Low Cost Medical Insurance - Health Insurance Options for People on a Tight Budget
Medical care becomes increasingly expensive every year. This means if you do not have adequate medical insurance, you face the risk of having to shell out the money if you are ever faced with a major medical emergency or a serious illness. Most people would rather delay or avoid getting health insurance rather than get an insurance plan that they cannot afford. Yet, not being insured may pose a greater risk to your finances in the long run. Your best option then is to look for a low cost medical insurance plan which can give you the most benefit at a price that you can afford. Nowadays, there are several options available for people who need medical insurance yet cannot afford the high cost of premiums. One of these options for low cost medical insurance is a catastrophic health insurance plan which charges lower premiums but have higher deductibles. A deductible is the amount you have to pay before you can claim against your insurance policy. This kind of medical insurance works well with people who are generally healthy and who do not need to visit the doctor frequently. However, if you need to regularly go for medical consultations because of a chronic illness, this plan is not the best plan for you. You would have to pay for all your doctor's visits because the cost of these visits is usually less than the deductibles. You can however, save on major medical expenses like hospitalization and surgery. If you have a plan with a high deductible, you can have a portion of your monthly pay check deposited directly to a health savings account (HSA). This is a special savings account that you can use only for health care expenses. You will save some money when you use your HSA to pay for your medical expenses, because your HSA is not subject to federal tax. It can also be withdrawn for any reason, without any penalty, when you reach the age of 65.
An HSA which is used together with a high deductible may be a good choice for a low cost medical insurance, but it may not work for everyone. A high deductible has lower premiums, but if you are required to visit your doctor or take laboratory tests frequently, you may be better off using a traditional health insurance plan instead. To get low cost medical insurance, you can health insurance online quote and do some online comparisons of the different health care plans being offered by various insurance companies. By visiting a website which has the information of several insurance providers, you can find the best coverage at the most affordable price.
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