Low Cost Medical Insurance

Written by Sarah Provost
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Low cost medical insurance is practically a contradiction in terms. As the baby boomers turn 50 and older, they require more health care. New drugs, equipment and procedures are being developed all the time, which means expensive development. It also means that we're living longer, which again increases the need for health care.

Ways to Bring Down the Cost of Health Insurance

As with any other kind of insurance, you can reduce your health insurance premium by taking a larger deductible. You will pay more out-of-pocket expenses, but if you seldom need to consult a practitioner, you'll probably still pay less than you would with a smaller deductible, Also, if you do have need of major medical care, you'll be covered once the deductible has been met.

In most states, you can also enroll in a medical savings plan. This allows you to put money aside before taxes are taken out, as with an IRA. The difference is that money in this account can only be spent for medical expenses. There are currently eight states that do not offer medical savings accounts, but it is expected that they will soon.

If you choose an insurance plan that offers the peripherals such as dental, vision and prescription drug coverage, your premium will be very high. Depending on how often you need to use these services, you can probably realize significant savings by using a discount pay-for-service plan for these options rather than including them in your comprehensive coverage. If you choose a high deductible on your insurance, you might also want to consider a discount health plan to bring down the costs of procedures and make that deductible stretch farther.

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