Low-cost health insurance

Today, low-cost health insurance and health care costs are high, and getting higher. Who will pay your bills if you have a serious accident or a major illness? You buy low-cost health insurance for the same reason you buy other kinds of insurance, to protect yourself financially. With health insurance, you protect yourself and your family in case you need medical care that could be very expensive. You can't predict what your medical bills will be. In a good year, your costs may be low. But if you become ill, your bills could be very high. If you have low-cost health insurance, many of your costs are covered by a third-party payer, not by you. A third-party payer can be an insurance company or, in some cases, it can be your employer.

Low-cost health insurance information

There are many different types of low-cost health insurance. Each has pros and cons. There is no one "best" health insurance. The plans right for a single person may not be best for a family with small children. And a low-cost health insurance that works for one family may not be right for another. For example, if your family includes just two adults, it may be less expensive for each of you to have individual coverage than for just one of you to have a low-cost health insurance. If you have children, or if you might have children soon, you need a family plan. Because your situation may change, review your health insurance regularly to make sure you have the protection you need.

Low-cost health insurance

Most fee-for-service plans have a "cap," the most you will have to pay for medical bills in any one year. You reach the cap when your out-of-pocket expenses (for your deductible and your coinsurance) total a certain amount. It may be as low as $1,000 or as high as $5,000. Then the insurance company pays the full amount in excess of the cap for the items your policy says it will cover. The cap does not include what you pay for your monthly premium.