Low Cost Individual Health Insurance – How To Get It
If you’re looking for low cost individual health insurance, let me fill you in on how to get it. Unfortunately, I won’t be giving you a magic bullet. I can’t say there’s one company out there or an offer for cheap medical insurance, it’s just not out there. Well, it is an it isn’t. I’ll explain what I mean.
Insurance companies are changing their pricing all the time. Risk considerations, business needs, and other factors are changing all the time. So the company with the lowest price is also changing frequently. That’s why you need to compare companies using a trusted 3rd party comparison site. When you can compare apples-t0-apples plans side to side, you can clearly see who’s offering the lowest premiums.
Click Here To Compare And Find The Lowest Cost Health Insurance
Beyond comparing, there are other things you can do to cut down on the cost of health insurance. First off, I usually say that using the insurance companies to pay for your regularly incurred expenses will drive up the cost of your monthly premium. In order to determine whether or not this will save you money, you need to calculate how much money you are currently spending on medical expenses.
If you’re currently spending nothing (like me, for example – I haven’t spent anything on medical expenses in 4-5 years), then you’re not going to benefit from a plan that covers routine expenses through low co-pays and low deductibles. If you do spend a lot on regular doctor visits, prescription medications, and specialist visits, then you need to consider if the increased cost of your premium is going to be a better investment then paying for it “a-la-carte”.
For example, if you currently spend $2000 a year on medical expenses, with no health insurance, and you decide to go for a plan with a deductible of 0$, so that all of your expenses are covered, how much more do you want to spend to cover the emergencies? Because if your premiums are $200 a month ($2400/year), you’ll only spend $400 a year to cover scenarios that you don’t know are going to happen. I’d say that’s not a bad deal, but it’s ultimately up to you. And your scenario probably will not play out with these exact numbers so you will need to do the math.
If you just want the lowest premium possible, then your best bet is to balance your risk and see what deductible you may be able to cover in an emergency only. Take out all of the “bells and whistles” from the plan, like psychiatric care (if you’re not going to use it), maternity coverage (again, if you’re not going to use it), or prescription drugs (if you generally don’t go for them). Then raise the deductible as high as you can go. The place where I say not to compromise much is the “co-insurance”, because that’s the factor that could end up costing you a lot of money if you have an emergency. Most plans will cover you up to 2 million dollars or something like that. But if you have a 30% co-insurance, how good is that 2 million dollar coverage?
Overall, you need to look carefully at the available health insurance plans and their respective coverages and pick what’s best for your individual situation – there is no one “low cost individual health insurance” solution out there. You just have to be smart and compare.
