HealthCompare Gives Consumers a Rundown of the Cheapest Health Insurance Options

Online, August 11, 2011 (Newswire.com) - Health insurance quotes comparison site HealthCompare is giving consumers information about the cheapest health insurance options to help them make more informed decisions when choosing what kind of medical coverage to purchase.

Educating consumers is part of HealthCompare's commitment to excellent service. From the HealthCompare website:

"HealthCompare is a new way - a better way - for you to find health insurance. We realize that choosing a health insurance plan can be complicated, confusing, and difficult. We want to change that and not simply by providing you with clear, easy access to hundreds of plans online like we already do. We want to lead you through the process and help you find the right health insurance plan at the right price for your specific needs, whether it's individual health insurance or family health insurance."

The cheapest health insurance options

Need the cheapest health insurance possible? Here are a few of your options along with pros and cons of each.

Going without coverage. While this isn't technically a cheapest health insurance option, it needs to be discussed because so many people are tempted to go this route. While you will save money on premiums, this is a very risky gamble to take. Even though you are healthy now, one serious illness or accident can leave you with crippling debt. Worse, you could permanently damage your health by forgoing treatment because you can't afford to pay for it upfront. It's much better to bite the bullet and do some budget reworking to afford one of the cheapest health insurance options discussed below.

State sponsored medical plans. These can be the cheapest health insurance option because coverage is often free. The catch? It can be very difficult to meet the eligibility requirements for these plans. They are a good bet for getting the cheapest health insurance coverage for minor children, as the qualifications for this are much more generous than for adults. It's also sometimes the only option if you have a pre-existing condition that makes you ineligible for any insurance, let alone of the cheapest health insurance plans.

A high deductible plan. The cheapest health insurance plans available for the public to buy are the ones with sky high deductibles. These can be over ten thousand dollars per individual in some cases. Before you shake your head and decide it's a waste of money, remember that it will put a limit on how much you will owe should the worst happen and you can pay the insurance company's negotiated rate instead of the regular rate.

It can also help to insure that a doctor will see you at all, as many require that you pay upfront if you have no coverage. Even the cheapest health insurance plan can help you get higher quality health care and prevent you from becoming hopelessly in debt, maybe even to the extent where you are forced to go bankrupt.

A new job. Of course, many people already know that some of the cheapest health insurance options are through an employer sponsored health plan. If you have a full time job without benefits, perhaps it's worth it to start looking for another job that can offer you insurance. If you are self employed, you can look into getting a part time job with places that offer medical coverage even to part timers.

These are some of the cheapest health insurance options there are. Health care will never be cheap but these can keep it from damaging your financial health.