Affordable Alternatives to Health Insurance

If you are one of the many people who cannot afford health insurance, then you may be surprised to learn that there are affordable alternatives to health insurance available to help you with the cost of your family's health care. Supplemental insurance, health savings accounts and Christian medical sharing plans offer you money-saving alternatives to prepare for your family's future health care needs.

Supplemental

• Supplemental insurance is a type of insurance policy that pays you cash benefits to cover your living expenses in the event of a sickness or accident. It is usually sold on an individual basis, such as cancer, accident, hospital indemnity and short- and long-term care. For example, if you owned an accident supplemental insurance policy and you broke your leg, your policy would pay you a specified dollar amount for specific events in your treatment process, such as emergency room admission, follow-up doctor visits and physical therapy. These benefits would be paid to you by check and you could use the money for rent, groceries and insurance co-payments.

  When choosing a supplemental insurance policy, select policies that offer a wide variety of fixed-price, event-specific benefits and free wellness benefits for yearly physical examinations.

Health Savings Account

• A health savings account, or HSA, is a savings account you can set up to pay for your medical expenses as they arise, as well as save for future health care costs. To open an HSA, you must be currently enrolled in a high-deductible health plan (HDHP). HSAs are tax-free, personally controlled accounts that allow you to choose what investments the money in your account will participate in.

  Your employer can set up an HSA for you if you are enrolled in an employer-funded, high-deductible health plan. You may also sign up for an HSA with independent insurance companies, credit unions and banks.

Christian Medi-Share

• Medical sharing programs are pooling programs that offer benefits similar to health insurance but are based on the principles of a specific group of people. For example, there are Christian medical sharing programs that are based around voluntary monthly contributions to cover the medical needs of all of the members and a firm commitment from the group to adhere to Biblical lifestyle principles. Members pay the voluntary monthly contributions based on the individual considerations of the specific medical sharing programs, but the cost is generally much lower than traditional insurance.

  If you are a member of a church organization and are willing to adhere to strict lifestyle guidelines, you can contact a Christian medical sharing program, such as the Christian Care Ministry of the American Evangelistic Association or the Christian Care Medical Sharing company, for further information.