29. January 2017 · Comments Off on Cheap Health Insurance · Categories: Health Insurance

The cost of health insurance and medical treatment is increasing day by day. As the cost of medical care and health insurance continues to rise, the demand for cheap health insurance is also on the rise.

Though cheap health insurance offers only limited service, it is an excellent alternative for those who want to get health insurance at a low cost. As an ideal option for budget minded consumers, cheap health insurance offers adequate health coverage at reasonable rates.

Cheap health insurance contributes to the cost of medicine, doctor visits, prescription, and hospital stays; it also provides benefits for eye care, dental work, and other medical expenses. Certain types of cheap health insurance do not cover preventative care, such as doctors’ visits. So while looking for cheap health insurance, make sure that you get what you pay for.

Low-risk indemnity plan is an ideal option for those who want a cheap health insurance. Indemnity plan requires you to pay coinsurance amounts and certain deductibles. With indemnity plan, it is possible to modify coinsurance amounts and deductible levels to fit your particular budget. Even though the coverage provided by the plan is of low quality, low-risk indemnity plan is found to be beneficial to budget minded customers.

With the help of an insurance agency or an insurance broker, you can find an affordable cheap health insurance. Another option to find cheap health insurance is to browse the internet. There are countless insurance companies that offer all types of health insurance.

There are several points to consider prior to purchasing cheap health insurance. The premium cost and coverage of health insurance varies from insurance company to insurance company. So it is necessary to compare cost as well as coverage before choosing a health insurance plan. Also, make sure that you are buying health insurance from reputed companies.

22. January 2017 · Comments Off on Family & Marriage Finances 101 – The 14 Essentials Everyone Must Know · Categories: Finance

There are two words that are very closely synonymous with the two words ‘family happiness’ – those two words are ‘family finances’! Notice I did not say ‘family wealth’ – happiness in a home, marriage, and family is most often directly correlated with the ability of the parents to properly manage (not necessarily accumulate) and budget their finances. It is unfortunately true that over 80% of all divorces result, in some way or another, because of finances. More tragic than the divorce is the fact that families are torn apart, children suffer, and society is feeling the negative ramifications of this all too common reality. 

At the outset, it is absolutely important to note that the 14 essential principles described below are not designed to teach people how to accumulate wealth through the application of the principles described. The sole objective in revealing and explaining these principles if for one purpose – to help marriages and people everywhere experience the family happiness that results from the application of simple financial principles. Will applying these principles require effort and a change? Certainly! But does not everything good and worth while in life also require change and consistent effort? 

Fortunately, with a little education, self-discipline, and effort, we truly can ensure that our ‘family finances’ result in ‘family happiness.’ May I suggest 14 ways on how to accomplish this: 

1) Establish a budget and live within your means: First, do you even have a budget? If so, do you actually live by it? Do you actually record every expenditure, so that at the end of the month (when you sit down and go over finances … right) you know where every penny has gone? At the end of the month as you look over the finances, did you purchase something you did not need? Stick to the budget and live within your means!

2) Never accumulate consumer debt: Do you know the difference between Good Debt vs. Consumer Debt? Good debt is when you have to borrow money for some type of an investment: a house, your education, or to start a business, etc. Consumer debt is simply purchasing anything on credit outside of these three areas. If you don’t have the money to buy it – don’t buy it!

3) Credit cards are NOT bad: Now, above on point 2 I mentioned to never purchase anything on credit you don’t need or have money for. That does not mean you can’t purchase your groceries or other expenditures on a credit card (in fact, I encourage you to do that). Using credit cards, properly, is essential to your financial success. What is the proper way to use a credit card? It is simple: never use more than 25% of the credit limit, make your payments on time, and pay off the entire balance at the end of the month.

