Cheapest Health Insurance – Like many other products and services available to us, finding the cheapest health insurance plans often involve settling for low quality or poor service. Many cost conscious consumers wonder if quality health coverage that is easy on the budget even exists. Due to our individual needs, circumstances, and resources, there are many variables that will determine the cheapest insurance plans for us. When trying to balance quality coverage and a low price tag, you will have to carefully consider how different policies may or may not meet your current health care needs. Smart customers who are searching for the cheapest health insurance plans will also factor in the importance of choosing a quality provider that offers sufficient coverage.
The cost of your health insurance plan will be largely impacted by your individual health care needs. If your current state of health requires regular medical services or prescribed medication, it may be more cost effective if you are able to pay less for co-pays while paying slightly more in monthly premiums. Let’s look at two insurance plans as an example. Policy 1 has premium of $125 per month with a co-pay of $20 for a visit to the doctor’s office, while Policy 2 has a monthly premium of $100 with a $50 co-pay for the each doctor visit. If you require multiple doctor visits or frequent prescription medication refills, then Policy 2 would cost more over the long term even though the monthly rate is lower..
Your health insurance coverage should not only meet the needs of your current health condition, but also anticipated needs that may arise in the future. No one knows for certain which medical concerns may develop in their lives, however, many people can gauge their level of risk for the likelihood of certain health conditions. For example, a worker in a chemical plant who is constantly being exposed to harmful gases is more likely than a university librarian to experience future health problems. As a result, the librarian could probably benefit from an insurance policy that has less major accident or injury coverage. Age is another important consideration. If you are relatively young and lead a healthy lifestyle, you can pass on many long term options that an aging, less healthy individual may need. On the other hand, if you are older and have a family history of degenerative bone disease or heart disease, then you would be wise to include options in your plan that would cover the needs of such conditions.
On the surface, it’s seems obvious that the cheapest health insurance plans are the ones with the lowest premiums, however, taking a look beyond the surface can reveal potential pitfalls that could end up being very costly in the long run. In an earlier example, you saw how differences in co-pays can really make an impact on the true cost of a policy. Likewise, when deciding on a policy that appears to be cheap, be on the lookout for any potential hidden fees and taxes that could raise the overall cost.
Finally, you should also take into account the reputation and history of the insurance company you would be purchasing from and trusting with your health care coverage when deciding who offers the cheapest health insurance plans. To ensure the best quality coverage, you need to choose a provider with a solid reputation for serving their customers. Unfortunately, plenty of unscrupulous companies offer cheap prices but compromise their customer service, resulting in a trail of denied claims and frustrated customers. Many consumers have purchased policies with low monthly premiums, thinking they were getting a great deal only to find out later that the insurance company is incapable of honoring the policy or that their particular medical emergency is not covered. You do not want to waste time and money pleading your case with insurance companies that are reluctant to hold up their end of the policy.
The cheapest insurance plans may not be the be the ones that are the least expensive. As we have learned, there are many things to consider when making this important choice for you and your family. If you want to avoid poor quality plans while staying within your budget, seek out the policy that has the best price while meeting your individual needs from a reputable provider.