Redundancy, a cut in pay and the general state of the economy are all factors that are pushing us to find ways and means of saving money and reducing our monthly outgoings. Sadly with this in mind there has been an increase in the amount of people who are cutting out medical insurance. However tempting this may be, it is important to remember that medical insurance is vital. At times it may feel as though you are paying for something you are not using and you may feel there is no point in continuing with your payments, especially if you have a good record of health but what if you were to become involved in an accident?
I agree that when it comes to your health it is important to find affordable medical insurance coverage, with this in mind there are certain things that you should do to save money when you are deciding on the policy that you wish to take out. However not taking a policy out at all is not an option. If you were involved in an accident and you needed treatment, how would you pay for it? Even minor injuries from an accident could cause a massive dent in your monthly income, so with this in mind, imagine how much you would end up paying out for on going treatment for an illness or life saving surgery after an accident.
There is a common saying that states you can’t put a price on life, however true this may be, a medical insurance policy is a pretty good place to start. Many of us rely on this medical coverage to come from our employers group medical insurance plan, however with increased job losses and a strain on the economy we can no longer rely on our employment to cover our medical bills, which it why you should be looking at affordable medical plans that you can take out yourself.
There are a lot of policies open to you such as preferred provider organizations (PPOs), health maintenance organizations (HMOs), point-of-service (POS) plans and fee-for-service plans. All of these can generally be broken down to either be classed as indemnity plans or managed care. Indemnity includes fee-for-service plans and managed care revolves around health maintenance organizations.
Indemnity policies tend to give you more freedom as you only pay for the health care you receive, however this does mean that you will pay more out of pocket for the health care you receive. With indemnity policies however you get to choose your doctor and hospital, however you aren’t covered for aspects such as flu shots or birth control.
It is important to remember the policy you opt for shouldn’t just revolve around how much you are paying a month. You could find the cheapest policy possible but this doesn’t necessarily mean it is the most affordable. The most affordable policy is the one that gives you everything you need to be covered for at a price you can truly afford. It is vital that your chosen medical insurance policy covers you for the right amount of possibilities; otherwise you could be paying your monthly premium only to find out that you have to pay more if something happens to you that isn’t covered by your insurance.
It is only when you consider aspects such as this when you are taking out your medical insurance that you will truly get the cheapest policy that is open to you. So whether you are hoping for an indemnity plans or managed care, check what you are paying for before you commit to anything in order to get the best care possible for the price you are paying.
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