How to Find Personal Health Insurance You Can Afford
Health care costs are constantly on the rise, so finding a good insurance policy means striking a balance between needs and means. This short guide, along with my experience, should help you find affordable health insurance that won't require you to sacrifice coverage.
Affordable Health Insurance Means Managed Care
The most affordable health insurance is a group health plan, such as one offered by an employer, so if you're given that option, you should really consider it. (Often, spouses and children can be included under such a plan).
But if you work for yourself, or for an employer who doesn't offer a health plan, you're on your own. At this point, getting the most affordable coverage is probably going to mean sacrificing options.
Buying a plan managed under an HMO, PPO, or POS is probably the single biggest way to earn yourself an affordable premium, should you need to buy a personal health insurance policy.
Managed care has suffered from media criticism in the past, some times for good reason, despite it's cost-saving advantages.
Fortunately, managed care networks have responded to recent criticism in order to create plans that offer more consumer choice, like the PPO. This type of plan mixes elements of traditional indemnity insurance with the structure of the HMO to give you more flexibility, and it's probably the most popular type of individual health insurance plan on the market today.
Four steps less-expensive personal health insurance
Buying a managed care plan isn't the only strategy around. A few more steps toward lowering your cost:
#1. Raise your deductible
As a healthy individual, raising your deductible is not too risky and will save you a bundle.
If you do get sick you will have to satisfy a larger deductible, but there will be a substantial reduction in your annual premium payments. If you make frequent visits to the hospital, I do not advise you use this approach.
#2. Buy group health insurance
If you belong to any club or group, you, along with your group co-members, are eligible to purchase a small group health insurance policy.
Often, insurance companies offer more affordable health insurance to small groups than to individuals.
#3. Redesign your health insurance policy
If your health insurance policy covers any unnecessary extras, ask the insurance company if you can eliminate them from your policy and pay less.
Coverage areas such as vision, dental, or mental health can be removed without too much risk, resulting in a more affordable health insurance policy.
#4. Buy while you're healthy
This may be "easier said than done", but it's so important. Personal health insurance policies are guaranteed renewable, so buying a policy now, when it may seem like you don't need it is the best way to make sure that you have affordable health insurance later, when you might.
And once you've found a quality personal health insurance plan, try and keep it to avoid the complications and cost of changing plans.
Get the best policy you can!
A lower premium is important, but it's not the only criteria around.
