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How Much Do You Need to Spend to Get Good Health Insurance?

Good health insurance doesn’t have to cost an arm and a leg. If you are young and in relatively good health you can probably get an affordable policy with all the bells and whistles you care about. As you age and your health begins to deteriorate, it can become more difficult to find that elusive cheap health insurance policy, but you still have some flexibility in premiums if you know what to look for when getting your quote for health insurance online.

Know What You Want… And What You Will Take

Chances are good that, no matter what your age or health, you want a health insurance plan with the most flexibility, the widest coverage possible and the most benefits for the lowest premium. This is everyone’s dream, but you can go a long way to making it real if you approach it in the right way. Let’s assume you’ve already put in the work to get health insurance online quotes from as many insurance companies as possible. You need to know what the average premium rates are for each type of policy before you start direct negotiations.

The first issue to clarify is the real cost if you have to make a claim. It’s not enough to look at the monthly premium installment on your health insurance online quote and decide it’s affordable. There are other costs that can be financially overwhelming if you’re not prepared. There are three words you need to learn:

  1. Co-payment
    In HMO and similar plans, this is the amounts you’ll have to pay every time you see a health insurance provider, have lab work done, go for prescription drugs, etc.
  2. Deductible
    In most indemnity plans, you agree in advance to pay the specified amounts before the insurance company has to pay on any claim. Watch the way the terms are worded. Some policies set an annual maximum while others require the deductible to be paid on every claim no matter how many (or few) claims you make. The larger the deductible you accept, the less expensive your health insurance online quote will be.
  3. Coinsurance
    Coinsurance is an additional out-of-pocket expense for the medical costs you incur. In effect, you are self-insuring. The idea is that you invest any savings on the premiums against the risk you have to make a claim.

Once you’ve put real numbers on to the co-payments, deductibles and coinsurance percentages, you can move on to really evaluating your health insurance online quotes. When you get your quote, be sure to give full disclosure of any pre-existing conditions you have. When possible, ask about waiting periods within the policy and find out if you can continue seeing your regular physicians. Only through this kind of detailed discussion can you find out whether you can get the cover you really need.

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