Affordable medical insurance

Medical insurance is a much needed product today. In finding affordable health insurance, there are many options. The most affordable type of medical insurance that you can purchase is through a group. Group insurance is typically offered through an employer and if you have this option, it is the easiest and least expensive way to provide health insurance coverage for yourself and your family. If however, you are not employed, self-employed or work for an employer who does not offer any sort of health insurance benefits, there are other ways to find affordable medical insurance.

Medical insurance that is managed under a POS, PPO or an HMO is likely the most affordable. There are several ways that you can help to reduce the amount that you will pay for health insurance as well. One way to make your medical insurance more affordable is to raise your deductible. Having a higher deductible will make your premiums much lower. Of course, it is important to note that should you become ill or injured, you will have to pay this higher deductible and if you have a condition that requires you to regularly visit your doctor or hospital this may not be your best choice. If you can raise your deductible however, you will notice a significant reduction in your annual premiums.

Another way to substantially lower the premiums that you pay for medical insurance is to purchase group insurance if you have that option. If you belong to any organizations or clubs that qualify, you and other members can purchase group insurance and enjoy lower premiums. Insurance companies prefer to write policies to groups as opposed to individuals because this saves the company money. And, when the insurance company saves money they will likely pass on that savings to your group.

You can also restructure your existing medical insurance policy to make it more affordable. Look at your current policy and see if you are paying for things that you do not necessarily need. Vision, dental and mental health coverage are typically considered extras and can make your premiums increase. If you do not need these services you can talk to your insurance company and have your policy restructured, removing them and the cost that is associated with them.

Probably the best way to save money and find affordable medical insurance is to purchase health insurance coverage when you are healthy. It is important to note that insurance companies can raise your premiums based on your past medical history. In fact, they can deny you coverage altogether if you present as a high risk. If you purchase health coverage when you are the healthiest, your premiums will be much lower later on when you do need coverage. Individual health insurance is guaranteed to be renewable. This means that if you purchase a policy now for a specific annual premium and then later become ill, your premiums are guaranteed to not increase. It is also important to note that consistently changing your medical insurance can cause you rates to increase. When you find a plan that you like, stick with it.

In order to find the most affordable medical insurance, it is important to compare different companies, policies and rates. Find several plans that you are comfortable with and that you feel will best suit your individual needs. Take the time to choose at least three to five different plans and gather all information related to the services covered and the annual premium cost. Once you have all the information in front of you, you can choose the policy that offers the best coverage for your individual medical needs as well as the lowest and most affordable premium based on the coverage that you need.

Last updated on Oct 23rd, 2010 and filed under Health Insurance. Both comments and pings are currently closed.

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