4) Understand the importance of building and protecting your credit: In my opinion, protecting your credit is just as important as protecting your social security number. Your financial future and success hinges upon that report/score. Do you want lower rates, better jobs, larger loans, better pay, etc.? Than you better protect your credit. I tell people all the time that investing in Identity Theft Protection is just as important as any Life Insurance program in our day and age. Now, do you know how to build and improve you score/report? It really is simple: never use more than 25% of the credit limit, make your payments on time, and pay off the entire balance at the end of the month (sound familiar)!

5) ‘Wealth’ is not the accumulation of money, it is the proper management of it: Our culture and society certainly has a skewed perception of what true wealth is. If, for example, an individual makes 1 million dollars a year, we assume they are wealthy. Well, if that person spent 1.2 million dollars that same year, that certainly is not wealth is it? In fact, the promotions and pay raises we all seek in our jobs will do little if we increase our spending as our income increases. Robert Kiyosaki refers to this habit as the ‘rat race.’ We need to learn how to properly budget, manage, save, and invest our money – not just spend it. Thus, true ‘Wealth’ is getting out of this ‘rat race,’ it is financial independence, it is passive income, and it is time freedom. Learn now how to manage your money before it manages you! Both men and women would do well to change their perception from ‘how much can my spouse make’ to ‘how well do they manage their finances.’

6) Self-Discipline and Self-Restraint are essential: Self-discipline in regards to money is far more important than any advanced course in accounting or financial management. Parents would do well to develop this ability, and they would be wise to teach this to their children. However, please don’t mis-understand – ‘self-discipline’ does not translate into self-denial or impoverishment. There is nothing wrong with buying ‘things’ that are fun, entertaining, or that the kids would enjoy. Where the line must be drawn is in the questions ‘can we afford this’ or ‘is this in our budget’ or ‘do we actually need this’ etc. And, ironically, self-discipline in financial matters will translate into self-discipline in other areas and aspects of life.

7) Saving Saves: That’s it – just save! Learn now to discipline yourselves and budget 10% of all earnings. Save for a rainy day, for retirement, for kid’s college funds, vacations, investments, etc. Avoid consumer debt, prepare for disasters or unemployment, and save 10% of all earnings – ALWAYS!

8) The importance of Insurance: Do you have proper and adequate home insurance, life insurance, health insurance, and car insurance? If not, you are potentially setting yourself up for financial disaster. And, in our day and age, do you have Identity Theft Protection? This type of insurance is just as, if not more important.

9) Wants vs. Needs: Wise is the wife, husband, parent, or child who can discipline themselves financially. The ability to sacrifice, go without, save, be patient, and determine wants compared to needs is an absolutely necessary attribute to develop; ironically, this attribute is not only necessary for finance-related issues, but every aspect of our lives!

10) Money is NOT Evil: Unfortunately, the majority of people have engrained into their minds that money is evil. Money is NOT evil; it is the pride people develop from possessing and accumulating money that causes others to perceive money as being ‘evil.’ A wealthy person’s snobbish attitude, condescending comments, assumed superiority, and arrogant actions are what is ‘evil’ – not the money! ‘But the money created the pride,’ some may wrongfully say; no, the choice to become prideful is what created the pride. Money is absolutely necessary for our daily survival; and if we choose, our excess money can also free up our time and create opportunities and resources that help and bless other people’s lives. We need more people who choose to acquire wealth for charitable purposes, and less people who develop the strength to financially suffer because they ignorantly believe ‘money is evil.’

11) Communication & Involvement is Essential: If you are married, are both of you involved in, informed about, and joint decision makers in the financial affairs of the family? If not, the very question should reveal the necessary changes needing to be made. Are children simply given money, or are they expected to work for and earn it? Grateful will be the child, and wise would be the parent for teaching their child this reality of life in the real world. And perhaps just as important, are children taught the very principles described in this article – saving, compound interest, credit, insurance, wants vs. needs, etc.? The fact that this article even needs to be written should suggest that our educational system fails to teach these important principles, which should suggest that if any parent is dependent upon others to teach their children these necessary financial principles – they will pay for it, literally!

