No matter what you buy, there will always be a correlation between price and benefit. Whether it’s a pair of shoes, a car or even a new dishwasher – anything that sounds too good to be true, usually is. Cheap health insurance is no different. When it comes to insurance, there are no bargains.
Let’s face it – it’s cheap for a reason. It could be that the company has a very low insurance rating meaning that if too many customers put in claims all at once, such as in the case of a severe epidemic, they may not be able to pay all the claims before going out of business.
Or it could be that they pay their doctors very little per visit. And still another reason might be that deductibles are high and their reimbursable claims are low.
Companies that sell this type of cheap insurance want to keep their risk levels at a minimum. In effect, if they have to pay out too much money, they could be in trouble. They are in the business to make money, period. These companies have little concern for patient health or healthcare and they rarely are eager to pay claims at all, never mind on time.
Be very careful when choosing a doctor on one of these plans, too. Since these doctors are working for pretty low reimbursement rates, you need to do a lot of research on each doctor you may be interested in working with. You need to understand why he willing to work for that money. There’s a chance he never graduated from a US based medical school, or even worse.
Since the deductibles for this type of low cost insurance are very high on average, this is not the kind of insurance to get if you and your family make frequent doctor appointments.
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