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Compare Health Plans

Published Tuesday, September 2, 2008 by bloggerblognet26206 | E-mail this post

There are so many health insurance plans out there when it comes to buying your own health insurance. How do you know which one is right for you? Each one offers a different combination of deductibles, copays, premiums, coinsurance, out-of-pocket maximums, prescription drug coverage amounts, maternity coverage options, exclusions and waiting periods.

Life would be so much simpler if there was an affordable, one-size-fits-all medical coverage option for everyone. However, until universal healthcare becomes a reality, we really have no choice but to compare health plans and pick the best one that suits our budget and our needs.

Health insurance is a necessary evil. Unless you are one of those people who rarely ever require medical care, or unless you have never had to and never plan to raise a family, in which case a low-premium high-deductible solution would be best for you, you would need to spend a good amount of time to research and to compare health plans.

Otherwise, no matter which health insurance option you go with, if you and your family need to make frequent visits to the doctor or are taking prescription drugs, then you will end up paying a hefty amount of money for your medical costs. The only difference among health insurance plans in terms of overall financial outlay is who gets your money: the insurance companies or your medical provider.

If you have a low monthly premium, you may erroneously believe that you are saving money. However, that is not necessarily true. Plans with low monthly premiums tend to have higher deductibles. Therefore, you would end up paying more money out of your pocket. Plus, when you have a higher deductible, your medical costs become more variable, and you will need to ensure that you have money saved up and set aside for paying your deductibles as the bills for them come due.

If you have a higher monthly premium, you are paying more money up front to the health insurance company, but then you will have a lower deductible, and therefore, your monthly medical expenditures will be more predictable and easier to budget.

Compare multiple health plans and get a free health insurance quote instantly.

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