Low-cost health insurance for everyone

Low-cost health insurance is desirable globally, but it means different things to different people. If you're generally in good health and have a favorable family medical history but have a poorly paid job, you're likely looking for a low-cost plan with a health plan that does nothing more than prevent you from coming out of a medical illness or bodily harm. .

"Consumers have more shopping and insurance options than ever," says Robert Hartwig, former director of the Institute for Insurance Information. "They can also compare these options more easily than in the past."

On the other hand, if you're a successful businessman with a high-risk family history, you're looking for a way to get more comprehensive health coverage, and low-cost health insurance can mean anything that doesn't cause a heart condition. caused by an adhesive shock.

Regardless of your position or definition of low-cost health insurance, here are some strategies and consequences for reducing health insurance costs.

There are dozens of types of documents and coverage adjustments that can help reduce your health insurance. The biggest cost variable is your medical history, but the following three categories have the greatest potential for low-cost health insurance for things under your control.

Big Discounts: As most people know, health insurance-related discounts or copayments determine what you must pay for medical treatment. Often times, these joint payments are divided based on the medical service provided. For example, you may have to pay $ 30 to visit your primary care doctor, $ 50 to the pharmacy for a round of antibiotics or pain relievers, and $ 100 for the trip to the emergency room.

The higher this post, the lower your premium will be. However, some heavily discounted health insurance plans set annual deductible limits that require you to pay the first thousand dollars or the like in medical costs each year, but will cover most or all of the medical costs incurred above that limit. .

Shared insurance: One of the policy options that can allow you to find low-cost health insurance is joint health insurance. Instead of a copayment, this type of health insurance requires a percentage of medical costs to be covered. A common type of coinsurance is 80-20, where the insurance company pays 80 percent of the costs and the insured pays another 20 percent. So if you have an appendectomy that costs $ 10,000, the insurance company will pay $ 8,000 and you will have to pay $ 2,000.

The most common health insurance plans also include what is known as a stop-loss limit, which sets a cost limit, after which the insurance will pay 100 percent of the costs. These numbers can be assigned to your position. If there is an expected potential for significant medical costs, you will need a health plan that uses a lower detention limit, even if you decide to go for a joint insurance rate of 70-30.

If astronomical medical cost opportunities are unlikely but you tend to repeat your doctor's office, the combined insurance rate may be 10 to 90 with a higher arrest threshold for you.

Lifetime Limits: Another policy option that can result in low cost health insurance premiums is the lifetime limitations on health coverage. Health insurance companies love the fact that this type of policy easily measures and ultimately measures the amount of financial risk they represent. It also carries a higher risk for the policyholder, especially in certain circumstances.

You should stay away from this option if you are insuring children under this plan because the maximum lifespan can be tragically reached. You should also rethink the maximum lifespan, if your family's medical history suggests you may need long-term care. Early dementia (i.e. dementia that occurs before the age of 65) is an example of sadness that will require long-term care and quickly cause injury to these hats.

No matter how you cut health insurance costs, you don't want to sacrifice the full value of low-cost health insurance, and there are a few simple ways to determine if you're getting good value for your insurance money.

Be sure to ask prospective health insurance companies how much of their collected premiums are returned to customers in the form of health benefits. With the return on investment in premiums collected, the average health insurance company can return around 99 cents on the dollar against health care premiums.

Combined insurance premiums and investment returns combine to create total revenue for the insurance company. Minus administrative costs and an average profit margin of 2-3%, the responsible health insurance company must be able to pay at least 70% of its total income for health benefits.

The best options for low-cost health insurance are when you can review this cost distribution for many health insurance companies.