Cheap Medical Insurance Doesn't Necessarily Mean Inferior Coverage

The common perception is "yeah, I can get cheap medical insurance, but it's going to have a huge deductible and terrible coverage by some little unknown company" Not necessarily according to recent article in the USA today. While it is true that indeed cheaper coverage usually requires a high deductible, it is no longer true that the big insurance companies are not offering such medical insurance. The article in the Money section stated "Several of the nation's largest health insurers are gambling that more Americans soon will find themselves shopping for their own health insurance, or saving money in special accounts to cover medical costs." Two giants of the industry Aetna and United Healthcare have recently entered the individual insurance market, and now consumers can find them part of the equation when shopping for cheap medical insurance. Along with Humana who had already been successfully offering individual policies all of these companies and others are trying to capitalize on expected growth in the individual market, and the renewed interest in health savings accounts that seems to go along with it. A recent survey found that more than 16 million U.S. residents buy their own policies, or nearly 7% of the insured population.

So where do I go to find quality cheap medical insurance? Industry experts seem to agree that the Internet is your best source. It is easier then ever to compare plans on the WEB, with many websites offering instant rate quotes and comparison tools. Ron Pollack, executive director of Families USA, a healthcare advocacy group says that like shopping for anything, doing your homework and being an educated consumer is your best asset when looking for individual medical insurance. Pollack says there are a few things to keep in mind before you purchase any medical coverage cheap or otherwise - read the policy carefully and decide what type of plan fits your needs. Do you want insurance that will pay for routine medical and dental expenses, or one that will primarily cover a major accident or illness? If you are relatively healthy and can cover routine medical expenses out of pocket a higher deductible is still the surest way to drive down the cost of your premium. It is possible for example for a 24-year-old non-smoking female to find coverage for as little as 50.00 a month, certainly cheap medical insurance, but that would be with a 5000.00 deductible. It is really a matter of seriously evaluating your own realistic needs. Before you purchase any cheap health insurance it is also recommended that you make sure the insurer is financially sound. Look for a company that has received a top grade from A.M. Best, (http://www.ambest.com/) which rates insurance companies' financial strength. And of course you should also contact your state insurance division to make sure the company is licensed to operate in your state.

And finally while not necessarily a source of cheap medical coverage even those who have been turned down by insurance companies because of a disease or other medical condition may qualify for state "high-risk" medical coverage. There are some 30 states which now offer such coverage for certain individuals. To qualify for a state high-risk plan, you usually have to be a resident of that state and prove that you've been rejected by a private insurer. You can find out more about state high risk plans and if they are available in your area at www.cobrahealth.com.