Did you know that the earliest version of medical insurance dates back to the 1890s? Lumber companies found that they could increase productivity by providing medical care to their employees.
Medical insurance has come a long way since then. These days, there are so many different types of insurance that it can be hard to keep track of all of your options, let alone choose between them. Read on to learn everything you need to know about insurance alternatives and what they can do for you!
1. Health Savings Accounts
A health savings account specializes in covering regular medical expenses. In many cases, you can actually keep leftover money in your health savings account in years when you don’t use it all up. It can be a great choice for self-employed health insurance.
Of course, these savings advantages come with certain disadvantages.
If you have unusually high medical expenses in any year, then a health savings account may not be enough. You will probably need to combine it with a high-deductible health plan to cover catastrophic illnesses.
2. Medical Services Discount Cards
Some hospitals provide amazing discounts to patients who are willing to pay in only cash. Much of the high cost of medical care is connected to the fact that insurance pays for it for people. For cash-only customers, hospitals will sometimes provide discounts of over 80%!
This discount card alternative insurance approach comes with different options depending on the hospital you are dealing with. Some require a fee to use them, and they may not cover every kind of treatment that a hospital offers.
3. Policies With High Deductibles
High deductibles might sound bad, but of course, your monthly payments will be much lower. This health insurance alternative can be a good strategy for people in excellent health who rarely need to actually use their insurance. Many younger adults find that this strategy suits their needs.
You can see a similar strategy used in alternative car insurance for drivers unlikely to get in serious accidents.
4. Primary Care Memberships
Primary care memberships deal with routine medical services like checkups and doctor visits. They allow patients to have as many of these as they would like in exchange for a flat fee paid each month.
5. Cost Sharing Options
Among alternatives to long-term care insurance, cost-sharing programs are used by some tight-knit communities. Members pay fees into a pool, and then the pool reimburses each member for their medical expenses when they arise. It’s very similar to traditional insurance, but the rates are often lower.
You can find many different types of insurance at Cobra Insurance. Their experts can help you decide which type is best for you.
Find the Right Insurance Alternatives for You!
We hope you found something helpful in this brief review of the insurance alternatives out there. Most people don’t know what options are available to them, so they miss out on the choice to fit their situation best.
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