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Are there any inexpensive health insurance companies?

Are there any inexpensive health insurance companiesThere are inexpensive health insurance companies if your standard of measurement is a comparison of one insurance company to another. However, with the spiraling cost of health care in the 21st century, defining whether or not health insurance is inexpensive is a matter of interpretation. It’s based largely on what your health insurance needs are and what your budget will bear.

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When you’re looking for low cost health insurance companies you need to be aware that rates are set on a state by state basis. These rates are determined according to health statistics, individual state regulations, and the number of paying customers a given company has in that state.

It’s not appropriate to simply assume you will get the same price for a health insurance policy issued in California or Texas. In all likelihood the same policy in both states will have different premiums based on a variety of factors.

Why are some inexpensive plans not available in every state?

Unfortunately, there are a handful of states so tightly regulated that it’s nearly impossible to find an inexpensive health plan. One of those states is New York.

It is not uncommon for residents of the Empire State to see a television commercial for inexpensive healthcare product that seems attractive, only to read the fine print which says it’s unavailable in New York. It is a constant source of frustration for many New Yorkers who do not have health insurance through their employers.

In many of the states with similar problems, it all comes down to burdensome state regulations. For a number of reasons, insurance regulators in those states have decided that certain types of health care plans and options cannot be sold within their jurisdiction.

This naturally causes the prices of those products that are available to go up. It also inevitably forces more individuals onto government subsidized health plans even if they would prefer not to go that route. If you live in one of these states, there’s not much you can do about it.

How do I find out what plans are available in my state?

In order to find inexpensive insurance companies you can do business with, you first have to know who is licensed to sell health insurance in your state. That information should be available through your state insurance department.

You might try to contact them by telephone, or visit their website. One way or the other, your state insurance department will furnish you with a list of licensed insurance companies. You’ll have to go through that list and begin making contact with each one.

If you’re interested in more generalized statistical information to help in your search, the Agency for Healthcare Research and Quality is a good source. This agency is an arm of the U.S. Census Bureau with the mission of compiling statistical data about the state of health insurance in the United States.

The Census Bureau includes their statistical data in its own reporting. On their website you’ll find dozens of documents with plenty of health insurance information.

What can I do to keep my health insurance as inexpensive as possible?

You may not have the option to purchase an inexpensive healthcare policy in your state for one reason or another. However, there are things you can do to keep the cost of your monthly premiums as low as possible.

A good source of tips for doing just that can be found on the website of the Insurance Information Institute. This organization is a nonprofit entity with a single mission- to educate Americans on all things insurance.

According to the Insurance Information Institute, one of the best things you can do to help control the price of your health insurance is to purchase what’s known as catastrophic health insurance coverage. With this type of healthcare plan you are covered against the most expensive of medical needs.

These include heart attacks, cancer treatments, hospitalization and emergency services, and so on. A catastrophic policy saves you money in that it does not provide coverage for things routine doctor visits and vaccinations.

Another thing you can do is choose a plan with higher deductibles and lower coverage limits. In terms of the former, having higher deductibles means you’ll pay more out of pocket for your care rather than relying on insurance company to pay the entire bill.

In terms of the latter, lower coverage limits mean your insurance company will stop paying your medical bills once you reach a certain monetary threshold. In either case, most of us could stand to accept one condition or the other without breaking the bank.

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