If you think you are paying too much for health insurance or are currently uninsured, it might be time to shop. Most major health insurance plans are expensive. Then you end up paying for benefits that you don’t use, and high deductibles and copayments prevent your plan from paying you benefits. Something must change. Maybe you should try fixed benefit hospital insurance or essential minimum coverage.
A fixed-benefit hospital insurance plan pays out pre-determined amounts for specific health services. The benefits you receive for health care services are the same regardless of where you receive your care or what fees your provider charges. This makes you a consumer as you will have to shop around for the suppliers who offer the best prices. Some plans are more robust than others, but they are not intended for people who need to see the doctor regularly. In fact, these plans generally do not accept pre-existing conditions.
These plans can also be used to increase your major health insurance. Every policy will have gaps in coverage, even if that gap is only a very high deductible. A hospital compensation plan could actually fill this gap with additional coverage at an affordable price. Also note that these benefits are generally paid directly to the insured and do not have a coordination of benefits agreement. This means that you could be reimbursed for a service already paid for by your main health insurance plan.
The minimum essential coverage plan is based on the wording of the individual mandate in the Affordable Care Act. Federal law made it mandatory for everyone to have health insurance, but only at a level that covers what they called the minimum essential coverage. This coverage essentially includes annual examinations, specific screenings and advice for certain people. Essentially, if you have one of these plans, the IR cannot penalize you for not having adequate health care. These plans are ridiculously inexpensive, but are actually only for fit and healthy people. This is a whole new plan developed especially because of the Affordable Care Act and the realization that not everyone can afford a major health insurance policy.
Healthy people can pay too much for health insurance. This is because they have been fooled into thinking that a major health insurance plan is their only option. Fixed-benefit hospital insurance and essential minimum coverage plans both offer an alternative solution at great prices. It cannot be emphasized enough that these plans are not for people who are not fit and healthy. Any insurance plan is an agreement to take a certain risk with an insurance company. Please consult a professional before deciding if any of these plans are right for you.