12) Investing in Appreciating Assets, Not Depreciating Liabilities: How often are we personally guilty of ensuring that our car is loaded with the best features, our clothes are updated with the latest fashions, or our sheds and garages are filled with all the fun toys and tools? There is nothing necessarily wrong with having these (see point #13 below); however, how unfortunate it is when excess funds (or what’s worse – funds/debt obtained from credit) goes to obtain more toys, cars, and clothes rather than assets that will appreciate over time. The key to financial independence is not obtained through pay-raises, promotions, 401(k)’s, or even the lottery – it is obtained by applying the principles discussed in this article, and more importantly, buying appreciating assets rather than depreciating liabilities.

13) Be balanced and enjoy life also: Sometimes I read articles of couples who save every penny (literally) so they can retire at age 40. Some are able to do this, and good for them. But, let’s be realistic and also enjoy life as well. Perhaps it is setting aside a few hundred dollars a month, or just $20 – but take your wife on a date, treat your kids to pizza, go out to a movie, etc. Have fun and be balanced!

14) Give and you shall receive: Ironic that this is on the list – but it is not last suggesting it’s least important. In fact, it should be number one on this list! Learn now the great truth that when you give, you will receive. The ‘giving’ will be different for everyone. For some, it may mean giving to a charity, giving to a neighbor, to a church, to a family member, etc. But, give with no expectation or thought of reward or return, and you will receive much more in return, somehow in someway, but it will happen!

In conclusion, never forget that this is not about saving, budgeting, or investing properly – this is about happiness in your marriage and family life. A great credit score, a large bank account, an excellent insurance policy, and even a healthy retirement account are comparatively insignificant compared to the marital and family happiness, which can be achieved by applying the principles above.

16. January 2017 · Comments Off on Small Business Finance – How to Calculate Your Needs · Categories: Finance

Your optimism on the future of the business may overshadow the crucial aspects and specific details required in keeping the business on the progressive status. Sometimes, owners happen to be very aggressive and confident in terms of financial standing that they tend to become very lax when dealing with borrowing money. This creates a big problem since every cent of the money borrowed needs to be put into proper use. Unfortunately, what happens to some is that when they have the chance to borrow money, they borrow more (or less) than they require.

So when it is time for you to take a small business finance, you have to know how to calculate your needs.

There are several factors that affect the amount of money you need. They are worth discussing one by one.

Credit rating – The eligibility for a loan, especially on small business finance, is based mainly on the credit rating of the person. A good credit score means higher amount of loan and lower interest rate. Tip: Obtain a copy of your credit report long before you approach a lender. With a good lead, you have enough time to improve it further or to have your score fixed should there be any inaccuracies. Also gather all your business documents. This includes financial statements with attachments and schedules, tax returns, financial statement (interim year-to-date), and other documents that will help the lender assess your loan application. By doing so, the processing time is reduced.

Savings – Establishing a business or keeping a business running requires a good capital. Pulling out money from your saving will significantly reduce the amount of money you require for a loan. Tip: before you borrow money from lender, tap your resources first. This can cut the amount of money borrowed and the interest you pay, which in turn will increase your profit further.

Expected return/monthly expenses – Before borrowing money, project the amount you can afford to pay back. Your expected income minus the monthly expenses should be well over your loan payment.

Amount required – How much money do you need? Where should the loan go? These 2 questions should be answered first before you go to a lender. You do not simply say, “as much as you can lend” when you asked by the lender on how much money do you need. A reply like this will definitely shut your chances of getting a loan. Have a good estimate of how much money you need. Know where the money should be spent. This way, you can better plan the repayment or project whether or not you can afford to pay the loan back. Another good thing about knowing exactly how much you need is you can carefully manage your finances against other factors that were mentioned above.

Your credit rating, savings, expected return, monthly expenses, and amount of loan required should therefore be included when calculating your needs.

How to Calculate Your Needs?

