A Guide to Different Health Insurances

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There are many options out there for health insurance coverage for Americans. Not everyone qualifies for every health insurance option, though. Learn more about the types, requirements, and coverage options for each plan with this guide to different health insurances.

Medicare

Medicare is a coverage plan for all individuals over the age of 65 and some individuals with certain disabilities under the age of 65. Medicare is a government program designed to help the aging population with the healthcare costs of older age. There are many misconceptions about Medicare, but with a bit of research, you can easily find out if you qualify for a Medicare plan. Once you qualify, you’ll have a few coverage options to choose from; investigate these and decide what is best for you by considering your current and future risks for chronic conditions.

Medicaid

Medicaid eligibility is determined based on your income and family size. It is designed to help low-income families obtain access to adequate health insurance that is either free or low cost. Medicaid requirements differ based on state regulations and laws. Some states keep the bare minimum requirements, while others are expanding their coverage. Requirements for eligibility should be readily available on your state’s health and human services website.

Consolidated Omnibus Budget Reconciliation Act (COBRA)

The Consolidated Omnibus Budget Reconciliation Act was designed for employees who leave their job, whether by quitting or being let go, so that they may stay on their former company’s health insurance plan. This is commonly referred to as continuation coverage. Nearly every employer with a minimum of 20 employees offers COBRA coverage, unless it is a governmental job or a job in a religious organization. The extended coverage also covers anyone who was on your previous plan. This is a temporary measure until you can find a new health coverage plan.

TRICARE

TRICARE is a program meant to provide healthcare coverage to active uniformed service members, retirees, and their families. Active members of the military qualify for this plan. The plan will also cover any spouse or dependent of that member. There are multiple plan options within TRICARE to choose from depending on life events, situations, and health.

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