Around 8.6% of people in the US go through a whole year without any health insurance. For reasons related to unemployment or low income, many people assume it is just not affordable. However, there are numerous ways to get insurance without income.
From private policies to government subsidies, we can help. Read on as we discuss how to get health insurance with no income.
COBRA
If you have lost health benefits that were provided by a group plan, you may qualify for COBRA for a limited time. Some stipulations can make it confusing, and you must know that you do have to pay 100% of the premium. After your split with an employer who provided previous insurance, you have around 60 days to decide if you want to apply.
The list of circumstances in which you may qualify is quite vast. It can range from redundancy to divorce from employees who were previously covered.
Medicare, Medicaid, CHIP
These different types of insurance programs are administered by the government’s social security program. Each one of them covers slightly different circumstances.
Medicare is for those aged 65 and over or who are younger and have a disability. Families and single individuals on a low income may be covered under Medicaid. CHIP is for low-income families that contain children.
Private Health Insurance
Just because you have no income does not mean you can not get private health insurance. There are now a host of subsidies available. Even if you do not qualify for them, you can still shop for plans within your budget that may offer fewer benefits and reduced coverage.
High Deductible Medical Insurance
One way to bring your health insurance costs down is to increase the deductible. This is an amount you pay before a health insurance claim comes into effect.
For example, if your deductible was $500 USD, but the treatment was $2000, you would pay the $500, and your provider would cover the rest. If you can combine this with a health savings account, you may even be able to save money on taxes.
The downside is that you need to be able to afford the high deductible if any problems occur. Try to keep money aside in a savings account to cover any unforeseen eventualities.
Short Term Health Insurance
Another way to reduce the cost of private insurance is to take short-term plans. These are a great alternative if you have a temporary lapse in coverage, perhaps due to the loss of a job or not being eligible anymore.
As you are not taking a yearly plan, they will work out much cheaper. The downside is that they do not often offer extensive levels of coverage.
Health Insurance With No Income
In summary, there is a range of options for health insurance with no income. See what subsidies you qualify for and try to claim. If not, then private plans are available at a low cost.
Your first stop would be Future Wise. We are dedicated to finding solutions to people’s health coverage at affordable prices. Contact us here to discuss your needs.