How to Get Health Insurance by Making Small Monthly Payments

Affordable health insurance is a major concern for many Americans. Whether you are self employed or you need health insurance for a family member who is not covered by your employer's plan, finding an affordable health insurance plan is an essential part of your financial planning. According to the Health Insurance Resource Center, more than 60 percent of bankruptcies are due to medical bills. By understanding your options, you can choose a plan that offers the coverage you need for the lowest possible monthly payment.

Instructions

Finding Inexpensive Health Insurance

• 1

  Find out if you qualify for Medicare or Medicaid. These federal health insurance programs are available to qualified individuals. Medicare usually covers individuals over age 65 but you may also qualify if you have a disability. Medicaid is available to low-income families who meet the income requirements. Depending on the state where you reside, Medicaid may require a small monthly payment on a sliding scale that is determined according to your income.

  Visit the Medicare and Medicaid sites to determine whether you meet the requirements of either of these programs before you investigate other types of insurance.

• 2

  Investigate state health plans. If you do not qualify for federal programs, you may still qualify for low-cost, state health insurance programs. State programs will also have income requirements. If you qualify, you will pay small fees, on a sliding scale, for your monthly insurance premiums and co-payments. Call local medical clinics or investigate state government sites online to find these programs and check your eligibility.

• 3

  Compare commercial health plans. The costs for health plans can vary widely depending on the type and the insurance company. Consider different levels of coverage to lower your rates. If you are primarily concerned with an expensive emergency, find a plan that only covers such emergencies, for a lower monthly payment. According to the Health Insurance Resource Center, "You'll pay for all your normal medical bills out of pocket and rely on your insurance only in the event of a catastrophic illness." Ask an insurance agent to help you with a quote. Make sure to make comparisons so that you can shop for the best price.

• 4

  Check with alumni groups and trade organizations about health insurance discounts. If you are self employed, you may be able to take advantage of the lower group rates that employers use through the alumni organization of your former college. Contact your alumni organization to ask if they offer health plan discounts. Self-employed people and small business owners often join trade organizations to pool their financial and political interests. Find out if any trade organizations in your field offer healthcare discounts.