Finding Cheap Medical Insurance – Is It Even Worth The Money?

Written By: Helena Bailey on April 30, 2010 No Comment

Everyone knows that medical insurance premiums have gone through the roof over recent years. Some states are more expensive than others due to the mix of demographics which usually includes an overwhelming percentage of senior citizens, Medicaid recipients, and poverty stricken families who rely on free medical care at local clinics and emergency rooms. Since paying customers need to pick up the tab for these others, is there any way we can find cheap medical insurance?

Even though the government is trying to find ways to reduce healthcare costs, anything they finally agree on won’t be put into action for five years or so. And even when that happens, no one can guarantee us what it will cost.

Consumers know you get what you pay for. Period. No matter what you buy, there’s a value for your dollar. And cheap is rarely the best value for your money. Even a child knows that a cheap toy breaks right away. As consumers, it is up to us to make certain we know what we get for our hard earned money.

Sure, we can find and buy “cheap” medical insurance. But this cheap insurance is cheap for a few reasons – you get virtually nothing in return for your premium. Your deductibles will be very high, what the plan covers will be drastically reduced, and even something as simple as using an emergency room will require prior authorization – ludicrous.

One of the first drawbacks to this type of cheap insurance is that there aren’t many doctors who will take what the company wants to pay. Any doctor who is willing to accept these very low unrealistic payments should be held as suspect. Why would a good doctor willingly work with a company who pays him less than all the other insurance companies?

If you do get involved with one of these plans, do some research on the doctors before committing to anything. This is public information available on each state’s licensing website. Type in the doctor’s name and you can find out his education and any complaints about him.

Another way they keep their prices down is by insuring you for an extended period of time before paying any of your claims. In other words, the lower your premium, the longer you might need to wait to use the insurance, and sometimes this could be nine months or more.

These companies tend not to pay your doctor directly, either. This really isn’t a benefit to the insurance company, it’s a benefit for the doctor. The doctors are aware that these companies have limited funds, and the only way they can be assured of getting paid is by you! Once you pay for your doctor’s visit you now must submit a claim to the insurance company and wait, sometimes months, before you get reimbursed. And of course there’s always the chance the insurance company will refuse to pay for tests, or even the visit itself. Remember: the less they need to pay, the more money they make. That’s their business – to make money… Not pay for your medical care.

A cost-friendly option, it is proof that buying in bulk can get you discounts. Good Health Insurance Policy Usually the pay is too low for your employee to afford their own health care. There are a variety of insurers who offer tailor-made policies.