policy.

4. Self-insurance

If you have a high net worth and are in good health, you may be able to pay for your medical bills yourself, which will essentially make you self-insured. But that’s a bad idea. A big medical event, like a bad car accident or a heart attack, could easily break and scramble that nest egg.

Go ahead and get health insurance (even if it’s just a catastrophic plan) and protect the wealth you’ve worked so hard to build. Paying for healthcare entirely out of pocket is far too risky, no matter how much money you have in the bank.

5. Cost Sharing Programs

We save the best for last with cost-sharing programs!

Like primary care memberships, medical cost sharing programs are not technically insurance. They are considered non-profit organizations. But they are still one of the best alternatives to traditional health insurance to help cover medical expenses.

Essentially, people in cost-shared programs pool their money and distribute it among those who need it (they are share the costs).

You pay a monthly premium that covers the medical expenses of other program members. Suppose a family participating in the program needs an expensive surgery. Member premiums are pooled and used to cover surgery. Then if you need care. . .

  • You make a complaint by explaining your situation
  • Pay an “incident fee” (like a copayment)
  • If approved, the program sends you money

Cost-sharing programs do not work directly with doctors or hospitals. Instead, the program sends you the money and you pay your own bills.

This has a few advantages:

  1. It keeps your premium low by lowering program management costs.
  2. This means you’ll pay cash up front (which often comes with discounts) while you wait for reimbursement from the program. This can mean big savings!

If you’re considering a cost-sharing program, just make sure it covers your family’s unique medical needs. Not all services are always covered. And some cost-sharing programs aren’t required to cap out-of-pocket expenses or cover pre-existing conditions.

One of the best alternatives

The best health insurance alternative for you will depend on your specific situation.

But if you’re looking for something other than traditional health insurance, check out our trusted partner, Christian Healthcare Ministries (CHM). They can help you find a plan that works for your family and Your budget.

Thousands of people in all 50 states have used the CHM to meet their health care needs. Plus, they’re RamseyTrusted, so you know they’ll cover the medical bills they’re supposed to pay and honor your coverage.

With Christian Healthcare Ministries, you will enjoy excellent medical coverage and the opportunity to help others.

Connect with CHM today!