Almost every day someone will ask me “what is the cheapest health insurance plan?” The answer to that question is easy. It is one of the $10,000 deductible policies. This is rarely what they want. If someone is looking for cheap health insurance, I can easily point out the medical policy with the lowest cost; however it may not be the most cost effective plan.
The most expensive policy is probably not going to be the most cost effective either. Determining which plan will really cost you the least in the long run takes a little work and thought.
Medical Insurance and Your Deductible
The “real world cost” of your health insurance policy is the cost of your monthly premiums, plus the cost of your medical expenses that your insurance policy doesn’t pay for. This includes the cost of your deductible, your co-pays and other cost shares like coinsurance.
The real cost of your health insurance, is like the real cost of your car. If you buy a car at a very low price, but that car requires a lot of repairs and guzzles gasoline, it may not be a bargain. However often a car, or an insurance plan can have a price low enough to make up for the extra added costs.
With a car, you can probably predict how you are going to use it. You can probably estimate how many miles you are going to drive next year with reasonable accuracy. With medical insurance, it is a little tougher. A heart attack or a car accident is not on my schedule, but I can’t guarantee that it is not in my future.
Since it is not possible to predict how much your medical bills are going to be each year, we’ve put together three scenarios and estimated the cost of 35 different policies based on those scenarios. Our website will instantly generate a report that will (based on estimates) answer the following questions.
What will my health plan premiums plus co-pays, coinsurance, deductibles, etc really cost if I have:
- preventive medical costs only?
- moderate expenses?
- catastrophic medical expenses?
Usually plans with moderate deductibles or higher deductibles have the lower “real world costs.” To determine which plans are best, you will need to study each policy and add up all the uncovered costs or you can let us do the heavy lifting for you.
Finding the Cheapest Medical Insurance Plan for Your Family
To get your report of premiums and the “real world costs, ” simply request instant health insurance quotes from us. In just a few seconds you will be looking at a personalized report of 35 different policies, their costs, and the amount you would have to pay in each of the three scenarios listed above. You may be surprised to learn how much various policies will really cost in the various scenarios.