How to Finance a Medical Emergency
An OppLoans E-Book
Health insurance is a kind of individual insurance that’s used to help pay for your medical and surgical expenses. If you’re currently uninsured, the best way to be prepared for a medical emergency is to get covered ASAP. That way, when something happens, your health insurance provider will cover some or all of your medical bills, and save you a literal boatload of money.
There are a number of ways to get insurance if you don’t already have any.
Many employers offer health coverage at a discounted rate for full or part-time employees. If your employer offers health care coverage, talk to your superior or HR department to see if you can get covered through work.
Affordable Care Act Coverage:
If you don’t qualify for coverage through your job, depending on your income, you may be able to get subsidized coverage through the health insurance marketplace. 2 While the open enrollment period for 2017 ended on January 31, if you’ve recently lost coverage or experienced some major life events like getting married or having a baby, you might qualify to sign up for insurance through a “Special Enrollment Period” right now. Head over to healthcare.gov to see if you qualify to enroll today.
Coverage through Medicare, Medicaid and CHIP:
Medicare and Medicaid are two government-sponsored programs that can help cover health care costs for people without insurance. Medicare and Medicaid are separate programs that have different eligibility requirements and coverage levels. CHIP is a subset of Medicaid, which helps children up to age 19 get covered, even if their families earn too much to qualify for Medicaid.
Medicare is a federal, four-part health insurance program associated with Social Security. This program is available to people 65 years of age or older and regardless of income. Medicare also affords health insurance to people with certain disabilities. According to a Medicare.gov publication, this insurance program is comprised of four core parts:
- Part A: Hospitalization coverage.
- Part B: Medical insurance.
- Part C: Privately purchased supplemental insurance that provides additional services (and through which all Medicare services offered by Part A and Part B can be accessed).
- Part D: Prescription drug coverage
Medicaid, on the other hand, is a joint state and federal program that helps American families and individual on the poverty line pay for medical coverage. Unlike Medicare, which is available to everyone, Medicaid has strict eligibility requirements that differ by state. While this program was established to aid individuals lacking financial means, poverty alone may not immediately qualify you for Medicaid. To learn more about Medicaid and check your eligibility for the social health care program, call 877-267-2323 or visit medicaid.gov.
CHIP, which stands for Children’s Health Insurance Program, is a joint effort on the part of both the federal government and individual states, which provides health coverage for children through Medicaid. CHIP’s primary goal is to serve uninsured children (up to age 19) in families with incomes too high to qualify them for Medicaid. According to medicaid.gov, most states cover children up to or above 200 percent of the Federal Poverty Line (FPL) through CHIP, and some will cover children in families up to 300 percent of the FPL. To learn more about CHIP and check your eligibility for the program, call 877-267-2323 or visit medicaid.gov/chip. 4
How to Finance a Medical Emergency: An OppLoans E-Book
- How to be ready when disaster strikes
- How to finance a medical emergency without going broke (even if you don’t have insurance)
- Always double-check your medical bills for errors
- Try and negotiate
- Pay in cash
- Use funds from a 401k
- Look for charitable funding organizations in your community
- Expert Advice: Medical Debt
- Know when your bill is set to go into collections
- Expert Advice: Medical Bills
- Top Ten Must Know Facts About Medical Debt
- If you need to borrow money, borrow smart
- About OppLoans
- About The Experts