Did you know there are a number of great alternatives to health insurance?
Health insurance can be expensive. Despite its cost, health insurance often doesn’t cover as much as you need it to.
Unfortunately, healthcare in the U.S. is very costly. Without some kind of insurance or alternative, healthcare can be unaffordable.
In order to stay healthy and receive the treatment you need, it’s important to find out what your options are if you can’t afford the monthly premiums for health insurance.
Here are a few great alternatives to health insurance.
Medical Cost-Sharing
Cost-sharing is one of the great alternatives to health insurance and can save you a lot of money on monthly premiums.
Medical cost-sharing programs work by charging all the members of the program a monthly fee (similar to health insurance premiums). The program then pools together all of this money to cover the expenses of its members.
Each member who receives treatment pays an incident fee, which is similar to a co-pay. The rest of the expenses are covered by the monthly fees.
The monthly fees for medical cost-sharing programs are often cheaper than health insurance premiums.
Primary Care Membership
This is one of the lesser-known alternatives to health insurance as it is not offered by all medical providers.
However, some physicians offer memberships to help people save on regular medical expenses. You pay a monthly fee and, in exchange, you receive free doctor visits with no co-pay.
This alternative rarely includes major treatments like surgery, so it is often used to supplement health insurance rather than replace it.
Discount Cards
Health discount cards are similar to dental discount plans.
Discount cards usually require a one-time fee or a small monthly fee. These cards can get you up to 80% off on medical care, including:
- Prescriptions
- Hospital services
- Physician visits
- Other medical expenses
They can also often be used for dental expenses.
There are typically restrictions on what you can use your card for, so it’s important to research your options before choosing one.
For people who prefer to pay for medical costs with cash, discount cards are one of the best alternatives to health insurance.
Health Savings Account
A health savings account, or HSA, can help you cover your medical expenses and can be used as a supplement to insurance.
You can set up an HSA on your own or, possibly, through your employer. These accounts can help you cover co-pays and deductibles, or similar medical expenses.
There are no tax penalties for withdrawing money, as long as it is used for medical costs. However, there are contribution limits.
In 2018, the annual contribution limit was $3,450 for an individual and $6,900 for a family¹.
High-Deductible Health Insurance
This isn’t one of the alternatives to health insurance, but should be considered if you want health insurance but can’t afford expensive premiums.
People who are healthy and don’t expect to incur expensive medical costs may be eligible for a high-deductible insurance policy.
This will keep your premiums low and take care of you if you succumb to any major illnesses or experience any injuries.
These alternatives to health insurance are great ways to save money on healthcare for those who cannot afford health insurance premiums.