How can I tell whether a cheap health plan being offered to me is a real bargain or not?
Even if you are looking for a cheap health plan, don’t mistake “low-limit coverage” as something that necessarily goes with it. Some types of insurance plans have a pre-determined amount that only covers a certain percentage of medical or hospitalization costs. If you cannot avoid getting a plan with maximum benefit, be prepared to pay a larger amount than the insurance company. If, for example, your health insurance plan states that you have a maximum benefit of $20,000, and then you suddenly go down with a serious illness and was hospitalized for a while with regular medications that had your bill amount to $100,000, what would happen? You might have to shoulder the rest of the bill which amounts to $80,000. There are also discount cards being offered by some companies. While “health discount cards” may sound good, not all discounts are good deals. You may be able to save a certain percentage off the bill but the out-of-pocket expenses are still significant. For some people though, getting a discount is better than not getting anything off at all. You can also choose to get a Health Savings Account (HSA) where you can save regularly. You can withdraw a certain amount to pay for medical expenses. There are actually many cheap health plans that have comprehensive coverage. You may just have to be a little more discerning and detail-oriented when choosing which health plan to get. If you think you can afford a higher deductible, then you may opt to have a lower monthly premium. You may not have to cut on health coverage benefits just to pay a low premium. Answer by general public — June 19.2009 @ 11:35 am No CommentsNo comments yet. Leave a comment |
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Determining if you really got a good deal for a cheap health plan lies in your understanding of the health insurance industry’s products and services, your needs, and your capacity to pay.
