Budget medical insurance plans can save money, while still providing quality benefits for you and your family. We’ll help you find affordable policies that cover all of your needs at the best available prices. You can easily apply for coverage online and stay within your financial spending plan.
We know the federal government is not very good at maintaining a balanced budget that keeps the bills paid on time. However, it’s easier to stay within your healthcare spending guidelines for your household. We’ll show you the best ways to save money, including possibly qualifying for large federal subsidies (through upcoming State Health Exchanges) that can make a dramatic effect on how much you pay.
Coverage is offered from top US health insurance companies such as Blue Cross, Blue Cross Blue Shield, Aetna, Humana, UnitedHealthOne (formerly UnitedHealthCare), Assurant, Celtic and Cigna who offer affordable plans to individuals, families and the self employed. Often, premiums are 20%-40% lower than typical policies because of some of the reduced benefits.
These inexpensive policies still include rich benefits and major medical coverages to protect against the catastrophic loss. In some states, Celtic and Assurant feature high deductible HSA options worth considering.
Many states have “Regional” carriers that are based locally and often offer lower deductibles than the larger companies and very attractive rates. They are able to negotiate terrific pricing with local health care providers and pass the savings to the consumer. Geisinger Health Plan in Central Pennsylvania and Summacare in Northern Ohio are two examples. Although they do not have large Networks, they are very reliable companies.
And with the creation of Exchanges 2014, we’ll make it easy for you to understand your options. Open Enrollments will begin in October, and with the inclusion of tax-credit subsidies, an experienced broker is needed more than ever. It also may be possible to keep your existing plan if it is “grandfathered.” Otherwise, applicants can not be denied for medical reasons.
Since premiums are regulated by the state, we are able to offer the lowest available prices from the carriers. But low cost plans often contain slightly different coverages than more comprehensive options, so we feel it is important to fully explain and review any differences, to insure you are applying for the most appropriate policy. If a policy costs less, in most cases, there is a reason.
Whether it happens to be low premiums for a particular area, or a benefit that is limited, it is important to know the specifics. And often, policies change and are sometimes discontinued. We’ll do or best to keep you informed whenever this occurs. We expect there to be more changes in 2014 and 2015 than ever before.
Popular Low Cost Options
Some of the most popular low cost medical insurance policies are UnitedHealthOne’s “Saver 80” and “Copay Saver,” Aetna’s “PPO 5000” and “Preventive & Hospital Care,” Humana’s “Monogram” and the Blue Cross “High Deductible” plans. And of course, there are many other inexpensive options with other insurers. If you are self employed, uninsured, an individual or a family, we’ll help identify the plans in your state that provide the most coverage at an reasonable rate.
You need quality coverage but you don’t have to pay for items you don’t need. For young adults, additional information is on this page. After 2014, many children under age 19 will be able to purchase single plans. Since 2002, they were eliminated by most of the large carriers because of changes in the law.
Cheap medical insurance plans often include higher deductibles on the larger claims to reduce the premium. As an example, by increasing the deductible from $1,000 to $5,000, rates can reduce by as much as $4,000- $5,000 per year for families and $2,000 per year for an individual. For healthy individuals and families that don’t have many major claims, we highly recommend considering this option. Unless you submit many claims, your savings will be substantial. And if you have no major health issues, generally you can change deductibles on your policy anniversary date. In some states, deductibles as high as $25,000 are available.
Another common feature is limiting the number of covered office visits. Many “Saver” and “Value” policies provide benefits for only two or three symptomatic physician visits. However, typically, these types of policies often cost hundreds of dollars less per month than conventional family plans. If you do not have many office visits per year, it may be advisable to consider this type of health care coverage.
Also, most limited office visit policies do include preventive coverage, which makes them an attractive option. However, some of these low cost plans have limited “brand name” RX coverage. This could pose a serious risk if you develop a serious illness or disease.
Low cost children’s health insurance is also available. However, since the cost savings is not significant, a comprehensive policy for children is recommended. In most states, prices are quite affordable and most coverages, such as office visits, prescriptions and preventive benefits, are not subject to a deductible. Please keep in mind that most medical insurers do not offer “child only” plans. Typically, the child must be included on the parent’s plan to be offered coverage. However, you can purchase “short term” plans that cover only toddler. As previously discussed, in 2014, this will not be an issue.
Catastrophic plans are the least costly type of health care and are also the most popular low cost contract. Premiums are bargain-basement low low since these types of plans typically do not cover office visits or prescriptions. Major expenses such as hospital stays, emergency room charges, inpatient and outpatient surgeries and other associated costs are generally covered. And once you have satisfied the deductible and any coinsurance, usually your qualified expenses are covered at 100%, although 80% and 70% options are also available.
Other inpatient benefits often include room and board, intensive care unit, operating room, recovery room and professional expenses of doctors, surgeons and nurses. We highly recommend catastrophic medical plans when office visits and prescriptions are not a priority and are rarely used. The cost savings can be significant, especially over a 5-10 year period. Most carriers have this type of plan in their portfolio.
Temporary health insurance (short term coverage) is designed to provide medical coverage…usually for 1-12 months. Premiums are extremely low and the application process is simple. Normally, there are less than 10 medical questions and policies can be approved in 24-48 hours. Depending on the plan, short term policies can offer limited office visit and prescription coverages along with catastrophic benefits. Most carriers allow you to renew the policy one time although you must medically re-qualify if you want benefits to extend beyond six months.
Typically, short term medical coverage is designed for healthy individuals and families that do not have any major pre-existing conditions. Temporary coverage is often ideal if you are a newly-hired employee, a recent graduate, unemployed, between jobs and temporarily out of work or waiting for approval for standard health insurance benefits. Generally, a deductible applies to each claim. Once the deductible is met, 50%-80% of the remaining expenses are paid, although your out-of-pocket expenses are normally capped. We consider all of the short term plans offered by most major health insurers. We feel it is important to carefully evaluate your specific situation before we make a recommendation.
You can view your free quote at the top of this page. The process is quick and it won’t take long to compare the best bargain plans in your area. Of course, there is never any obligation. After entering your zip code, you can compare plan rates and details.