Once you know where the money should go, identify which items are optional and which are necessity. Having a good funding on your small business is imperative but creating an impartial judgment towards management of funds will bring you a long way. Pinpoint the total amount of money you need by enumerating the small detail. For example, the start up expenses you may include: installation of fixtures and equipment, fixtures and equipment, decorating and remodeling, starting inventory, licenses and permits, legal and other professional fees, deposits with public utilities, consulting and software, advertising and promotion for opening, cast, etc.

Then ask yourself, “Can you afford to pay for the loan?” Borrowing is easy, paying it back can be a problem. So to make sure that you can afford to pay the money back, make a good projection of the future income of your business. Compute your monthly expenses which may include the following: monthly expenses, salary of owner-manager and staff, rent, supplies, advertising, telephone, utilities, delivery expenses, insurance, interest, taxes, maintenance, legal and other professional fees, etc. Deduct these expenses from the projected monthly income. Is your net income more than enough to pay your loan? If yes, then the loan can be borrower. If not, then it is not worth the risk.

Finally tap all your available finances. Do not rely entirely on your lender. Subtract the amount of money you need from your savings. The difference should only be the money you should borrow.

10. January 2017 · Comments Off on #EANF# · Categories: Health Insurance

The health care and health insurance dilemma in the United States penetrates and corrodes the very core of the quality of the American life. Our politicians and legislators are falling all over each other to produce both State and Federally mandated solutions for one of the most expensive problem facing our nation today. Documentaries such as “Sicko” with Michael Moore, and countless television stories and newspaper articles scream the need for change. As the never-ending inflation of medical services and prescription drugs rises, the bureaucracy of the insurance providers keeps pace by increasing premiums, and lowering quality of coverage for most Americans in their health plans. Drug companies are under constant scrutiny to offer more competitive pricing, but face little regulation compared to the foreign countries who have elected to impose cost controls endemic to their individual society’s perceived needs.

So in the face of such a negative equation, how does a capital-driven society like the United States of America re-vamp its health care system, and still maintain the theology of “choice” and “capital market competition”? And how do we do it without killing more Americans?

To answer these questions it is necessary to take in to account what works and what doesn’t in both American society and other societies where socialized medicine is the norm. The problem that Uncle Sam and many self-made American business folks have with socialized programs is the ability of such programs to denigrate a societies progress, and step away from our independent roots, both financially and health-wise. In order to continue to allow health insurance providers to shore up their billions of investment dollars ( a key pillar in our financial framework) and still take care of every American who is sick requires us to radically change the way the risk of such health problems is transferred, but to still collect regular premiums from taxpayers to fund the collective system. My proposed solution will be spelled out in this article in relatively simple terms forming a base architecture which will allow independent insurance providers to remain, independent hospitals and doctors to remain independent, and drug companies to remain competitively profitable while still insuring every American.

Proposal Architecture

I would propose a three-tiered system for Health Insurance, Prescription Drugs, and Medical Providers of all types:

I. Insurance Method

In order to keep insurance companies profitable and provide 100% base health coverage to all Americans at the same time, you need a combination of the net effect of socialized medicine and American free trade. A fund must be created by the federal government which closely mimics a Re-Insurance Company. Most insurance companies whether in the health field or commercial insurers have large re-insurance agreements and policies with major funds. A classic example is Berkshire Hathaway’s “General RE” which underwrites some of the largest global policies in the world in their niche. For description purposes, the federal government needs to take the opposite approach of a non-profit, heavily taxed medicare and insurance system by creating the world’s largest re-insurance vehicle. The re-insurance department is funded by A) a percentage of all health care premiums from all health insurance companies, and B) a 1.5% federal income tax increase across the board for all Americans. From this point forward, all health insurance providers are required to have a BASE INSURANCE LEVEL on all policies which will include a) full prescription coverage included, b) all doctor visits covered, and c) full major medical coverage with no deductible.

