Health insurance is a major expense that not everyone can afford. While keeping yourself healthy is priceless, many people in the U.S. find the high monthly premiums to be too much.
The Affordable Care Act helps by offering subsidies to those whose incomes meet certain guidelines, reducing their insurance costs. But if you earn above that threshold, you might end up with a huge premium or deductible.
In the past, having health insurance was mandatory, but since 2019, there’s no longer a tax penalty for not being insured.
If your employer doesn’t offer good health coverage or if you’re self-employed, you might wonder if you can manage without health insurance. Although dropping health insurance isn’t ideal, it’s not impossible. There are other ways to get healthcare without breaking the bank.
However, going without health insurance has its risks. If you’re generally healthy, you might want to explore some alternatives.
SAVING MONEY FOR MEDICAL EXPENSES
When my husband had a traditional job, we used his employer’s health insurance, but it wasn’t comprehensive. We paid monthly premiums and contributed to a Health Savings Account (HSA) to cover regular medical bills. As self-employed individuals, I decided to set aside money specifically for medical expenses.
Our monthly premiums for barely-used health services were draining our finances. So, instead of paying high premiums, I automated savings for potential medical costs like doctor visits and dental care.
We found that we could see our family doctor as self-paying patients at a flat rate, which was more manageable than high monthly premiums.
JOINING A HEALTH SHARING MINISTRY
Paying for all medical expenses out of pocket can be tough. So, consider joining a health sharing ministry. These ministries, often Christian-based, offer some coverage for significant health expenses and are usually more affordable than traditional insurance.
You’ll need to make a monthly payment, similar to an insurance premium. If you don’t have any medical expenses, your payment helps cover another member’s costs. You can then submit your own medical bills for reimbursement after meeting an annual unshared amount.
Liberty HealthShare and Christian Healthcare Ministries are examples of health sharing ministries. They help with major medical costs like surgeries and doctor’s bills, potentially saving you money.
CHOOSING URGENT CARE OVER THE ER
In case of a medical emergency, consider going to an urgent care clinic instead of an emergency room, where costs can skyrocket. Urgent care visits are typically quicker and less expensive, saving you both time and money.
USING PRESCRIPTION DISCOUNTS
Being uninsured can make prescriptions expensive, adding to your medical costs. Companies like Good RX offer free prescription discounts, helping you save money on medication without insurance.
FINDING PROVIDERS WHO ACCEPT SELF-PAY PATIENTS
Look for healthcare providers who are open to self-pay patients. Some assume their patients have insurance, but others are more accommodating to those paying out of pocket.
NEGOTIATING YOUR MEDICAL BILLS
Don’t be afraid to negotiate your medical bills. Try to work out a payment plan with hospitals or reduce your bill. Some hospitals offer programs for patients struggling to pay their medical expenses.
IT’S A RISKY MOVE
Going without health insurance is a risky move. Insurance is there for protection. Even though paying high premiums can be discouraging, insurance acts as a safety net when you need extensive care.
These suggestions might work temporarily for a young, healthy family but may not be practical long-term. As you age, your medical needs are likely to increase. Therefore, it’s essential to review your healthcare options carefully before deciding.
Skipping health insurance should be a last resort. But with self-payment and health share ministries, you can still prioritize your health.
In summary, it’s crucial to understand your current health insurance costs. Is your insurance provided by your employer? Do you know how much you’re spending each month?