Thursday, October 23, 2008

Cheap Medical Insurance

In fact, fully 16% of all Americans today cannot afford any health care at all. Unfortunately it is getting harder and harder to find medical insurance that is affordable. It 's hard to imagine anyone who would not be interested in finding cheap medical insurance.

Many are now offering their members low-cost group health. If your place of employment doesn't have group health insurance then try asking around at any organizations, groups or associations that you belong to. Obviously group health care is going to be less expensive than individual health care.
Increasing your co-payment can lower the amount you pay every month. Obviously this is not as good of an option for people who see their doctor on a regular basis, but if you can afford to increase your co-pay to 50% then you will save money month after month.

Increasing your deductible will also reduce your monthly premium. Again, you have to weigh the cost and the benefits to know if paying more for your own health care each year before your insurance kicks in makes economic sense for you.

Don't smoke. You know as well as anyone that you are not going to get the best rate on your health insurance if you smoke or if you use chew or any other tobacco product. If you're serious about saving money on your health insurance then you're going to have to get serious about quitting the use of all tobacco products.

Your weight is also an issue when it comes to how much you pay for your health insurance. Part of your monthly premium is based on your Body Mass Index, or BMI. If you can shed even a few pounds then it is possible that you could slip down a rung on the insurance company 's BMI chart. If that happens you could save quite a bit each and every year on your health insurance. It 's certainly worth a try.

Getting exercise and eating better can also reduce how much you pay for your health insurance and how much you pay for your medical costs overall. Cut way back on the fast foods - and stop eating fried foods at all.

Exercise doesn't mean buying some fancy and expensive machine. Just walk. Or ride a bike to do your errands a few times each week. Did you know that there are groups you can join who walk the malls in the mornings? Exercise can be fun.

If all else fails how about setting up a Health Savings Account, or HSA? An HSA is a tax-free savings account that you can only use to pay for your medical needs. As part of your account you will purchase a low-cost super-high-deductible health insurance policy.

This policy will have a deductible of at least $1,200 for an individual or $2,200 for a family. These policies pay nothing toward your health costs in a normal year - you pay for all of your own health needs out of your tax-free savings account.

What these low-cost super-high-deductible policies do is they protect your home and other valuable assets in the event that you suffer a catastrophic illness or accident which results in medical bills in the tens or hundreds of thousands of dollars.

Talk with your banker, or your employer or an insurance agent for details on how you can set up an HSA account.

The trick is to not rely on the results from just one website as each website only compares prices from a small number of companies. You will find no end to the number of websites that will let you compare the prices of health insurance policies from one company to another. If you purchase a tradition health policy you will save money if you purchase it online.

In this way you will see the prices from a lot more companies and you will have a better chance of finding the rock-bottom price for your health insurance needs. Instead, make price comparisons on at least 3 different websites.


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