From an actuarial standpoint, what you are doing is not eliminating health insurance premiums for Americans. All working Americans who earn more than $16,000.00 per year must pay a scale-adjusted premium of the same category and type for the “base policy”. The scale for premium is driven by total income per individual or household based on their current employment. However, you have just turned the entire insurance industry in to one big “group plan” where the risk is spread out over the entire country. Using the proportion of healthy Americans to those requiring services at any given point, this simplistic approach lowers the premium for the base policy to affordable levels for all wage earners, and gives the base policy for free to low income individuals and families. Those people who meet the low income standards get the same base insurance as everybody else, and are required to file with a private insurance company of their choice for insurance. The federal RE fund pays all insurers a minimum base amount equivalent to what they would get from a paying client. The “Federal RE” model receives 30 to 35% of the private insurance company’s base premiums for all policies. The base premiums and the amount each individual must pay is determined by an actuarial committee of the new federal RE fund, but should be adjusted very rarely. Once the percentage is set, it becomes law, and the 1.5% tax increase across the board is primarily a cushion for the low income and poor.

Insurance companies then endeavor to differentiate themselves by adding features to the base policy for their clients for their marketing and packaging. They do NOT differentiate themselves by providing sub-standard insurance, as it is not optional. The base policy for all is a major medical insurance policy based on California Standards, and covers all co-pays and deductibles 100%. In order to make additional insured dollars, the health insurer must provide more elite services to guarantee a client who is willing to pay for additional features an even better position than the base position. This enables the following to occur in logical order:

* The federal government actually makes money on investing insurance premiums the way insurance companies do by their re-insurance department. Risk is spread out over each American that can afford to pay premiums. Premiums are minimal because of the inflated group size and reduced insurance company risk. The combination of a small federal tax increase to hedge dollar volume and beef up the account combines with receiving the RE premiums and investing them makes this federal program slightly profitable, and with the ability to adjust policy when needed.

* Insurance companies lower their risk, and are able to simplify and streamline their base coverage for major medical. Since all rules apply to all insurers (new or old) they can compete based on important but “ancillary” products to improve the insurance quality of those that can afford extra benefits. Major payouts will be largely reduced due to automatic RE participation on the policy’s base components.

II. Prescription Drug Costs

By making Federal RE the “co-payer” in most medical transactions for both medicine and medical services, you have also created a need for a private-style approach to controlling the cost of drugs and other prescriptions. This is a sticky area, because development costs for drugs are hyped as being out of control if they cannot be later recouped with high prices.

Since the federal government in the form of Federal RE is now a payer/customer of the pharmaceutical companies, prices for medications must find a happy medium to allow for development and free trade, but with sane maximums for purchase. It is the job of the federal government to prevent monopolies. A monopoly is not defined as a single producer of a product (or drug) being the only source for a given product. A monopoly is defined as that single-source-producer charging an amount which hurts our society, and potentially prevents competition. (generic drugs) Standards must be developed for the maximum payment amount allowed for each category of medicine and medical supply. This will be an ever-changing exhaustive piece of work, done on a very ongoing basis by employees of Federal RE. The purpose is never to set prices, but to determine the maximum the fund will allow an insurance company or itself to collectively spend on a medication, taking into consideration all aspects of the newness of a product by using fluctuating actuarial and monetary scales. If a Pharmaceutical supplier will not meet these maximums, then unfortunately, the medicine will not be available until they are willing to bend. This is a flaw in the ointment than cannot be fixed any other way due to the way drugs are really developed in the United States. Americans who add to their “base policy’ with supplemental insurance that covers expensive cutting-edge medicine could receive the medicine, but not the base-only policy holders. Drug companies will therefore be forced by demand to reduce their charges at least to the point of scale, in most normal scenarios. This portion of the plan cannot be altered to appease any particular party, because if you do the entire buying system falls apart. However, groups currently involved in assisting low-income victims could shift their focus to those precious few who are not able to get the most cutting edge product in time. The money simply cannot be covered by Federal RE. That does not mean another vehicle cannot be refocused, whether private or public, to assist in those few cases percentage-wise which require the latest cutting edge medications not charted as buy able.

