The Best Health Insurance Plans Available for Single Parents
Being a single parent can turn out to be challenging. It can be particularly challenging when you select health insurance for the other family members, especially your kids. It is important to find the perfect health insurance to cover emergencies and preventive care that suits your health and wallet. If you happen to be a single mother and father, here are some things to note before you buy a health insurance plan.
Employer-Backed Health Insurance
If your employer offers you health insurance, you can seek insurance coverage for your and your child’s employer-sponsored health insurance. As per the Affordable Care Act (ACA), your contribution to your employer’s health insurance may not be 9.5% of your household income for the year. If your employer-sponsored plan is too cheap you may not get the benefits of ACA subsidies.
Individual or Family Health Insurance
If you work and it does not come up with employer-sponsored health insurance at work or you choose to purchase your own. You can get a health insurance plan via the insurance marketplace. Individual health insurance is insurance that you buy from the health insurance marketplace or from an online brokerage such as eHealth. As per your income and family size, you may get subsidies from the same. if you buy it through the marketplace or a brokerage such as eHealth. However, first, you have to find out whether you qualify for the subsidy. Your subsidy would significantly reduce your health insurance costs if you qualify for the same. Read up more about the ACA subsidies before you opt for the same.
Medicaid is a government health insurance program that is particularly useful for people who are low-income individuals. It can be a great option for single-parent health insurance, especially if you have a low income. This may turn out to be your only option if you want to avail an affordable health insurance plan.
You need to avail of Medicaid which differs from state to state. You will also have to cater to a maximum income requirement. If you need to qualify for Medicaid you need to apply for the federal health insurance marketplace or from your local Medicaid office. You may qualify, especially if you are disabled or pregnant.
CHIP, or the Children’s Health Insurance Program, is another viable health insurance fit for single parents. Through CHIP you can make the most of free or low-cost health insurance for single parents if you happen to qualify.
You may also get the benefit of free doctor’s visits for your child with CHIP. You may get a cap for charges for some of the other services. However, they are pretty nominal qualifying for just 5% of a family’s annual income. As far as CHIP is concerned, you may need to qualify for a specific income requirement.
Short Term Health Insurance
Another great option for single parents is short-term health insurance. It is especially fit for people who are in the process of switching jobs or waiting to start coverage from the start of the year. This can turn out to be a handy tool to fill up gaps in a few of your existing health insurance coverage. It can turn out to be the perfect safety net option if you suddenly come up with a healthcare emergency. Although short-term health insurance is much less cheap than long-term ones, it may also provide less coverage. That’s one thing to consider before you opt for short-term health insurance.
Your Parent’s Health Insurance
You can start with your parent’s health insurance plan, especially if you happen to be below 26. It includes children who are adults, married, and/or with children. Ensure you are added to your parent’s health insurance plan at the time of open enrollment. However, as far as your parent’s health insurance is concerned, it extends to just you and not your child. For your child, you may need to buy separate health insurance.
Health insurance is extremely important in today’s times. However, since everyone’s needs are different, you may have to study the market to find out which one suits you the most. If you are too confused about the different types available in the market, talk to an expert to find out which one will suit you and your family the most.
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