Low cost health care can vary greatly depending on the type of health insurance plan you have and the company that provides the policy. The amount of coverage you need will depend on your situation and overall health.
You can compare health insurance rates with the free zip code search tool. It allows you to look at different companies’ rates and coverage and receive individualized quotes.
To determine if a plan provides enough coverage you will need to compare what the policy offers to what you need. Many people have coverage for services they do not use. On the other hand, you don’t want inadequate coverage!
How do I know what health insurance coverage I need?
There is no way to predict what your future may hold but with research and diligence you can find an affordable health insurance policy that offers the coverage you need. There are a variety of products on the market today.
The Insurance Information Institute provides a detailed list of things to consider when choosing health insurance coverage.The first thing you need to consider is your current situation. Consider the answers to these questions:
- Are you single or married?
- Do you have or are you planning to have children?
These will determine if you need an individual policy or family medical health insurance. If you plan on having children in the near future you want to make sure your policy can be converted later.
Another aspect of how much coverage you need is your overall health. Ask your self:
- How many times a year do you or your family members go to the doctor?
- Does anyone who will be on the plan have conditions that require extra medical care?
- Is there a family history of illness?
You will want to make sure your policy has enough coverage for your current needs as well as possible future ones. You will want insurance that covers hospital or emergency care, but if you do not have a family history of cancer then supplemental health insurance coverage for it may not be necessary.
You also need to look at total cost of the policies. Many times people look at only the cost of monthly premiums and do not factor the amount they will pay for using services.
Co-pays and deductibles can be very high on some polices. A health care policy does not help you if you still cannot afford to go to the doctor. High deductibles may be ideal for keeping premiums low if you are in good health and would only need to use your insurance due to an accident.
What types of low cost health insurance plans are available?
There several different types of low cost health insurance plans available. There are government funded plans and private insurance plans. Government programs such as Medicaid and Medicare require that you qualify based on their individual eligibility requirements.
Private insurance companies offer you the option to choose between different types of plans. You can find low cost options for basic, comprehensive, and alternative coverage. This allows you to find a policy that fits your lifestyle.
What is a basic coverage health insurance plan?
Do you just want a policy that allows you to go to a doctor and get routine and preventive care? Basic coverage plans maybe be a good, inexpensive option.
A basic coverage plan allows you the flexibility to go to any health care provider you want and reimburses you according to the set prices based on your policy. The reimbursement will be less than what you paid your provider.
What is a comprehensive coverage health insurance plan?
The American Cancer Society explains that there are two types of comprehensive coverage. You can find both of these as low cost options. Your cost will depend largely on the deductible amount you select and coverage provided. The two types are:
- Fee for services plans allow you to see any doctor or facility you want. You will have an annual deductible and once your medical expenses exceed this amount the insurance company begins paying set percentage of any new medical bills.
- Managed care plans set up a network of providers that they have negotiated a price list for services with. You will have a copayment for in-network care.
You will have a deductible for any specialty care you may need. HMO and PPOs are both types of managed care plans but they have different guidelines on how you receive care.
Are there other options to help lower the cost of medical care?
There are a couple options for people who cannot afford or qualify for insurance to help keep costs down. You can also contact your state’s health department or Social Services to find additional options in your area.
One option may be to utilize a health savings plan. These are not actual insurance plans but they allow you to save money to pay for medical expenses. The major benefit is that you are allowed to make tax free deposits and withdraws for qualified medical expenses.
You can also look for nonprofit organizations and clinics. These use donations and grants to help provide coverage and care to people with low incomes. Many times they use a sliding scale to assess the amount you will pay for care.
Compare health insurance quotes by typing your zip code into the search box now!