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 emaemj.org. 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.
Individual health insurance (as opposed to group health benefits) is a very important purchase consideration for Canadians. It’s an investment that will help to protect you and your family against rising health costs now and in the future. As you may well have seen in Canada, the provincial insurance plans are gradually cutting benefits so that it’s critical for you and your family to prepare yourselves by purchasing your own individual health and dental plan in the event that provincial funding is cut even further.
If you currently have group health coverage through your employer and are used to having your dental bills, massage therapy appointments and medications covered, imagine what it might be like having to pay for these expenses out of your own pocket. Then, imagine what it might do to your savings account if you were to become ill and require expensive medications for the long term or even the rest of your life. If you’re not covered by a group plan, then it’s important to have some kind of individual health plan to cover these often unplanned expenses.
You should consider purchasing an individual health benefits plan while you are in good health rather than waiting until an illness dictates the need for insurance coverage because you may find that you’ll have difficulty getting approved. As with any type of insurance product, the company’s goal is to provide their clients with protection against future events. For example, if you’ve had a series of car accidents and then go to your insurance broker to purchase car insurance, you will either be declined or your premiums will be very high. The same holds true for health insurance. If you’ve already got a serious illness and you’re applying for a medically underwritten plan, you will probably find that the insurance company will exclude coverage for that specific health condition or decline your application altogether.
It’s for this reason that it’s important to buy health insurance when you’re in good health, even while covered by a group insurance plan. If you are currently on a group health insurance plan, you can bet that at some point, you won’t be. Your group health benefits will end when your employment ends. Typically, a person’s group benefits end when they reach the age of retirement. By then, most people have developed at least some health challenges such as high blood pressure or high cholesterol. Sadly, many people are shocked and dismayed to discover that they will not get coverage for these conditions under an individual health insurance plan that they pay for themselves. As mentioned earlier, an insurance company’s goal is to protect you from potential risks that may arise in the future and not risks that have already occurred. In other words, “you can’t buy home insurance when the house is already on fire”.