III. Medical Treatment under Federal RE conditions

Medical treatment at this juncture is now available for all Americans, and in almost all cases their prescriptions are covered also. But now that we are prepared to fill up every clinic and major hospital with patients, how do we control the clinically insane costs of running that clinic or hospital? We can stave off socialized prescriptions via creating a powerful buyer in the market Through Federal RE, and having simple cost-overrun standards that are non-negotiable and consistent. But the clinics, hospitals, and emergency rooms didn’t get any cheaper. Since all Americans (at a minimum) are covered by the best type of major medical insurance money could previously buy, the billing systems and related bureaucracies are naturally streamlined over time. But sadly, medical charges have very little to do with the actual cost of a procedure, and everything to do with what the various hospital and clinical administrations CAN charge in each situation. If we govern the pricing of each procedure too closely, then we are mimicking the socialized policies of countries who we do not wish to be.

I would argue that the same way maximums were set in item #B above, a geographically mapped system to avoid over-charges could be applied. What constitutes an overcharge is again decided by committee at Federal RE in much the same way that pharmaceuticals are banned when costs are unreasonable to both the insurers and the government. Because 100% of the American population is insured with Basic (unless they foolishly “opt out”) the CUSTOMER is now the dual processors of Federal RE and the private insurance company involved in each case. If cost controls are unreasonable by today’s standards to any given clinic, the quality of health care will suffer tremendously when the operating units do not get to charge whatever they want, or whatever they used to feel an insurer will pay. But when medical organizations get 100% continuity in payments through a single-payer style system with few errant delays in the simplified processing, they will actually make far more money than they do now in the world of constant claim disputes, and zero consistency. The monitoring committee, as with the prescription committees, are comprised of qualified professionals at Federal RE who understand the true economics of a hospital or clinic. Severe overcharges that are way beyond scale cannot and will not be honored. Plenty of money will still be spent for procedures (especially at the onset when the system is brand new) but the whole key to controlling price is actually not price controls as the system matures…but rather the lower cost of running a hospital and clinic when the payments are made for services with lightening speed. That’s right..there is no reason to hold up funds under the new program once the services are provided. Medical billing will be a snap, and the incredible amounts of money spent on corrective systems can be lessened for each institution. Speed of payment to medical facilities is a major factor for overall success. So is having a fairly large and very intimate accounting system to track abuses. Frequent audits will replace much of the former aggravation of charging insurance companies, and will be a much more regular event at hospitals. A strong governmental role in auditing each facility regularly is actually a pillar of this plan, and will be gone in to more detail in later articles as to who and how this occurs, and how frequently.

The American dream is still a wonderful thing. We do not have to take away the profit motive from professionals who seek their fortune through honorable health industries, medical jobs, and insurance work. We simply need to define the rules of a new system that uses the age old insurance RULE OF LARGE NUMBERS to create a national group. The same talent required to be a preferred doctor, dentist, or insurance provider still exists in a more comprehensive form. State programs and the endless bureaucracy that encompasses them are eliminated and replaced by the new system. Welfare mothers and low-income households are fully sponsored for the coverage they really need, and the investments of Federal RE: over long period of time pay for most of the built-in deficiency. Hospitals, clinics, insurers, and drug companies all have to compete on the basis of quality and product provided instead of what HMO or PPO they belong to, or what “level of care” is minimally chosen. You will find that in practice it is an absolute fact that Federal RE will actually show a small profit when the smoke clears away, and medical care will improve through TRUE COMPETITION, not the bureaucratic version of it most of us suffer with today.

