One method that might be tried for finding a way to make low cost health insurance more available to those in need might be the use of mandate-lite policies. These are policies designed to overcome health insurance mandates that make coverage more expensive. By eliminating some (or all) mandated benefits, health insurers are able to offer a more affordable health insurance product. While these plans may not meet the needs of every consumer, they do offer another option for those who cannot afford coverage. This then could be an approach to use to make low cost health insurance more available.
Finding Ways To Reduce Insurance Costs To Provide Low Cost Health Insurance
One possibility for offering low cost health insurance is to use Out-of-State Insurance. The fact that states regulate individual and small group health insurance means that access to affordable coverage can vary significantly from state to state. For example, community rating and guaranteed issue have made policies unaffordable except for the wealthiest residents of Maine, Massachusetts, New Jersey and New York. Other states such as Iowa, Wisconsin and Utah have healthy and vibrant insurance markets. If residents stuck in states with unaffordable health insurance could purchase a policy currently being sold in other states, they too would have access to low cost health insurance products.
Options For Those Seeking Low Cost Health Insurance
Short-Term Medical Insurance - Short-term medical insurance is an affordable option for
those seeking coverage for a limited time. For example, someone who expects to be out of work for less than six months can purchase a short-term medical plan rather than continuing the previous employer's coverage. While it will not cover any pre-existing conditions, short-term medical insurance is easy to enroll in, much less expensive than a comprehensive policy - which can be an important factor to someone in job transition - and provides coverage for the unforeseen medical events thus providing low cost health insurance benefits at a difficult time.