When shopping for health insurance, be aware of the differences between lost cost health insurance plans and cheap plans with little coverage.
When thinking in terms of low cost health insurance plans, catastrophic health insurance usually comes up for discussion. That kind of coverage reduces rates by covering major medical bills only but still offers a very reasonable premium. You can also get short-term temporary plans that feature catastrophic coverage rather than routine medical expenses.
Coverage offered under catastrophic health insurance policies usually includes surgical costs, anesthesia administration, lab tests, X-rays, ER charges, in and outpatient bills and professional fees for health care providers. Now and then, you will run across a policy that includes preventive benefits. However, most of these plans do not pay for items like drug prescriptions or office visits. On the rare occasion that a catastrophic plan does offer limited office visit benefits, there is typically a deductible applied.
Another plan you may wish to consider is a High Deductible Health Plan (HDHP), which is considered another form of catastrophic health insurance. While it is relatively low cost, you do need to pay the first large portion of your medical bills out of pocket. That expense could run into the thousands of dollars. However, once coverage does kick in, the policy would pay between 80 to 100 percent of your expenses. If you open a Health Savings Account, you need an HDHP.
These low cost health insurance plans are an appealing alternative if you are worried about major health care expenses and don’t mind shelling out a fair chunk of change up front. The good thing here is that over a period of time, the money you stand to save by buying this type of plan will offset what you pay out of your pocket. This of course is a personal decision, and you may still opt to have a lower deductible. There are a number of insurance companies that offer $500 deductibles.
There are many options open to those who want flexibility in their health care coverage. Do your research when looking for low cost health insurance plans. Think about what you really need and ask questions. You’ll find you can get what you want for a lower cost and have it cover exactly what you need.
Clelland Green is with Benepath.com, a leader in providing health insurance quotes. Benepath provides individuals, families, and businesses with affordable health insurance quotes in just a few mouse clicks. To learn more, visit http://www.benepath.com.
