Beware Of Low Priced Cheap Health Insurance
Today many people are having to cut their budgets and highly scrutinizing all their expenses to find ways to save money. Unfortunately, often times in these situations people look to go for cheap health insurance. But the reality is a cheap health plan will end up costing you more in the long run than you will save in the short term. The sole purpose for having health insurance is to protect you from financial ruin if you were to develop a severe medical problem. What many don't understand is that many of these cheap plans will not cover certain conditions or may have daily or annual limits an certain benefits which in turn will leave you stuck with owing the majority of the bill anyway.
Obviously the price of monthly premiums should be a factor that you consider when evaluating your insurance plan. However, it should not be the primary factor in your decision. First and foremost, you want to make sure that the health plan you are buying is a major medical policy that covers all facets of your health care needs. In fact, many low priced policies are limited benefit plans that may only contribute a small amount of money towards your care or may not cover certain critical conditions. For example, a limited plan may not cover a hospital stay or you may have to pay full price for your prescription medication.
You want to also check the limits on your health insurance plans. In addition to finding out if there is a deductible that must be paid before the insurance kicks in, you'll need to know if and when the plan maxes out. For example, some cheap health plans set annual or daily limits on surgeries, hospital stays, and other medical care needs. With the catastrophic diseases that are prevalent in this country, such as cancer, you do not want health insurance that has an annual max less than the lifetime max. The lifetime maximum should be at least $3 million dollars. This is the maximum amount the insurance will pay for your entire life.
While it may be tempting to buy a cheap insurance plan when you are strapped for cash, you are much better off looking at other places in your budget where you can trim down. If you find a plan that seems to good to be true because of a low rate and what "appear" to be good coverage, just make sure that you get ahold of the actual policy and thoroughly scour it to find out what is actually covered. Cheap insurance is not always the best insurance. Work with a qualified health insurance agent to find a plan that gives you the best coverage at the premiums you can afford.
by: Kent KingsleyAbout the Author:Kent Kingsley is an independent health insurance agent in Charlotte and specializes in North Carolina individual health insurance. If you are looking for individual and family coverage please visit this North Carolina health insurance site for more information.