Inexpensive medical insurance : Choose the right plan

Very few medical insurance policy holders are satisfied with their current policies. The dissatisfaction is either because of the high costs of the premium or due to the lack of adequate coverage on ailments. The hunt for an inexpensive medical insurance that also provides adequate coverage is a common quest. In fact, these two parameters are, more often than not, directly related to each other. If the premiums are high, the coverage also tends to be high and vice versa. The individual needs to decide on an optimal balance between premiums and coverage before starting the search for an inexpensive medical insurance. Apart from this, many other considerations also play a part in the cost of the medical insurance plan. Age is one of the more important factors determining the cost of health insurance. The younger you are, the lesser the cost. Existing ailments and previous medical history also affect insurance premiums.

Before zeroing in on an inexpensive medical insurance plan, one needs to consider the different options that are available in the market. Here is a gist of the medical insurance options; their merits and drawbacks.

Preferred Provider Organizations – The most preferred health plans where the insured has the benefit of choosing a doctor who is a part of the network of the insurance company and avail special discounts on charges. Out of network doctors are also covered but special discounts are not applicable.

Health Maintenance Organizations – Out of network doctors are not covered in these plans and the insured has to choose one of the in network doctors. The medical expenses incurred through the HMOs are the cheapest but the insured does not have the liberty of choosing his own (preferred) doctor and is also seldom able to change over from one doctor to another.

Point of Service Plans – They enable the insured to consult a doctor who is not a art of their network and still avail discounts but this is applicable only if an in network doctor has recommended the insured to consult the oout of network doctor.

Short term health insurance plans – They offer more flexibility in terms of choice of the doctors and also have higher coverage amount but the premiums are relatively higher. The coverage amount is subject to a maximum amount per day and the policy only covers the insured for a short duration.

‘Affordable’ and ‘Inexpensive’ are relative terms. It is based on individual perception and varies from person to person. An inexpensive medical insurance plan for one person can be a costly proposition for another. Careful attention has to be given to features like deductibles, Co payment options and coinsurance options, before buying the most inexpensive medical insurance. Comparison of rates amongst products that offer similar features helps in knocking off costlier options. The strength and rating of the insurance companies must also be considered. The most inexpensive medical insurance plan might not be the best plan for your needs, so, priorities play a major part in deciding on a plan.

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