Finding Cheap Health Insurance Plans
While choosing a cheap health insurance plan, you'll want to look into the best type that fits your lifestyle. Whether you're a student seeking health insurance or you want a family plan, you will always need to know the following in order to make the best decision on the plan for you.
Health Insurance Deductible
High-deductible health plans -- defined as plans with a deductible of $1,000 or more -- are considered by many to be among the cheapest health insurance plans. However, the EBRI/Commonwealth Fund Consumerism in Health Care Survey found that, despite the popular conception, high-deductible medical insurance plans end up costing more for individuals who require frequent or varied medical care because high-deductible plans require more out-of-pocket expenses.
Families and individuals seeking cheap health insurance may also look into more comprehensive plans; although high-deductible plans require less up-front premiums, the deductibles and out-of-pocket costs cut into health expenses and could end up costing more than more comprehensive health insurance.
Low-cost health insurance plans generally include a widely recognized network of physicians. One of the more popular is the HMO plan. Other options, though slightly higher-cost than the HMO, include PPO and EPO plans. Some insurance providers also may have their own exclusive networks, which have higher premiums than HMOs and EPOs but provide a wide selection of high-quality care providers with little to no geographical limitations.
Cheap health insurance often doesn’t cover more cost-intensive or specialist medical care. It also may not include mental health, alternative medicine, or preventative care. Be sure to look into the type of medical care the plan covers, and whether or not your chosen health care plan will provide you with treatment of any pre-existing conditions.