Maintaining good health and avoiding financial hardship from medical expenses require health insurance. However, many people either lack access to employer-sponsored policies or are unable to buy health insurance. Fortunately, those with low incomes who require health insurance have options. Here are a few of the most popular methods for obtaining free or inexpensive health insurance.
Medicaid
Medicaid is a health insurance program that is jointly funded by the federal and state governments. It provides free or subsidized health coverage to millions of Americans, including some low-income people, families with children, young children, pregnant women, the elderly, and persons with disabilities.
Medicaid is administered by the states, thus each has its unique eligibility standards and benefits. The size of your family, your age, your household income, and whether you have a handicap all play a role in determining your eligibility for Medicaid. Visit the Medicaid website for that state to learn more about your state's eligibility standards and to apply for coverage.
Medicaid provides complete health insurance protection that must include at least:
Intensive therapy
ambulatory care
services for early and routine screening, diagnosis, and treatment
hospital nursing services
Home health care services doctor services
Health clinic services in rural areas
federally recognized health centers' services
services for laboratories and X-rays
reproductive health services
nursing and midwifery care
services provided by certified family and pediatric nurse practitioners
Services provided by independent birth centers (where authorized or acknowledged by the state)
transporting patients to the hospital
counseling for pregnant women to quit smoking
States may also provide broader benefits like:
medicines on prescription
Optical care
tooth care
Physical exercise
psychological services
Treatment for substance abuse
Medicaid does not need you to wait for an open enrollment period like other types of health insurance. You can enroll in Medicaid at any moment if you meet the requirements and are eligible.
Children’s Health Insurance Program (CHIP)
The CHIP program provides health insurance to children under 19 who reside in families with earnings that are too high to qualify for Medicaid but too low to purchase private insurance. The CHIP program is jointly funded by the federal government, the states, and each state has its own rules and benefits.
CHIP includes a variety of services, including:
routine examinations
Immunizations
seeing a doctor
Prescriptions
eye and dental health
hospital inpatient and outpatient services
services for laboratories and X-rays
emergency assistance
Some states also cover pregnant women under CHIP.
Applications for CHIP are accepted through both the Health Insurance Marketplace® and the Medicaid program in your state. Your annual contribution cannot exceed 5% of your family's annual income if your child qualifies for CHIP.
Affordable Care Act (ACA) Marketplace
The ACA Marketplace is an online store where you may compare and purchase health insurance plans that adhere to specific requirements for price and quality. The Marketplace is also referred to as HealthCare.gov or the exchange for your state.
The marketplace provides policies from various private insurance providers that include crucial health benefits like:
Patient ambulatory services
emergency assistance
Hospitalization
Newborn and maternity care
Services for substance use disorders and mental health
medicines on prescription
therapeutic and rehabilitative services and equipment
testing services
Services for chronic disease management and prevention
services for children, such as dental and vision care
Depending on your income and household size, you might qualify for subsidies that reduce the cost of your premiums or out-of-pocket expenses. These financial supports go under the names of premium tax credits and cost-sharing reductions.
To be eligible for subsidies, you must:
have a household income that falls between 100% and 400% of the FPL. not qualify for other insurance options like Medicaid, Medicare, or insurance provided by an employer. For the tax year in which you get subsidies, file a federal income tax return. During the open enrollment period, which typically lasts from November 1 to December 15 each year, you can enroll in Marketplace coverage. If you go through specific life events, like leaving your job, getting married, having a kid, or relocating to a new location, you can also be eligible for a special enrollment period.
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