All About Affordable Health Insurance Plans

While consumers search for affordable health insurance, they have price in their mind as the top priority. A general conception among the consumers is that cheap health plans should not be costly-the cheapest health plan available in the market is their target. However, this approach is not good. Sometimes, paying for a cheap health insurance plan but still not getting the required level of coverage results only in wastage of money.

With the implementation of the affordable care act, the reach of affordable health plans is set to increase. Or at least, this is what is believed to be the objective of healthcare reforms. However, lots of consumers are still in confusion about how things would work. In this article, we will discuss some detailed options that consumers can try while looking to buy affordable health plans.

To get a hand on affordable health insurance plans, consumers need to take of certain things. First among them is about knowing the options in the particular state of the residence. There are lots of state and federal government-run programs that could be suitable for consumers. Knowing the options is pretty important. Next would be to understand the terms and conditions of all the programs and check the eligibility criteria for each one of them. Further, consumers should know their rights after the implementation of healthcare reforms, and something within a few days, they may qualify for a particular program or could be allowed to avail a particular health insurance plan. If consumers take care of these steps, there is no reason why consumers can't land on an affordable health plan that could cater to the medical care needs.

Let's discuss some options related to affordable health insurance plans state-wise:

State-run affordable health insurance programs in California

While considering California, there are three affordable health insurance plans that are run by the state government. Consumers can surely get benefitted by these if they are eligible for the benefits.

• Major Risk Medical Insurance Program (MRMIP)

This program is a very handy one offering limited health benefits to California residents. If consumers are unable to purchase health plans due to a preexisting medical condition, they can see if they qualify for this program and get benefits.

• Healthy Families Program

Healthy Families Program offers Californians with low cost health, dental, and vision coverage. This is mainly geared to children whose parents earn too much to qualify for public assistance. This program is administered by MRMIP.

• Access for Infants and Mothers Program (AIM)

Access for Infants and Mothers Program provides prenatal and preventive care for pregnant women having low income in California. It is administered by a five-person board that has established a comprehensive benefits package that includes both inpatient and outpatient care for program enrollees.

Some facts about affordable health insurance in Florida

While talking about affordable health insurance options in Florida, consumers can think about below mentioned options:

• Floridians who lost employer's group health insurance may qualify for COBRA continuation coverage in Florida. At the same time, Floridians, who lost group health insurance due to involuntary termination of employment occurring between September 1, 2008 and December 31, 2009 may qualify for a federal tax credit. This credit helps in paying COBRA or state continuation coverage premiums for up to nine months.

• Floridians who had been uninsured for 6 months may be eligible to buy a limited health benefit plan through Cover Florida.

• Florida Medicaid program can be tried by Floridians having low or modest household income. Through this program, pregnant women, families with children, medically needy, elderly, and disabled individuals may get help.

• Florida KidCare program can help the Floridian children under the age of 19 years and not eligible for Medicaid and currently uninsured or underinsured.

• A federal tax credit to help pay for new health coverage to Floridians who lost their health coverage but are receiving benefits from the Trade Adjustment Assistance (TAA) Program. This credit is called the Health Coverage Tax Credit (HCTC). At the same time, Floridians who are retirees and are aged 55-65 and are receiving pension benefits from Pension Benefit Guarantee Corporation (PBGC), may qualify for the HCTC.

Some facts about affordable health insurance in Virginia

While talking about affordable health insurance options in Virginia, consumers need to consider their rights:

• Virginians who lost their employer's group health insurance may apply for COBRA or state continuation coverage in Virginia.

• Virginians must note that they have the right to buy individual health plans from either Anthem Blue Cross Blue Shield or CareFirst Blue Cross Blue Shield.

• Virginia Medicaid program helps Virginians having low or modest household income may qualify for free or subsidized health coverage. Through this program, pregnant women, families with children, and elderly and disabled individuals are helped.

• Family Access to Medical Insurance Security (FAMIS) helps Virginian children under the age of 18 years having no health insurance.

