The only good health insurance is to have private health insurance. Health insurance covers services that are considered expensive, but people need them. These include doctor visits, mental health care, surgeries, physical therapy, prescription drugs, hospitalization, etc. No other type of insurance (i.e., car or renters) can cover these things. Private health insurance can even help pay for the initial costs of getting into a rehab center if needed for addiction treatment.
1. Social Security
Social security is a federal program that provides income protection benefits to retired workers and others who are not employed. It was created over 70 years ago and has been modified many times since then. Although this type of coverage is not mandatory in the U.S., millions of people rely on it for their retirement. Benefits vary depending on age of worker at time of retirement, number of years worked and earnings history.
2. Medicare
Medicare is a government-funded healthcare system offered to those aged 65 and older. Medicare covers physician visits, hospital stays, prescription medications, lab tests, preventive care and certain preventative services. This plan is not mandatory but is recommended for anyone who wishes to receive healthcare. To qualify, individuals need to pay into the system for five consecutive years before becoming eligible.
3. Medicaid/CHIP
Medicaid and CHIP (Children’s Health Insurance Program) are both federal programs that provide healthcare coverage for low income families with children and adults. Both offer plans that vary greatly based on state regulations. People can choose from plans that cover doctor visits, hospitalization, emergency room care, maternity care and other medical services.
4. Health Insurance (HSA) & PPO:
With HSA plans, you can use funds from your pretax dollars to pay medical costs. In addition, your money grows tax-free if invested properly through an IRA or 401k. You have access to this money for healthcare spending anytime that year. With a PPO plan, you receive a fixed amount per month that does not change even after deductibles are met. If you spend more than what you’ve been allotted, your provider may still charge you what they would normally charge as long as your deductible has been met. However, once your deductible has been paid for, you can no longer be charged.
5. Medicare & Medicaid:
If you do not qualify for either health insurance program, you have the option to apply for Medigap policies to supplement your coverage. These plans are regulated by the state.
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