5 Best Alternatives to Health Insurance in 2024
Health insurance is great for specific purposes, mainly to protect an individual or family from great financial loss due to a health issue. However, it has increasingly become more expensive in the U.S., which makes it difficult for every individual’s situation. Many freelancers, people in between jobs, and employed individuals all are looking for other options. In this article, we’ll look at the best alternatives to traditional health insurance.
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Best Alternatives to Health Insurance
Alternative | What it is | Best for |
|---|---|---|
| Care Memberships | Individuals pay a monthly fee for access to needed care. No deductibles but you will pay a copay. | Those wanting to pay an affordable amount per visit, instead of large monthly premiums. |
| Medical Cost Sharing | Programs, typically with a christian-based theme, where everyone pays a monthly amount into a pool that pays for the health care costs of its members. | Religious individuals that can afford regular health insurance but want better coverage for the monthly price. |
| Discount Cards | A program that gives you access to shared savings across large networks of providers. | Individuals that have no coverage and can’t afford any regular coverage. |
| Indemnity Insurance | An alternative insurance that pays out certain amounts of money based on the health care services received, regardless of the actual cost. | Individuals that don’t anticipate needing many health care services in the next year but who do need all preventative work. |
| Paying Out of Pocket | The individual just pays for all health care costs, as they are incurred. | This is a very risky option that isn’t recommended for anyone. |
The best alternative to traditional health insurance is going to depend a great deal on your personal situation. For example, a middle-aged individual who owns a home and has children will have much different needs than a 20-year-old single person who is renting an apartment. You need to assess all of the pros and cons and how they related to you in order to choose the right alternative.
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Before joining Mira, Jeff was the Vice President of Marketing at Clipboard Health, a healthcare staffing tech company, where he led marketing and acquisition. At Clipboard, Jeff was able to help the company achieve 12 straight months of top-of-funnel growth and 10 straight months of revenue growth. Prior to Clipboard Health, Jeff was General Manager at FitSmallBusiness.com, an online publication dedicated to helping small business owners. He has been featured in publications such as The Week, Forbes, USNews, CNBC, Yahoo! Finance, The Street, Investopedia, Cosmopolitan, and more.