There are numerous cheap health insurance that have been introduced in the market so as to take care of the increasing number of uninsured people. The new health care reform is suppose to address some of the issues related to high insurance costs but even with that choosing the best coverage can be difficult. However, before looking for low-cost health coverage, there are some steps you need to take.
The first step towards achieving the goal of finding affordable health insurance is to decide how much you can afford to pay for premiums. Once you have assessed this, the next step is to decide how much can you pay out-of-pocket. If you have a saving account, can some of this money be used towards deductibles if needed. These are just a few financial considerations you need to take into account.
Now that you have decided what you can afford, you need to look at your overall health. Whatever insurance company you choose, they will make you do a health physical. They will take some blood work and make you fill out a health questionnaire. You may also have to take a battery of tests depending on your age and how you answer the questionnaire. Once this is all done then you can look at health insurance options based on your individual needs.
If you are a person who have a pre-existing condition, one option you might look into is a high risk health plan run by your state. This may not be available in every state but if it is option in your state, it can provide pretty cheap health insurance coverage. The reason why the plan is affordable is because the state is subsidizing some of the premium cost through taxes. Some people don’t like this option because they feel it is socialize medicine. This article is not saying if it is or not but just stating what is available in some states.
Another option is an employer based health plan. This plan is probably the cheapest for most individual. The only problem is that every company health insurance plan is different. Some company plans offer better coverage than others. The advantage of this health coverage is that the employer pays a percentage of the premium cost. This is considered a benefit to the employee and decreases the cost of the health insurance.
One can also opt for short-term coverage, which is usually cheap and convenient for those changing jobs or those certain that they will start a job within a short period of time. This works much the same as individual health plan but it only provides coverage for a specific amount of time. It is also fit for those who want to take time to weigh their individual or family health plan but do not want to have a gap.
The other source of affordable insurance policy is group insurance from organization membership. Although the premiums are not as cheap as to what the employer would provide, the rates are usually lower as a result of the discounts given to groups. One should however do a thorough research so as to get the best offer from these organizations and make sure the plan administrator is reputable company.
The last option is like a co-op. A group of people can pool their money together in a bid to pay each other’s health expenses in what is referred to as group health expenses sharing plan. By doing this, the group pretty much become an insurance company of their own. The contributions are combined together and then are invested to accumulate interest. This scheme works best when there is quite a number of people and the contributions are used for medical purposes only.