Have you thought about what just a couple of days in the hospital could do to your bank balance? Medical costs are extremely expensive, and if you don’t have health insurance then be prepared to be faced with a massive bill should the worst ever happen.
With a little bit of research and some prior planning, you can get affordable health insurance that doesn’t break the bank with huge monthly payments.
Here are 4 tips to consider when buying health insurance:
Check with your employer
One of the best ways to get cheap health insurance is to check with your employer to see what plans they have to offer.
This is usually less expensive than if you were to seek out health insurance by yourself, and you also have the added benefit of not having to fill out as many forms and applications.
Find a broker
Another way to find inexpensive health insurance is to make good use of a broker. There are many insurance brokers currently operating online, who have good connections with the leading providers of health insurance.
Normally, all you have to do is fill out one application form, and then the broker will take this information to pass on to the companies. In a short while, you will have multiple quotes to compare, which means you can choose the best option to suit your pocket.
Before signing up with any health insurance plan, it’s a good idea to check and see what prescription drugs are included in the coverage.
For example, if there is a particular medication that you take on a regular basis which is not covered by the plan, then you will be stuck paying the highest price.
Also, make sure you read the terms and conditions fully, as there is usually limits on the amount of prescriptions you can have during a specific time period.
One important aspect of any health insurance plan is to make sure it comes with a guaranteed renewal clause. This means that your current coverage can be renewed for as long as you want, and you can avoid any nasty surprises further down the road.
For example, one tactic some insurance companies use, is to drop your policy once you become sick. If you have guaranteed renewal, then this can be avoided.
Roy Jones is well known in the financial community, as he has written extensively about topics such as loans and insurance.