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Paying the Obamacare Tax Penalty? Tips for Getting Affordable Healthcare

If you’re paying the Obamacare tax penalty because you missed open enrollment and you don’t have an ACA-approved healthcare plan, you may be worried about medical expenses. Results of a Commonwealth Fund survey reveal Americans are paying more out-of-pocket for healthcare now than they did 10 years ago. This is with Obamacare mandates in full force.

Did you know there’s a way to take care of medical bills and healthcare expenses without major medical insurance? Several insurance carriers now offer plans that pay you a lump sum cash benefit or some type of payout if you get sick or injured. You can also get short-term coverage until the next open enrollment period. All this happens outside the Obamacare exchange.

Here are some tips for getting affordable healthcare for yourself and your family:

Explore Medical Cash Benefits

older couple speaks to nurse about medical cash benefits

What would happen if you were diagnosed with cancer and had to start treatment immediately? Or, if you got into an accident and ended up in the hospital? If you don’t have health insurance, you'd get bills from the hospital, ambulance, physicians, and all other parties involved. Those bills could total thousands of dollars. If you had critical illness or accident insurance, you would receive a lump sum cash benefit immediately. So, you could take care of those medical bills and use the cash for anything else you needed during this stressful time.

Consider Short Term Health Coverage

young mom and dad with their daughter

Short term health insurance plans can provide similar benefits as an Obamacare plan. Except they cost far less, depending on your age and deductible you choose. They’re ideal for someone who’s lost coverage when changing jobs or is being dropped from their spouse’s plan after a divorce. If you’re worried about the risk of living without health insurance, a short term health insurance plan can provide the coverage you want for one or several months at a time.

Need help determining if a short term plan is right for you? Our blog about short term health insurance vs Obamacare provides more information about the differences in benefits.

Find Doctors Offering Concierge Medicine

close up of a doctor filling out a prescription

What if you could work with a private doctor who didn’t accept any insurance at all? Many physicians and healthcare practitioners are now offering concierge medicine. That's where the patient pays a retainer or annual fee for access to the doctor and discounted rates on services.

Approximately 6 percent of physicians offered concierge medicine or worked on a cash-only basis in 2014, according to MedScape. These physicians set their own fee schedule. They usually offer a wide range of preventive healthcare and routine services, such as annual exams, x-rays, and blood work, at affordable rates. Your ‘membership fee’ may even cover some visits. In that case, you would only pay for services or treatment as you needed them.

In conclusion, living without health insurance puts you at risk for excessively high medical bills in the event of a health emergency. However, you do have options. Explore Medical Cash Benefits plans and Short Term Medical Insurance now. You'll be glad you did when you have some financial support without health insurance.

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