Inexpensive Health Insurance

By: EconomyWatch Content   Date: 15 February 2010

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Many companies claim that they offer inexpensive health insurance or cheap medical insurance. These policies can be a trap, with hidden costs or unsatisfactory coverage. However, with proper knowledge it is possible to reduce the premium of a standard health insurance policy.

 

Inexpensive Health Insurance: Why Premiums Surge

It is possible to buy inexpensive health insurance if an individual knows the factors that raise the premium:

 

High tech medical services: There are major breakthroughs in the healthcare industry almost everyday. Obviously, the best medical services, such as MRI, organ transplant, fetal surgery, etc., come with a price tag. The insurance company would charge higher premiums for these expensive medical treatments. However, there are rare occasions when the insured actually have to opt for such high tech services.

 

Cosmetic treatment: Avoid including cosmetic surgery, sunburn treatment or expenses on beauty therapies in the health insurance cover. They can inflate the policy premium to unexpected levels.

 

Chronic diseases: Insurance cover against chronic diseases cause to raise the policy premium. An affordable insurance healthcare plan does not provide cover for chronic ailments, such as cancer and AIDS. Chronic diseases found in the family history are also eliminated from the policy cover.

 

Inexpensive Health Insurance: How to Bring Down the Policy Premium

Here are some tips to buy inexpensive health insurance while enjoying good coverage:

 

  • Buy group health insurance. Group policies are highly affordable and offer extensive coverage.
  • Quit habits that cause health concerns, such as smoking and drinking alcohol.
  • Do not visit expensive doctors and hospitals just because you have a medical insurance policy. Mostly, a part of the treatment comes from your pocket in the form of deductibles or co-payments.
  • Take medical fitness tests annually or semiannually to diagnose ailments during the initial stages.
  • Choose a higher deductible. A deductible is the initial cost of medical expenses that has to be borne by the insured. For example, if the deductible for a health insurance policy is $500. It means medical expenses of up to $500 will be paid for by the policyholder. Once the limit is crossed, the insurance company begins to pay off. Higher deductibles mean lesser risk for the insurance company, thus the premium dips.

 

Look for government-approved health insurance providers who offer medical policies at subsidized rates.


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