Choosing Between Low Cost Health Insurance Plans

Low cost health insurance can be tough to find. It is important to compare two or three plans and deciding between them can be difficult. There are several factors that make up a good insurance plan; here are a few things to help you decide between low cost health insurance.

Networks

With most low cost health plans, you will be given a network to visit when you need medical services. Depending on the size of the company, the network could be very comprehensive or extremely limited. In order to decide which plan is the best, look at the networks that they are offering you. You should be able to search the network for medical facilities and doctors in your area. This will enable you to see exactly what they are offering. 

When you look at the networks, you need to see a good number of facilities and doctors in your area. If the nearest doctor is five hours away from you, you should probably consider a different plan. You want a plan that offers service at local facilities with local doctors. If you cannot find that, it is best to keep looking. When a medical problem presents itself, you do not want to have to drive a great distance to get the service you need. Your health is not something that can be toyed with and you may need service immediately. If you have to pay out-of-network charges, you will rack up some huge medical bills very quickly. 

Deductible

One of the most important consideration of any health insurance plan is the deductible. Most of the time, when you get a low cost plan, you are going to have to pay a higher deductible. This is just part of the process and raising your deductible is the easiest way to lower your premiums. However, different companies offer different premiums for the same deductible. Therefore, setting your deductible at a level that you can still afford can help you a great deal.

Out-of-Pocket Maximums

Besides the deductible, the next thing you should worry about is the out-of-pocket maximums. The out-of-pocket maximum is the most that you can pay in a calendar year for your health care. This coincides with your coinsurance amount and can amount to quite a bit of money depending on the plan. You will want to make sure that the out-of-pocket maximum is set at a level that you could conceivably afford. While raising the maximum will lower your premiums by quite a bit, you don't want to set it at a level that is unrealistic. If something catastrophic were to happen to your health or the health of a family member, you do not want to go bankrupt because of it.

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