Finding Affordable Health Insurance
With an estimated 40 million Americans without health insurance, largely due to the high cost, the question of finding affordable health insurance seems almost rhetorical. The rising cost of health care in the United States has forced businesses that offer group health insurance to their employees to cut back on benefits and push more of the shared premium cost onto the employee. An overwhelming majority of Americans used to get their health insurance through their employer's group health plan, but that percentage is at its lowest point in more than a decade according to the National Coalition on Health Care. With the onus of finding and paying for health insurance shifting more to the individual and family, knowing how to find affordable health insurance is a valuable skill.
Understand Your Options
The Internet has revolutionized the way Americans shop for anything these days and its affect on health insurance is no different. Gone are the days of relying on local insurance agents with offices nearby or calling toll free numbers at large health insurance companies to go through a medical questionnaire interview. The Internet has added a layer of transparency and competition to the market for health insurance, which is a good thing for the consumer—you just have to know where to look and how to use the information that you find.
Before you go online to search for quotes, consider what type of coverage best meets your needs. This will help you look for the right health insurance product, such as individual and family health insurance or short-term health insurance. Most likely you are going to be searching for an individual or family plan which have different underwriting guidelines than a short-term or group health plan. However, if you are in-between jobs or moving to a new state, you can probably find a short-term health insurance plan that fits your needs. A relatively new option is an association health plan or affinity plan. This type of insurance coverage may be available if you are a member of a professional organization whose members are typically self-employed or work for companies that do not offer health insurance. Association plans are not group health plans and, as such, don't carry the benefits such as guaranteed coverage or the availability of COBRA coverage in the future, but they do offer some advantages over health plans offered to the general public. If you are part of a professional organization that does not have an association plan, you should consider working with the association members to put one together.
You should also have a general idea of what kind of coverage you are looking for including the type of plan (HMO, PPO, HSA accounts) and the types of benefits you want such as hospital coverage, maternity benefits, and out-patient care. Each of these options adds to the total cost of the plan and if you are on a budget, you'll have to make some tough decisions on where to draw the line. Don't make the mistake of going with the cheapest plan you find without fully understanding the benefit levels and limitations and exclusions of the policy. There are policies out there that cap coverage at $1,000 or exclude the types of expensive care that often leave people buried in medical bills. The Internet offers a wealth of health insurance resources, so educate yourself before taking the next step.
Get Quotes Online
The next step is to get health insurance quotes online. There are numerous resources available to consumers. Some sites offer multiple quotes but they are the underwriters of all policies sold through the site. This may limit your options because no matter policy you choose, the premiums are all going to the same place. Other sites help connect you with agents in your state that specialize in the type of health insurance you are looking for. This allows you to get quotes from multiple agents who have to compete for your business.
Once you get your quotes, compare them side-by-side and make sure that you are essentially comparing the same policy. Look at deductibles, covered benefits, and limitations and exclusions among other things. If you did your research before you got your quotes, you should be comparing very similar policies, although sometimes not enough information is collected in the quote request process, so you may have to go back to an agent and have them adjust the quote. If you are not comfortable with your quotes or they are confusing, take them to a local agent because you now have the bargaining power of options and a local agent may be able help you make sense of your quotes and offer you something better. Like many people who comparison shop, your final purchase doesn't have to be made on the Internet.