Low Cost Individual Health Insurance - How to Maximize Your Savings
If you are in need of low cost individual health insurance there are virtually unlimited options where you can acquire a new policy.
The key term here is "low cost".
Low cost doesn't always come with all of the benefits that you need and there are some areas that simply can't be neglected.
A couple of the things that you need to ask yourself are, "how much can I afford to pay each month?" And, "how much coverage do I actually need?" You see, most people are under the impression that all policies are the same and that you should only concern yourself with the cost of the plan.
However, that is far from the truth and it's very important that you know exactly what your policy covers before you buy it.
There are several individual pieces of coverage inside an insurance policy.
These are typically things like hospitalization coverage, ambulatory care, long term care, doctor fees, prescription drugs, and more.
Different policies may or may not contain some of these, but these are pretty standard.
What most people don't know is that each one of these coverages has its own limit.
Here's an example.
Let's say that you have a low cost individual health insurance plan that costs you around $50.
00 per month.
For that amount of money you might get $100,000 of hospital coverage, $50,000 for doctor fees, $400.
00 for prescription drugs, etc.
Do you see how this works? Please don't take those amounts given in the example as actual.
Those were all off the top of my head, but I wanted you to understand how it works.
Now that you understand how a policy is constructed you can now determine what costs have priority over others.
Many people look for low cost individual health insurance because they're on a budget and they're not certain if they can even afford coverage or not.
What many people do is increase things like their hospitalization protection, long term care and doctor fees, raise their annual deductible and then pay most of their everyday health care out of their own pocket.
Before you think I'm crazy I want you to think about this for a moment.
How many times do you actually visit the doctor each year? Once or twice is about normal, right? You get an annual check-up and see the doctor for an illness in the winter, right? Well, this is actually what most people do and by paying for most of it yourself you'll save hundreds per year on your premiums.
The key is to raise your deductible to between $2,500-$10,000 and then put away a few bucks each month "just in case".
This way you're protecting yourself in both the short term and long term.
The key term here is "low cost".
Low cost doesn't always come with all of the benefits that you need and there are some areas that simply can't be neglected.
A couple of the things that you need to ask yourself are, "how much can I afford to pay each month?" And, "how much coverage do I actually need?" You see, most people are under the impression that all policies are the same and that you should only concern yourself with the cost of the plan.
However, that is far from the truth and it's very important that you know exactly what your policy covers before you buy it.
There are several individual pieces of coverage inside an insurance policy.
These are typically things like hospitalization coverage, ambulatory care, long term care, doctor fees, prescription drugs, and more.
Different policies may or may not contain some of these, but these are pretty standard.
What most people don't know is that each one of these coverages has its own limit.
Here's an example.
Let's say that you have a low cost individual health insurance plan that costs you around $50.
00 per month.
For that amount of money you might get $100,000 of hospital coverage, $50,000 for doctor fees, $400.
00 for prescription drugs, etc.
Do you see how this works? Please don't take those amounts given in the example as actual.
Those were all off the top of my head, but I wanted you to understand how it works.
Now that you understand how a policy is constructed you can now determine what costs have priority over others.
Many people look for low cost individual health insurance because they're on a budget and they're not certain if they can even afford coverage or not.
What many people do is increase things like their hospitalization protection, long term care and doctor fees, raise their annual deductible and then pay most of their everyday health care out of their own pocket.
Before you think I'm crazy I want you to think about this for a moment.
How many times do you actually visit the doctor each year? Once or twice is about normal, right? You get an annual check-up and see the doctor for an illness in the winter, right? Well, this is actually what most people do and by paying for most of it yourself you'll save hundreds per year on your premiums.
The key is to raise your deductible to between $2,500-$10,000 and then put away a few bucks each month "just in case".
This way you're protecting yourself in both the short term and long term.
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