How To Get Health Insurance For Low Income Individuals



hi everybody my name is David and I'm here today to talk to you a little bit about health insurance plans for people who are on a low income specifically about how to save the most money or how to get the right plan for you first off I just want to talk a little bit about my background I am a former financial advisor and health life and disability insurance agent also self-employed entrepreneur that has his own health insurance policy so I have a little bit of you know specialized knowledge when it comes to this and hopefully some of the tips that I give you today will help you to choose the right plan for you the first off I just want to say the best and easiest way to save money on health expenses is to lead a healthier lifestyle and now I know that's a little bit you know obvious but if you really run a little budget and you're trying to save money then you should really consider making some healthier choices if you can you know eating out there exercising and make sure that you know those things that do pop up that really cost you a lot of money in the medical side that you try to avoid them as much as possible take preventive care now if you think you're doing a good job that and you need a health insurance policy the best way to save money is through a group health insurance plan now I'm assuming if you're watching this video you probably don't have access to a group plan but you can try if you are unemployed in New York looking for a job there are some you know there are a lot of places that will give you a health insurance plan right off the bat Starbucks what does it for their part-time employees and also you there's a lot of organizations you can get it through such as your university or some social groups that have group health plans there are a few and far between but that is the usually the best way to save money on your health insurance especially if they subsidize it but if there isn't an option you're looking for an individual plan or for a family plan then there's a lot of options out there about how to craft the plan because what you choose is eventually going to either save you money or cost you money and basically what I think is the best thing to do and this is just my opinion a lot of people were disagreeing with me on this is to get on a plant that is for emergencies only and try not to go to the doctor all too much essentially if you get a plan with a high deductible and deductible being the amount of money that you'll need to pay in any given year before your insurance plan will kick in you know other than doctor visits or things that require a copay the higher that it is the lower your premiums gonna be you know the difference between a $5,000 deductible and 1,000 is pretty astronomical and even the difference between a thousand and $0 deductible is also astronomical so the higher it is the more money you're gonna save on your monthly premiums but the more money you might have you might end up spending during a given year so you know if you're like myself and you really don't spend anything on medical expenses on a regular basis for example in all 2009 I spent $0 whopping zero dollars on medical expenses so really I did not need a zero dollar deductible that just would have cost me through the roof for a you know for a low deductible plan for zero dollar deductible plan factor is that five thousand or ten thousand dollars would have done fine for me to cook to protect me in case I needed some kind of operation now if you do if you are somebody who who probably wants to go for an emergency plan you may want you may want to also take a look at some of the other benefits which is a health savings account I thought otherwise known as an HSA which allows you to put contributions into an account that acts like an IRA so that you so that your contributions are tax deductible and then you can actually pay out of that account usually with a debit card to a doctor or if any other expenses that you have without incurring a penalty now if you take it out with without using it for medical expenses then you will incur a penalty and you also really won't be able to touch the money until retirement and which time you when you do take out the money you will take it out and will be taxable so it's not you know like a whole beautiful thing where you're just gonna save a whole boatload of money it is a good option for people who want to save money for retirement and also think that they're going to be spending a little bit of money or that they might spend a little bit money on medical expenses at this point this HSA is only available to people in 2010 who have a deductible of at least $1,200 for singles or $2,400 for family so it is for only high deductible plans okay the next thing is the next thing that you can do if you're looking to save money is to get like a mini medical plan which will cover you for like doctor visits and prescription drugs and some hospital visits but won't cover you really fear a lot of expensive operations or big emergencies long hospital stays you know things to that effect and really I don't really like this idea because while you might save in the short-term on your premiums and you might save a little bit about you know as far as doing the doctor like right now if something were to happen you may really get the shaft by the hospital you might really get bad care and usually on these high deductible plans you will be able to get some kind of like coverage for forgoing regular doctor visits and stuff like that I don't really see much of a benefit of getting these minimal mini medical plans but they are a an option if you really can't spend money on this stuff and you're going to the doctor a lot and you're getting a lot of prescription drugs this might be appropriate for you the other thing is is that there are other factors in plans such as like alternative care pregnancy car you know what kind of coverage you get you know what your copay levels are for your doctor visits or psychiatric care if you really want a cheap plan take all the bells and whistles out take all the things that you don't need out you know make sure you get a plan that's just kind of skin and bones you know if it's a $5,000 deductible if it's a you know zero percent coinsurance and it really doesn't cover anything else besides emergencies you're you know you're gonna be have a pretty low premium the coinsurance the more that the you know the lower percentage of coinsurance that you need to pay on a plan obviously gonna raise your and you know your premium coverage but if you do have $100,000 surgery or something like that or a long hospital stay then you're gonna be liable for a lot of money you might owe the hospital a lot of money and they may actually call upon you to give you that money to to give them some money before they let you stay a very long time so a super percent coinsurance can be really helpful to defer some of those really major costs in an emergency those are pretty much you know that's pretty much how you're going to to save the most money as far as you know if you're on a low income and I mean the other options are if your student you can get a cheap plan so you might consider enrolling in a community college if you want to learn something I mean obviously that's gonna cost you more money but you get to learn something and you get sheet for medical insurance again go with the group health insurance that's always the cheapest but also compare plans because there are literally hundreds of different different plans out there and you know insurance companies are changing their pricing models all the time so while the Blue Cross Blue Shield might be 50 bucks a month for her plan a this month it might be 70 bucks a month you know six months down the line and the same might happen for right and I or whatever tsypko so sorry that's it go Cigna and basically you just want to make sure that you go to a reputable site that has that has a reputation for getting the lowest insurance premiums and I think the best site for that is a health insurance and they really make it easy and they let you search by all sorts the sorts of factors and it's the they really do get the lowest prices so then I don't really think there's any really outlying sites out there that you might go to and just find a you know brillo plan it doesn't really exist all that much because in the insurance industry you know it's like any other industry that are gonna make money off you not save you money on it you know medical expenses so do yourself a favor go to e health insurance calm or also go to my website check out some more tips if there's anything I didn't mention in this video its buying individual health insurance com I'm sorry probably you need to do a health insurance tips calm and you know go there I've brought a written many posts about all the different sorts of things good luck in your search

12 Comments

  1. Can you do an update video

  2. This video is from 2009 pre – Affordable Health Care and pre – Health Care Reform. This should be removed from You-Tube.

  3. thanks for being frank man.

  4. thanks bro

  5. Thank you and you are extremely cute

  6. would i still need to pay the deductible in full if i rarely go to the doctor? also what if something does happen and i need to go to the doctor. will my insurance still help me with the bill even if i haven't payed off my deductible?

  7. Thanks man 🙂 you helped me than that stupid lady on the phone.

  8. Thank you for this video

  9. Thank you David! Very good information.

  10. thank you for the information 🙂

  11. Scammer who spams twitter

  12. thanks for the info

Leave a Reply

Your email address will not be published. Required fields are marked *