Is Cheap Medical Insurance a Myth? - The Holy Grail of Benefits and Price
Ask one hundred experts if cheap medical insurance exists and you'll probably get one of two answers.
Either cheap medical insurance is a) a complete myth, or b) its benefits must be inadequate.
It's unfortunate, but you'll rarely hear "Absolutely.
For a few hundred dollars per month, XYZ Company will pay all your necessary medical bills, regardless of how many millions of dollars they may have to pay.
" The truth is price is almost always relative, regardless of the industry or product in question.
Buyers must understand the product before concluding whether something is expensive or cheap.
As an example, one could argue that Lottery Tickets are expensive.
At $1.
00, they offer virtually no realistic chance of winning the big prize.
Yet millions of people ritualistically buy Lotto each week.
Don't they know the odds are against them? Why do they buy? Is it desperation? Are they doing it because their parents did? Is it the allure of becoming a millionaire without an inheritance, hard work or substantial investment? Regardless of the reason, most buyers agree the reward outweighs the risk.
$1.
00 gives them a small chance of winning millions.
Which brings us to the holy grail of insurance: cheap medical insurance.
Let's define what it is first to gain some perspective.
Cheap medical insurance provides substantial health insurance benefits for a relatively low cost; the key word being "relatively.
" In essence, no one can determine if it's cheap until they first understand two critical components:
They simply cannot comprehend the value of something intangible.
This article is not for those people.
However, for those who require the financial protection Medical Insurance can provide, here are some solutions for finding it cheap:
With the right health insurance professional's guidance, medical insurance buyers can obtain maximum benefits at a minimal price.
Either cheap medical insurance is a) a complete myth, or b) its benefits must be inadequate.
It's unfortunate, but you'll rarely hear "Absolutely.
For a few hundred dollars per month, XYZ Company will pay all your necessary medical bills, regardless of how many millions of dollars they may have to pay.
" The truth is price is almost always relative, regardless of the industry or product in question.
Buyers must understand the product before concluding whether something is expensive or cheap.
As an example, one could argue that Lottery Tickets are expensive.
At $1.
00, they offer virtually no realistic chance of winning the big prize.
Yet millions of people ritualistically buy Lotto each week.
Don't they know the odds are against them? Why do they buy? Is it desperation? Are they doing it because their parents did? Is it the allure of becoming a millionaire without an inheritance, hard work or substantial investment? Regardless of the reason, most buyers agree the reward outweighs the risk.
$1.
00 gives them a small chance of winning millions.
Which brings us to the holy grail of insurance: cheap medical insurance.
Let's define what it is first to gain some perspective.
Cheap medical insurance provides substantial health insurance benefits for a relatively low cost; the key word being "relatively.
" In essence, no one can determine if it's cheap until they first understand two critical components:
- What is being purchased? $100 may be cheap for a diamond, but it's awfully expensive for a sheet of paper.
In the complex world of health insurance, this can be very difficult for anyone not around health insurance on a day to day basis.
Consult with a professional and do your research on each plan being considered. - What is the buyer's financial status? If one makes $2,000 per month, $500 per month is expensive regardless of what it buys.
Expenses and overhead also play a role.
$2,000 goes a lot further for someone single versus a family in the same city.
They simply cannot comprehend the value of something intangible.
This article is not for those people.
However, for those who require the financial protection Medical Insurance can provide, here are some solutions for finding it cheap:
- Speak with multiple agents to get a variety of perspectives
- Raise the deductible, lower your premiums and save the difference
- Use ancillary products like Critical Illness and Accident Insurance to help offset a high deductible.
- Shop your health insurance regularly.
Don't be afraid to switch companies.
As long as you can see the doctors you like, does it really matter who's paying them? - Look at plans that have the potential for a high payout.
(i.
e.
Major Medical plans are on the hook for millions of dollars.
) - Be cautious of plans that have annual maximums that are close to what you will pay over a years time.
(i.
e.
a plan costs $200 per month or $2400 for the year, but will pay a maximum of $3,000 in benefits for the year)
With the right health insurance professional's guidance, medical insurance buyers can obtain maximum benefits at a minimal price.
