The fear of not having health insurance or health insurance becoming too expensive is real. Seventy percent of respondents over 50 in a recent poll indicated they were somewhat worried or very worried about their health insurance. Many feel helpless but there are things that you can do.
With all of the changes to what is required and what is not required relative to health insurance, it can be confusing. One in five people over 50 indicated that they have not looked at other employment opportunities just to maintain their health insurance. For many, access to health insurance I running their lives. It should not be this way.
What can you do?
For many, leaving their employer before age 65 and Medicare eligibility means trying to find health insurance on their own. This does not have to be a daunting experience. There is still an active market for what has become known as Obamacare.
Policies are available but they can be expensive as you get closer to Medicare eligibility. Many have found that costs can be upwards of $800 a month for a $7000 deductible plan. There is another option.
Many have found out that instead of traditional health insurance, a healthshare plan may be more beneficial. A healthshare is not technically insurance but it works like insurance. All members pool their money to pay member claims. These accounts are often faith-based but many people find the cost of these plans to be in the range of 50 percent of traditional health insurance.
Pooling of money to pay claims is exactly what insurance companies do. So, well run health sharing plans should be considered as viable options.
Health Savings Accounts (HSA) have been around for a number of years. They allow you to put aside pretax dollars aside for medical expenses and earn tax-deferred returns. This can make health care costs more affordable. And, if the money is not used it can accumulate for future medical expenses.
HSAs can be combined with HealthShare Accounts for very affordable and attractive options. This can be the best of both worlds. The MPowering Benefits HSA healthshare plan may fit the bill for many.
Health insurance costs increase as we age. So much so that many people have serious concerns about affording coverage and forsake opportunities based on the availability of health insurance. Healthshare plans can be a very affordable option for many people. When you add an HSA your coverage may be exactly what you need with costs that are affordable.
Our team of friendly and expert Personal Benefits Managers can help you in your search for the best coverage for you.
I’ve been a long time advocate for health insurance savings. I’m always willing to help anyone figure out the best way to save money on their health insurance. I also love living in Colorado in the Fort Collins area. What a great state to live in!