The health insurances that meet the coverage requirements under the Affordable Care Act or Obamacare can be too expensive for most Americans. It may not even be available because it is only during the period of open enrolment that happens annually, one can purchase the major medical insurances. It is after you experience a life event that is held as a qualifying criterion will you be allowed to opt for certain insurances. It becomes important to explore alternatives for protection against unexpected medical bills if you do not qualify or cannot afford the major insurances.
Fortunately, packaged medical insurance can be a great coverage for people looking for alternatives. Although it does not meet the coverage requirement under the ACA, it still provides a broad range of protections against medical expenses.
Packaged Medical insurance: It is a package with distinct lines of coverage and certain additional non-insurance products designed to help you save money in case of medical expenditures. Packaged Medical Insurance often includes:
Accident Insurance – This feature is designed to provide a specific pay-out if the person suffers a covered injury or accident. Generally, rather than providing the money to the medical service provider, the pay-out is made to the person covered. The insured can then use the money for any purpose they want, which may not be directly related to the suffered injury or accident.
Short-term health insurance – This plan provides limited coverage for the unforeseen medical expenses for a short period which is usually three months. However, these are significantly more affordable when compared to major medical coverage. Although it does not cover many things like maternity care, preventive care and many such items covered under Obamacare, you can expect a basic coverage for unexpected needs.
Critical illness insurance – When diagnosed with a severe medical condition that is covered under this insurance policy, the critical illness insurance will come into play. Even in this case, just like with accident insurance, it is the person insured who receives the pay-out and not the hospital or doctor. The funds received from this insurance can also be used for purposes other than the disease itself.
Gap insurance – In many ways, similar to the critical illness or accident coverage, this insurance often combines the benefits of the two.
Dental insurance – Although it is often the employers that provide dental insurance for many people, it is possible to purchase this coverage as a part of the packaged medical insurance. The coverage for dental insurance is limited when it comes to benefits that are liable to be renewed annually or bi-annually.
Indemnity medical insurance – This plan is more specifically a hospital reimbursement insurance which often provides coverage for non-hospital expenses too.
Vision insurance – The coverage is quite similar to dental insurance and provides limited coverage for the annual check-ups made for vision health. It also pays for vision hardware like contact lenses, frames and glasses.
Rx discount programs – Rx discount programs or prescription drug discount cards are designed to offer discounts on specific prescription drugs when purchased from a participating pharmacy. Although it often falls under the packaged medical insurance, however, it cannot be considered an insurance product.
Telemedicine benefits – This too is not an insurance product, but it provides access to medical professionals through the phone or internet. It allows you to seek expert advice from a trained professional whenever required. The telemedicine doctors even can prescribe for the patients seeking consultation.
By combining these different features, products and services into a single bundle, the packaged medical insurance is aimed at providing convenience and protection.