Things To Keep In Mind When Reviewing A Low Cost Health Insurance Quote

The process of shopping for and ultimately buying health insurance should always involve looking over multiple quotes.  When reviewing what appears to be a low cost health insurance quote, there are several things to keep in mind.

First, check to make sure that you are not agreeing to a higher deductible than you can afford.  Generally it is advisable to opt for a higher deductible in order to reduce your health insurance premiums.  However, be sure you can potentially pay the full deductible (individual or family) in the event of a serious injury or illness.

Second, look for any exclusionary medical waivers .  For example, if your family is still growing, you would not want to be without maternity benefits.  Unfortunately, for some individual policies, maternity benefits may not be offered or may be exorbitantly priced.  This is why it is advisable to receive multiple quotes.  By doing so, you are more likely to find the coverage you need at a price you can afford.

Third, is there a waiting period for coverage?  Many insurance companies will require a waiting period for individuals with a preexisting medical condition and who are buying their own insurance.  This period will vary typically 6 to 12 months by state.  Anything over 12 months would be unreasonable and should be avoided.

Fourth, when looking for just the right low cost health care insurance, you will want to know if you have the right to renew your policy.  That is, you will want to know if your policy includes a "guaranteed renewable" provision.  If you have this provision, it means that you have the right to renew the policy when it expires (health insurance is typically issued for a limited period of time).  You would generally want this provision, even though the premiums can be increased when the policy is renewed.

A low cost health insurance quote that appears to be too good, may very well be just that - too good to be true.  Therefore, be sure to educate yourself and ask any questions you may have, even if you think your questions have be silly.  It's best to not make any assumptions during the shopping process.  That way you are much less likely to be unpleasantly surprised in the future.

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