Buying Low Cost Health Insurance

There are many ways you can save on the cost of your health insurance but first you have to take into account the cover you want and if you are going to be taking individual cover or whether you are taking cover for the whole family.

The cost of health insurance can vary greatly depending on the amount of coverage you need, if you were take all the options available in private health insurance then the premium would be astronomical and something which very few people can afford to do. Fortunately however, you can get good coverage for a decent premium by shopping around and following these tips.

Always check the policy because it might include things which you don’t need, for instance if you are a single man and a policy includes costs for pregnancy then this obviously won’t be needed. While this might seem like common sense, it is surprising how many people don’t look into what is in the policy they are buying. So always look into the different packages that are available.

If you are considering the lowest cost health insurance then look into purchasing a policy that only covers major illnesses. Limited cover is one of the cheapest ways to buy private cover but take into account that minor illnesses and accidents will not be covered.

You can keep the cost of the premium down if you offer to pay a higher excess. All policies will require that you pay something towards the cost of treatment before the insurance will kick in, this can start from something as low as £100. You could offer to share a percentage of the cost which will also bring the premium down that you will have to pay.

While most people take out private insurance to beat the waiting lists that the NHS are noted for, it can help to bring your premium down if you choose to have a waiting period. For instance, you could choose a waiting period of 6 weeks and if during this time you can be seen on the NHS then all well and good, if not then you go privately.

Getting Health Insurance Quotes - The Basics

If you're getting your own individual health insurance plan, your quote will depend on many factors. You should know what to expect, and what questions to ask.

It's important to be honest when you're getting your quote. Lying won't get you anywhere! Tell them everything that might be important for them to know. Here are some things that will influence your health insurance quote.

Age

In general, the older you are, the more expensive you will be to ensure. If you are over 65, you can definitely expect your health insurance quotes to be higher.

Lifestyle

Smoking will definitely get you higher quotes! There's no doubt about that. If you have any substance abuse issues, that will affect your quote.

You'll be asked lots of other questions about your lifestyle, and it's important to answer them truthfully. Unhealthy habits raise your premiums.

They'll also want to know what prescription drugs you are using, and they may want to know some detailed information about what drugs you've used in the past.

One more thing: they'll ask you your weight. It's a touchy question, but it's their job to ask touchy questions. Obesity is such a huge factor in many illnesses; it's important for them to know.

Pre-existing Conditions

When you're getting your quote, they will always ask you about pre-existing conditions. What does this mean, exactly? From the insurance company's point of view, they want to know what chronic health conditions you have that they may be paying for treating.

For you, a pre-existing condition would mean something that you've sought treatment for in the last five years. Use your common sense. When describing treatment or your medical problems, give them all the details. Don't be vague about it. Every bit of information is important.

What they are mainly looking for is evidence of heart trouble, diabetes, cancer or other major illnesses. But, don't feel like a potential pre-existing condition is unimportant. Come clean and tell them about it.

Money Matters

Your quote should include detailed information about who pays when. This is all that small print you have to sift through. It's a pain, but it's important. You should know what to expect when you go to the doctor.

Each quote will give you a deductible. This is how much you pay when you go to the doctor. The premium is how much you pay the company each month to insure you. Higher premiums mean lower deductibles, and vice versa.

Another factor is "out-of-pocket" costs. This means how much of the remaining balance (after deductibles) you pay. Usually, you have a situation where you pay a small percentage and the insurance company gets the rest. Some plans pay everything, so you don't have any out-of-pocket costs.

In the old days, there were usually only one or two insurance providers in each town. This meant you had little choice; you had to go with whatever they quoted you. Now, this is not the case at all. You can get a quote in minutes over the internet. Now, consumers have the power to shop around. If you don't like the quote you get, keep shopping.

Question To Ask Before Buying Individual Health Insurance

Purchasing health insurance for yourself can be a trick task. The language of health insurance is beyond the norm of most people, so you need to keep some general questions in mind.

The minute you start filling out health insurance applications, you run the risk of missing the forest for the trees. The information requested can soon lead to a bit of brain lock. This, of course, can lead to the purchase of a policy that doesn’t really fit the bill of what you need. Before buying individual health insurance, make sure to keep the following questions in mind.

First and foremost, ask yourself how much benefit you are actually getting. In practical terms, this means you need to figure out how much of the medical bill the policy will cover. You should expect to pay some amount of the bill, known as a co-pay, but make sure you know how much and are comfortable with it.

The second question to ask is whether the plan covers both required and preventative care. Nearly every health insurance policy will cover bills related to care you have to get if you suddenly become ill. The same cannot be said for care that helps keep you from getting sick. Find out if your policy covers regular checkups and such.

If you see a doctor for an illness, there is a very good chance he or she will prescribe you some medication. Prescription drugs are not cheap. You need to determine how the policy handles charges for such drugs. This is particularly critical if you are diagnosed with something that requires medication be taken for a long period of time.

Another are to check with the policy is the cap on coverage. Many policies will contain a clause stating the total payments they will make for the covered period is capped at some amount. Obviously, this can be a concern if you get into a situation where medical bills are huge. Assume, for instance, you are in a major automobile accident and hospitalized for six months. Your insurance might cap out and leave you with massive bills.

Make no mistake, you need health insurance. The risk of racking up massive medical bills is a big one. Just make sure you understand what your policy covers and what it does not.

Basic Health Insurance Issues

You should always have health insurance if at all possible. That being said, there are some basic issues you consider and understand before buying it.

Perhaps the most common question I hear is, “what is the best plan for me?” The simple fact is there is no best plan for every situation. The best choice for you is dependent upon your health, family situation, income and so on. It is also important to understand that plans differ in how much you pay in premiums and how easy it is to get the services you need. No plan is going to pay for your entire medical care, but some will definitely pay more of the cost than others. The basic approach requires you to pay a premium for coverage, a deductible and co-payments on each visit to a medical professional.

The most common health care plan is through an HMO. The term refers to a Health Maintenance Organization. As a member of the HMO, you select a primary physician from an approved list of medical care providers. You then visit that person for all of your medical needs. If you need something beyond this person, they will make referrals to the specific specialist. If you go to another doctor first or outside of the approved list of care providers, you may be stuck paying the entire bill. The one exception to this is emergency care, which the HMO will cover.

A PPO is a step up from an HMO is service and cost. The term refers to a Preferred Provider Organization. The primary difference is you can go to a specialist without getting a referral from a primary doctor. Depending on the plan, you can also get some coverage for care from a doctor outside the approved list of medical providers. With this flexibility, of course, comes a higher cost and deductible.

A fairly new health care solution on the market is the medical IRA. Known more formally as a Health Savings Account, this is a savings account with a tax advantage. The idea is you save money each year in an account to pay for your real health care costs. The money is contributed pre-tax, which is nice. You then use the money as need. You also acquire a “catastrophic” insurance policy to cover any situation where you incur massive medical bills such as during an extended hospital stay.

Obviously, this is a basic introduction to health care cover issues. There are kinds of hybrid plans out there and different ways of approach the issue. That being said, the above represents the nuts and bolts of health coverage and the most commonly used strategies.