(This is the second in a 7 part series about Health Insurance Myths, for the first Myth on Prescription Plans, click here.)
For years, individuals and families that couldn’t afford a standard Medical Insurance Plan had a ‘limited’ program available to them and were not considered ‘insurance’. These programs were generally sparse and covered only a handful of needs.
Today’s Limited Liability Medical Programs still do not meet the standards of ‘medical insurance’, but they are more robust and a great alternative to taking care of the basic medical needs that an individual or family may have in any given year.
These programs do not have an enrollment date, a participation requirement and are guaranteed issue. They are portable and generally offer first dollar reimbursements. These plans can be extremely affordable.
Individuals who are fortunate enough to be able to afford standard ‘health insurance’ or are able to acquire insurance through an employer’s benefit plan, may still consider looking into purchasing a Limited Liability Program and raising their current deductible in order to limit ‘out of pocket’ expenses. These can work very well with Health Savings Accounts.
There are also a number of very creative options that can come with these programs including a 24/7 telephone option to speak to a physician. This is great for traveling, midnight concerns and situations that are practically self-diagnosable. These programs also frequently come with some very basic eye and dental benefits.
Solution 2: To limit your your out of pocket expense consider managing them with a Drug Discount card which contains other savings.