Health insurance companies offer a variety of options whether the person being insured is included in a family plan, a company plan, or simply an individual plan. Low cost health insurance is available for all of these options, yet it all depends on the monthly premium and the deductible on the health insurance plan.
If the health insurance plans are offering a low health insurance premium, they will typically offer a high deductible to compensate for the low monthly premium. With family plans, however, the deductible is typically very reasonable and there are more benefits available.
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Individuals can go on a high deductible health plan that allows them to pay a low premium in exchange for a high deductible, while some procedures may still be covered. Group or company health insurance plans typically average a reasonable deductible with a low co-pay amount and an affordable annual premium. Family plans are similar to company plans, depending on the amount of people that are in the family and their medical history.
Is it better to be on an individual or a group plan?
Although individuals may believe that it is easier to pay their own premium each month and adjust their deductibles as the years go on, some would rather opt to be put on a company’s health insurance plan to reduce the hassle and pay less for their health care. If an individual is on their company’s health plan, they will most likely pay a small amount for their co-pay and their prescriptions. Their deductible can range anywhere from low thousands to high thousands, yet if they are on their company’s plan, procedures may still be paid for.
If an individual decides to go on an individual health insurance plan even though their company offers benefits, they will typically receive a check at the end of the year that would be spent on their health insurance within the company. Therefore, if a husband and wife of a family are both employed with jobs that include great benefit packages for each, they could easily rely on one of the health insurance plans and receive money back for the other plan that they chose to opt out of.
Aside from receiving money back for not committing to a company health insurance plan, there are other reasons for individual health insurance. A single contractor or a free agent may have to go on their own insurance plan, which will typically cost them more money in the long run. Having a benefits package at a job is one of the perks of working rather than retiring early.
What are the benefits of low cost health insurance?
The benefits of low cost health insurance are typically the minimum of what is expected in a health insurance plan. Although the deductible may be a little more difficult to reach, the monthly premium is cheap, so the only worry comes when a medical emergency occurs. Co-pays for a doctor’s visits will tend to be a bit pricey, but the health insurance company makes up for it in the low premium cost.
Low premium insurance is great for an individual or a family that is prone to injuries, illnesses, and disease. The reason for this is that the deductible will be easier to obtain if the family is making frequent trips to the emergency room and getting routine procedures done. Their deductible will be met in no time, and although they will still have to pay that monthly premium, their expenses will be covered after their deductible is met.
Another benefit of having a low deductible is that physical therapy procedures are also covered if the deductible is met. Therefore, if a patient has a low deductible plan and needs to have reconstructive surgery on their ankle, although their surgery will be expensive initially, it will most likely meet the deductible for the year. The physical therapy cost will mostly be paid for in full without a deductible. Physical therapy is not affordable yet it is necessary after an ankle surgery, therefore the family or individual would benefit in this case of a low deductible.
How do I know if companies that offer low cost health insurance are reliable?
When choosing a low cost health insurance plan, it is important to check out the companies you are considering. You can do this by researching these companies on rating sites like A.M. Best, which measure the financial well-being of an insurance company. Other independent rating agencies, Moody’s and Standard and Poor’s are just as helpful.
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