Some low-cost health insurance provides minimal prescription drug coverage.
Health insurance provides payments for medical treatment to protect insured consumers from the high cost of medical care. But as health insurance prices rise, more and more low-income individuals and families find it difficult or impossible to pay for a standard health insurance policy. Instead, low-income health care options can offer basic coverage at a substantially reduced cost.
Coverage
Most types of low-income health insurance plans have their own specific coverage limits and exclusions. In general, low-income plans through private insurers cover fewer types of prescription medication and elective or preventative procedures than a more typical health insurance plan. Low-income health insurance may also restrict coverage to a smaller network of doctors and healthcare facilities, giving policyholders fewer choices about where to receive treatment.
Subsidies
The federal government oversees two different programs to provide health insurance to individuals. The first is Medicare, which is available through the Social Security Administration to all citizens over age 65 and younger individuals who qualify due to certain illnesses or disabilities. Medicaid is a federal program targeted at low-income individuals and is administered at the state level. Some people are eligible to receive health coverage through both Medicare and Medicaid. Both programs pay medical service providers directly, functioning much like private insurance to eliminate or reduce the cost of health care.
Deductibles
Low-income health insurance plans may use deductibles to control the amount insured individuals pay. This is the case with High Deductible Health Plans, or HDHPs, which are widely available from private insurance companies. Also known as catastrophic health insurance coverage, they offer some of the lowest rates available in the private sector but policyholders may be liable for several thousand dollars of medical costs before the insurance plan begins to pay. Government plans, on the other hand, offer low deductibles, or no deductibles at all, so that insured patients can get care at little or no cost.
Eligibility
Each type of low-income health insurance has its own eligibility requirements.The private health insurance providers that offer HDHPs may require individuals to provide medical history reports and can reserve the lowest rates for policyholders who don't have preexisting conditions or recent gaps in health insurance coverage. Medicare is exclusively available to individuals over age 65, or those who have a permanent disability or kidney disease. Medicaid is selectively available to low-income individuals under age 19 or over 65, along with pregnant women, blind or disabled patients and those needing nursing home care.
Alternatives
Low-income individuals who lack health insurance may still be able to get access to health care because of their financial need. The Health Resources and Services Administration operates health centers, which are open to low-income patients and provide basic health and dental care at little or no cost. Payment is based on income and patients can also receive check-ups when they're well to insure against health problems that become worse over time.
Tags: health insurance, health insurance, health care, care little, care little cost, health insurance coverage, health insurance plans
