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Sunday, April 11, 2010

Cheap Health Insurance Plan

If you are looking for a cheap health insurance plan then there are a few things you need to look out for. Its true that there are some insurance policies that sound ridiculously cheap on the surface, when you look at them more closely you may be shocked and surprised to see what you are really buying. The fact of the matter is that insurance companies are in it for the money and the more they can make the better for them.

When it comes to actually finding a cheap health insurance plan that’s really worth it, you will have to be very diligent in what you look for and you will have to read the fine print of your policy. There are a couple of things you need to look out for as it affect your choice of policy more than anything else.

1. Your Level Of Cover
The biggest distinction between health insurance plans are the level of cover they provide. From an insurers perspective it’s the risk they carry and in the world of insurance you pay for this “risk”. The more extensive the health cover the greater the risk for the insurer (they are more likely to have to pay you out). And the more expensive your premiums.

2. Deductibles
Most premiums have what is called a deductible and its basically your annual payment that you would have to carry before the insurance kicks in. The higher your deductible, the lower your premiums BUT you need to look at this from an annual perspective if you really want a cheap health insurance plan that is real value for money. Don’t be short-sighted and only look at how much it will cost you monthly. Look at it annually instead and see what your overall payments will be.

3. Co Pays
One very important factor you need to look at when assessing any cheap health insurance plan is the co-pays. These are the payments that you will be responsible for out-of-pocket. Its usually a percentage and usually it only applies to minor medical expenses like general check-ups and minor illnesses. Its really there to protect the insurer from people running to their doctor for every small illness as it forces you to pay a percentage of these costs.

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