Are cheap health insurance companies trustworthy?
Cheap insurance does not necessarily mean low quality. There are many low cost health insurance options available that are from trustworthy companies. Researching companies and products will help you find a health insurance plan to fit your needs and budget.
The best way to start is to compare quotes from several health insurance companies. Put your ZIP code into the FREE search tool to find health insurance companies in your area instantly!
Health insurance is a valuable and necessary expense for most people. It provides you with protection from high medical bills in the event of an illness or accident. Some common health insurance benefits include paying for preventive care or wellness checks.
The Center for Disease Control and Prevention says that an estimated 30 million Americans do not have health insurance, and 50 million will have some lapse in coverage during the year. They also stated that 40% of all Americans have some type of chronic illness. People with chronic illnesses were also less likely to seek treatment without insurance due to the cost of care.
How do I research health insurance companies?
Insurance scams are a serious problem. People have lost thousands of dollars paying premiums to fraudulent companies or been saddled with medical bills from unpaid claims. Either way, researching a health insurance company thoroughly can save you a lot of grief.
The Better Business Bureau is designed to provide consumers with the ability to research and make good judgments about a wide range of companies. You can find corporate information and see if there are complaints from other consumers. Your complaints can be filed through their website.
Each state has a Department of Insurance that regulates health insurance laws. They provide lists of companies that are allowed to sell policies in your state as well as what types of policies they can sell. They also provide people with a place to file complaints and may give guidelines on what your options may be if you have been scammed.
There are many independent rating companies on the market as well. Two reliable ones are A.M. Best and Moody’s. These companies use the financial stability of a company to assign a rating. This can be a useful tool in determining if a health insurance company is going to be out of business soon.
Can cheap health insurance companies provide enough coverage?
Health insurance companies are flooding the market with advertisements promising low cost or affordable health insurance. Many people question if these policies really provide enough coverage. The answer will largely depend on how much coverage you need.
Many times these policies have high deductibles or limited coverage. For people with no insurance though they may still be better than nothing. Make sure you understand what the policy will cover and how much you will have in out of pocket costs.
Money-Zine offers a health insurance calculator. This allows you to compare polices of comparable coverage based on costs. It analyzes premiums, co-pays, and deductibles based on how many times you visit the doctor on average. Sometimes low cost policies can end up costing more than polices with higher premiums and lower co-pays or deductible.
Health savings plans are also marketed as low cost by health insurance companies. These plans are usually combined with high deductible health insurance policies. You make tax free deposits into an health savings account with the insurance provider to cover medical expenses until you meet your annual deductible.
After that the deductible policy takes over payment for covered medical expenses. These are great plans for people in good health and only see doctors a few times a year. The premiums for the plan are super low and most of the money goes into your health savings account.
How can I keep health insurance costs down?
There are things you can do to help keep health insurance and health care costs down. Most people end up with medical bills they did not expect because they did not understand their policy. Make sure you check your policy before receiving treatments. If you are not sure do not rely on the doctor or hospital to know what is covered.
Many times health care facilities will have you sign a waiver that states you are responsible for any services rendered that are not covered by your insurance. They do not issue the policies and companies offer a variety of different products. If you are unsure about a treatment check with your health insurance company, they will have access to your policy and can help you understand your coverage better.
You can keep health costs down by getting routine physicals and preventive health screens. Most diseases will cost far less to treat early than later. To get health insurance quotes for policies that offer preventive care enter your ZIP code into the FREE search box!