Affordable Health Care
You may have heard of these three affordable health care options – HMO, HSA and short-term health coverage. With the HMO, or Health Maintenance Organization, you are given the choice of picking your Primary Care Physician, or PCP, to handle all of your medical needs and referrals to other specialists for treatments. You are not allowed to see out-of-network doctors unless during emergency visits. Otherwise you will be responsible for medical expenses incurred. You are also given a flat-rate low monthly premium. You are also required to make co-payments.
Another popular affordable health care option is to get a Health Savings Account, or HSA. This is a tax-deferred savings account that has similar characteristics of an IRA. You are able to freely withdraw and deposit money for medical expenses only. Once you reach retirement age, you will be able to withdraw the money left in the account for retirement purposes. If you withdraw money before then, you may be faced with penalties, so make sure to read over your policy before withdrawing money for other purposes besides medical.
Short-term health insurance can also prove to be more affordable for most individuals and families. If you have lost your job, but didn’t have COBRA – a program that offers extended coverage for a short while – you can get short-term health insurance on your own. You have the choice of picking terms between 30 – 365 days, depending on the state you live in. Once your term expires, you can have it renewed, but it may not be for the same premium rate. This is a great way to stay covered while waiting to get a new job with benefits or standing by to receive another health insurance policy.