• In Virginia, the Every Woman's Life Program offers free breast and cervical cancer screening. Through this program, if women are diagnosed with cancer, they may be eligible for treatment through the Virginia Medicaid Program.

Some facts about affordable health insurance in Texas

While talking about affordable health insurance options in Texas, consumers need to consider their rights:

• Texans who have group insurance in Texas cannot be denied or limited in terms of coverage, nor can be required to pay more, because of the health status. Further, Texans having group health insurance can't have exclusion of pre-existing conditions.

• In Texas, insurers cannot drop Texans off coverage when they get sick. At the same time, Texans who lost their group health insurance but are HIPAA eligible may apply for COBRA or state continuation coverage in Texas.

• Texas Medicaid program helps Texans having low or modest household income may qualify for free or subsidized health coverage. Through this program, pregnant women, families with children, elderly and disabled individuals are helped. At the same time, if a woman is diagnosed with breast or cervical cancer, she may be eligible for medical care through Medicaid.

• The Texas Children's Health Insurance Program (CHIP) offers subsidized health coverage for certain uninsured children. Further children in Texas can stay in their parent's health insurance policy as dependents till the age of 26 years. This clause has been implemented by the healthcare reforms.

• The Texas Breast and Cervical Cancer Control program offers free cancer screening for qualified residents. If a woman is diagnosed with breast or cervical cancer through this program, she may qualify for medical care through Medicaid.

Like this, consumers need to consider state-wise options when they search for affordable health coverage. It goes without saying that shopping around and getting oneself well-equipped with necessary information is pretty much important to make sure consumers have the right kind of health plans.

By: Alen Lisa David

Buying Financial Insurance in Canada

If you're a Canadian and have been in the workforce for a decade or more, then you know that your income purchases less today than the first year of your working career. Inflation is a part of our society and while our government continues to devalue our money by printing more and more of it, inflation will undoubtedly continue. This is not only a Canadian concern though. All around the world people are feeling the effects of inflation due to excessive money printing; but more on that another time. The long-and-short-of-it all is this: YOUR MONEY WILL continue to BUY LESS as the years go by. 

 

A quick 100-year calculation using the Bank of Canada (BoC) inflation calculator showed the cost of a fixed "basket" of consumer purchases in 1915 was $100.00. At the end of 2015 that cost was $2,083.61. More recently, over the last 10 years prices have gone up 18.01%. Has your income gone up by the same or greater?

The answer is probably, No.

Whether you're a six-figure earner or you make 30k a year, your "money" is losing buying power. There are a lot of ways that you can protect your money from devaluation but we'll discuss two common options people take.

One option is the stock market; put a lump of your savings into a portfolio and see what happens. Sounds like gambling to me. But if you're prepared to leave your finances up to other factors (and people) other than your own due diligence, then putting your money into stocks may be a good fit for you under the following two conditions:

• You have the stomach for volatility and,
•  Your primary objective is to see a substantial return in a short period of time... hopefully.
  

Another option, and this tends to be the easiest and most selected, is to open a bank savings account. No hassle involved; just open the account, decide how much you want to save and how often, put it on auto-pilot and watch your savings grow.

Really?

In today's economy, bank savings accounts are not a viable savings vehicle. Most of the interest rates offered are earning below inflation rates. The sad reality is many savers make a future withdrawal only to realize that thy have lost money on an after-inflation basis.

So, what do you do if you're not a savvy investor?

Buy financial insurance.

We have insurance for almost every aspect of our lives yet insurance is something many of us hopes we never need to use.

Buying financial insurance in Canada, or anywhere else for that matter, is putting your money into a vehicle that is protected long-term from the ups and downs of the volatile economy.

Buying financial insurance preserves your buying power and provides a hedge against inflation.

The global economy is changing but the only economy that should matter to you is yours.

Take the time to get further educated on buying financial insurance in Canada.

As an independent insurance advisor and income protection specialist for almost a decade, Ryan has been providing clients with customized personal insurance and financial solutions through disability, life, critical illness, long-term care, and other personal insurance products while providing strategies for hedging income and preserving wealth.

By: Ryan D. Forrester