In today’s world where every penny counts, one aspect that keeps employees up at night is their healthcare plan. According to a survey conducted by CareerBuilder, over 50% of US employees struggle with the costs associated with employer-sponsored health insurance plans. Employer-sponsored healthcare plans are a crucial part of the benefits package, but what if you cannot afford it? Here are some options to consider.
1. Marketplace Health Plans: Consider shopping for plans on the marketplace exchange. The Affordable Care Act (ACA) mandates insurance companies to offer affordable healthcare plans to individuals who do not have access to employer-sponsored plans. The marketplace offers a variety of plans; some may be more expensive than others, some may cover a broad range of services, while others may have a lower premium but higher deductibles.
2. Medicaid: Medicaid is a federal and state-funded program that provides healthcare coverage to individuals with low income. Eligibility for Medicaid varies by state, but generally, the eligibility threshold is set at 138% of the federal poverty level. This option can be a viable solution if you are struggling to pay medical bills or cannot afford employer-sponsored healthcare plans.
3. Private Insurance: If you cannot afford healthcare plans offered by your employer, consider private insurance plans. There are a few low cost, short-term, or emergency medical care programs that could be an option for you. There are a few insurers in the market that offer low cost short-term health insurance programs for workers who don’t have coverage.
4. Health Savings Account (HSA): If you have a High Deductible Health Plan (HDHP), you can opt to set up an HSA. An HSA is an account that allows you to save money for medical expenses tax-free. The savings from the plan can be used towards deductible payments or medical expenses, and once you reach the annual plan, this can be an excellent option for employees who have medical bills piling up.
5. Negotiating With Your Employer: If you cannot afford the healthcare premiums offered by your employer, try negotiating with your employer. Sometimes, employers may prefer to have you on their company-sponsored healthcare plan rather than not at all. If an employer doesn’t cover the full cost of healthcare premiums, talk with your employer to figure out a solution that works for you.
In conclusion, healthcare expenses can be stressful, but there are still ways to get quality healthcare without having to break the bank. Conduct research and explore all the options mentioned above before concluding what works for you. If you still have trouble finding a solution or have concerns about healthcare expenses, talk to a healthcare practitioner on your options.
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