Ways to Save Money
Health Insurance
More Ways to Save Money on Health Insurance (continued)
Medicare and Medicaid. Of course, everyone has heard of these two federal programs offering heavily subsidized medical care for the elderly and poor. Most older people who qualify for Medicare take advantage of it, but many poor and low income citizens who qualify for Medicaid do not use the service. Take advantage of these programs if you qualify. Unfortunately, you have to be really poor to qualify for Medicaid. If you are elderly, you might qualify for additional programs and benefits. Find out by visiting the following websites: benefitscheckup.org and eldercare.gov. Find out if you qualify for Medicaid at covertheuninsured.org/content/resources-uninsured.
Free Health Insurance for Kids. Many states provide free or low cost health insurance to children of the poor or low-income families. These programs are similar to the federal Medicaid program. Visit the website, insurekidsnow.gov to find programs in your state.
Health Insurance for Pre-existing Conditions. Although ObamaCare makes it illegal for insurance companies to discriminate against those who have pre-existing health conditions, the law might be overturned one day if the Republicans gain control of the presidency and both houses of Congress. If this happens and you can’t get insurance, some states have “high risk pools” that provide insurance to those who can’t get health coverage anywhere else. Find out if your state has a high risk pool at www.naschip.org/states_pools.htm.
Request Donations Online. Crowdfunding is a new term used to define the act of asking others to help pay for something you need or want. Thousands of people are now getting help paying their medical bills through crowdfunding sites such as Fundly.com – YouCaring.com -- GiveForward.com.
As of September 2013, the GiveForward.com website has helped raise more than $61,000,000 towards paying peoples’ medical expenses. Be aware that these sites charge a fee by taking a certain amount of the funds raised and there could be negative tax ramifications.
Long-Term Care Insurance. There is no need to pay long term care insurance until you’re in your late fifties or early sixties. This type of insurance is very expensive and insurance companies want to lure younger people in with claims that they might not be able to get long term care insurance at all if they don’t buy when they’re younger. If you do plan to buy long term care insurance, you should know that many companies who offer this insurance aren’t financially sound and won’t be able to pay the claims in the future.
Appeal Rejected Medical Claims. If your health insurance company denies your medical claim and decides not to cover the cost of a specific treatment, ask that the decision be appealed. A sample letter to insurance company appealing a rejected medical claim is provided.
Next topic: Where to Get Free or Low Cost Healthcare
