Healthcare is oftentimes a great expense. Between monthly premiums, copayments, and coinsurance, your medical costs could be a fifth of your overall expenses. On average, Americans spend between $10,000 and $15,000 a year on healthcare.
If you are worried about covering the cost of healthcare, several options are available to help you and your family. The federal government provides subsidies and programs if you do not have group coverage or can afford a policy on your own.
You may qualify for certain discounts and health insurance policies depending on your employment status, income, and the other family members in your household. Some places you can search for affordable health insurance include:
- The federal Marketplace
- Insurance providers
- Government programs
If you are self-employed or do not qualify for group coverage with your or your spouse’s job, you can purchase insurance on your own. The Health Insurance Marketplace is a federally run website that allows you to select and pay for an insurance plan. You may qualify for a discount on your premium based on how much your household earns.
Even if you do not qualify for Marketplace subsidies for lower premiums, you can still sign up for coverage. Self-paid insurance plans can save you hundreds to thousands of dollars in medical expenses.
The government also has specific healthcare programs for vulnerable populations. There are programs available if you are a senior, have a low income, or have certain health conditions. You must meet the requirements of the program to sign up for coverage.
Another way you can access affordable coverage is through your job. Sometimes, employers may offer health insurance plans as part of their benefits packages.
Employer-sponsored plans are one of the cheapest ones available. This is because the employer typically pays at least half of the premium.
On top of that, employers may get discounted rates when enough of their workers sign up for health insurance through them. Likewise, your spouse or partner may work for a company that extends coverage to married or lived-in significant others.
However, group insurance is one of the most affordable coverage options available. Your company may have requirements for coverage that you must meet if you are interested in group insurance.