The cost of medical expenses are on the rise and it can be difficult to find affordable healthcare. Fortunately, government programs are in place to help low-income families and individuals combat these rising costs. Here’s a closer look at the best government healthcare programs that provide little to no cost on health insurance:
The Affordable Care Act (ACA): The Affordable Care Act helps low and moderate-income families with the cost of health insurance by paying a portion of their insurance premiums. The amount the ACA provides is based on your family’s income and the number of people within your household. For example, if you are a single person, you could qualify for government assistance if your income falls between $12,760 and $51,040. As another example, a family of six may qualify for help if they have a collective income between $35,160 and $104,800.
Medicaid: Medicaid is one of the largest health insurance programs for low-income families and individuals. With Medicaid, participants pay little-to-no cost on their health insurance. Eligibility requirements for this government assistance program can vary by state.
However, applicants must generally meet income and citizenship-based qualifications. In some states, Medicaid is only available to qualifying parents, pregnant women, senior citizens, and disabled persons. Additionally, coverage and benefits vary by state, but are based on federal guidelines.
Medicare: Medicare is the largest health insurance program for senior citizens ages 62 and older and disabled persons. Medicare insurance premiums are primarily based on your income and the plans you enroll in. There are four parts of Medicare, each providing its own coverage options:
- Part A: Medicare Part A provides hospital insurance and some in-home care services.
- Part B: Medicare Part B provides coverage for outpatient services and doctor visits.
- Part C: Medicare Part C is a hybrid plan that includes the coverage of Part A and Part B with additional benefits.
- Part D: Medicare Part D includes prescription drug coverage.
The Children’s Health Insurance Program (CHIP): Children who do not qualify for Medicaid may still qualify for the Children’s Health Insurance Program. CHIP is an income-based government assistance program, but it allows parents to have higher incomes than Medicaid. The program provides similar coverage and services as Medicaid. Like Medicaid, these services and additional eligibility requirements can vary by state.
If you’re part of a military family, you may qualify for additional government grants and assistance. Learn more about these programs and opportunities by clicking on the next slide.