subject: Child-Only Health Insurance: Top 3 Plan Types [print this page]
Your child's well-being is paramount. What if, though, your employer doesn't provide family coverage, you are between health plans, or you just want a low-cost plan for them? Don't worry, you have options.
Child-only health insurance is a term used to describe insurance plans that exist specifically for children, and knowing your options is key to securing their health without breaking the bank.
The world of health insurance might seem complicated, but essentially, there are a handful of main avenues. Below are three popular forms of private health insurance child-only plans to look at. The Marketplace (ACA) Plan: Guaranteed & Comprehensive A health coverage guarantee route was created under the Affordable Care Act. You can receive affordable children's health insurance through the Health Insurance Marketplace that won't be denied due to a pre-existing illness.
•How it works: You sign up during a Special Enrolment Period or annual Open Enrolment Period if you have a qualifying life event (for example, losing other coverage). Each of the plans carries the ten essential health benefits, including emergency care, preventive care, vaccines, and prescription drugs.
•Best for: Families who desire budget-friendly, comprehensive insurance that covers them from unexpected emergencies to yearly check-ups. It is an affordable option for many, as financial assistance in the form of subsidies is also offered, depending on your income.
Short-Term Plans: Temporary Solutions There are gaps in life, and sometimes insurance is one of them. A temporary policy may be the answer if you need temporary, short-term health care for your child, maybe while you are waiting for benefits from a new job to begin.
• How they work: They are designed to provide insurance for a short period, generally ranging from several months to a year. Since they are unlikely to provide the same extensive list of benefits and are unlikely to cover pre-existing conditions, they will likely be more affordable than ACA policies. • Best for: Active short-term, stop-gap coverage. Read the fine print on these policies carefully, as they do not cover routine doctor visits and some essential health benefits. They are a temporary solution, not a solution.
CHIP: Affordable Coverage for Families Who Qualify Children in households with incomes that are too high to qualify for Medicaid but may not be able to afford private insurance can be eligible for low-cost health coverage under the Children's Health Insurance Program (CHIP), a federal-state program. • The way it works: CHIP provides a wide array of services, including hospital stays, regular check-ups, immunisations, doctor visits, prescription medication, and eye and dental care. Pricing is fairly reasonable, although costs and revenues vary by state • Best for: Families who qualify on their state's income level and require a low-premium, comprehensive health insurance plan for their children. It is among the most comprehensive and affordable health coverage options for children.
Choosing the Best Option for Your Family Your best choice tends to be determined by your budget, your child's medical needs, and the duration for which you need coverage.
Providing your child with what they require is the same goal, whether you are eligible for a program such as CHIP, need temporary coverage with a temporary policy, or require the most comprehensive benefits under an ACA plan.
Are you ready to shop rates and select the best child-only health coverage plan? At ConsumerCoverage, we make it easy to explore your options and choose a plan that keeps your child protected while giving you peace of mind. Get in touch with us today!
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