Health Insurance Options for Low Income Families

A common misunderstanding among nearly 46-million Americans who bear no medical insurance plan is that the government sponsors all their health-care costs, which is simply not the reality. Overall, health-care expenses for all uninsured came to roughly $125-million in 2007- a number that is clearly persistent to skyrocket every year.

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But, the uninsured themselves forfeit between one-fourth to one-third of the related costs, which is clearly more than what most of the insured have spent to buy their medical insurance.

Health insurance brings in peace of mind to your family, and at the same time it is good for all low income families. HMOs (Health Maintenance Organizations) and PPOs (Preferred Provider Organizations) are no longer the only existing health insurance options, but many new, less expensive policies, including Health Savings Accounts, and several Mini Insurance Plans are becoming more famous in recent times.

Best Health Insurance Plans for Low-Income Families

In the following sections, we will discuss about some of the best health insurance options for low income families.

• Medicaid – It is one of the best health programs affiliated to low income families, persons with disabilities, and seniors, which is jointly funded by federal and state governments, but completely managed by the state. It is an entitlement insurance program, which means that access to benefits is only assured by legislative mandate as long as the person obtaining those benefits satisfies all criteria of the program. Some norms are very absolute for example- the individual should be a U.S citizen or a legally admitted refugee to receive Medicaid services.
• CHIP (Children’s Health Insurance Program) – It is a special program designed to offer health insurance services for children belonging to families whose earnings disqualify them for Medicaid. It is not an entitlement program, and it is governed by state and federal partnership. It is subsidized in part through capped federal matching-funds.
• Limited Medical Benefit Plans – It is also known as mini medical plans, which are usually scaled down editions of many major medical schemes that cover restricted access to many standard facilities for a low monthly premium. The main services include visits to prescription coverage, physicians’ offices, hospital benefits etc.
• HAS (Health Savings Accounts) – Generally, HSAs are a choice available to policy holders registered in a HDHP (High Deductible Health Plan). When it comes to its functionalities, and services, it looks similar to IRAs (International Retirement Accounts). Deposits into these accounts are subjected to many statutorily defined limits, and are done wholly on a pre-tax basis.

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