04. January 2017 · Comments Off on How and Where To Get Health Insurance for Low Income Individuals · Categories: Health Insurance

In the US, reading the statistics of Americans without their health insurance is startling. According to Huffington Post, this 2012, almost 50 million Americans are living without health plans. This is different from years ago. And why does this happen? This is because there are lots of Americans today that don’t have jobs or cannot find stable jobs that can let them have the luxury of paying for their health plans. In some families, paying for their home rent is even a problem. So, is it still possible to secure health insurance for low income families and individuals while in the midst of the crisis? Yes, it is still possible according to experts. We only need to know where to find it.

Health insurance for low income people are actually out there. Unfortunately, some of us know only few of them while other people don’t know how to tap them well. But as we have said, these resources are already here. So in this article we have gathered the most possible sources that we can tap to get almost the same benefits that low premium insurance plans can provide.

Below are the best possible options in place of securing health insurance for low income people.

  1. COBRA. This is the Consolidated Omnibus Budget Reconciliation Act. If you are out of job, you can try applying for COBRA and if you will be eligible you can continue your previous companies’ health insurance through this process. This is better than finding a new health insurance plan but there is a possibility that you may pay higher premium for it.
  2. Workers’ compensation. If you are employed and your job is risky, inquire from your employer if you are under the Workers’ Compensation program. You can have injury compensations if you get injured during your work.
  3. Medicaid. Even if you are employed, better apply for Medicaid especially if you belong to the low income bracket. Medicaid can help you pay your health care expenses or some of it if you can’t afford to pay for it. Medicaid exists through federal and state partnership and was designed to help low income families, disabled and old people with their medical expenses. You can also apply your family to Medicaid because this is an opportunity that your state provides to those who can’t afford paying for regular health insurance plans.
  4. Medicare. This is an option that comes from the government and being administered by the Social Security administration. If you are unemployed or don’t have a regular employment and with a family, you can try enrolling yourselves and your family to Medicare especially if you are getting Social Security benefits. For those who are sixty-five years old or even older, they are most eligible to be under the Medicare programs.
  5. State High Risk State Insurance Pools. All of us do have health problems sometimes and unfortunately when we have pre-existing medical conditions we are usually denied coverage by health insurance companies. If you are denied of such privilege and did not qualify for COBRA while getting health insurance for low income individuals can also be a problem, you can rely on high risk state insurance pools. You can inquire from your city administrators or community hospitals where you can apply for this option. You may still pay premium for the plan but at least this can answer your medical cost even you have pre-existing health conditions.
  6. Short Term Health Insurance Coverage. This is an appropriate option for low income individuals who don’t have regular jobs or just starting to work on their new jobs. This is much like individual insurance policies but in this option you will only be under the coverage for short period of time. You only pay low premium with this one and while you are at it you can find time examining the viability of this insurance company if this could be the right choice for your long-term insurance coverage.
  7. Group Health Insurance. If you are a member of an organization and without the health insurance, you can encourage your group to apply for a group insurance. With this type of insurance, you can choose from various insurance options how you want to be covered. The nice thing about being insured as a group is that you pay lower rates because your premium is scattered among your members. You may not get large benefit from it like what individual insurance plans can provide but at least you are also secured and have something to rely on. If you don’t have a group you can also search for organizations online that accept individuals for their group health insurance.
  8. Group Sharing On Health Expenses. Basically, this is not a type of health insurance for low income people but it is a logical option for those who want financial support during medical crisis. This system works in simple process. You form a group and pool your money and deposit this money to the bank so that you are your own insurance health group. When one of you needed the expenses due to health concerns, the money can be used to support the individual’s medical expenses and he pays when he can be able to work. Religious groups usually do this but this can only be viable if there lots of people who will provide contributions.

With all these given options, providing health insurance for low income individuals is always possible. If all of us would realize the things we can get from these options, we don’t need to worry so much anymore. Getting confined in the hospital or treated with serious injuries without the health insurance is simply unimaginable so the only thing that we can do four ourselves is to rely on these options which equate the benefits provided by health insurance for low income people.

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