HealthCompare Shares Some of the Pros and Cons of Cheap Health Insurance

Online, August 10, 2011 (Newswire.com) - Health insurance quotes comparison website HealthCompare is sharing this look at the pros and cons of purchasing cheap health insurance, including information on how to find low cost medical coverage in order to assist consumers who are looking for insurance coverage that fits their needs and budgets. While affordable health insurance sometimes means higher deductibles and other out of pocket expenses, it can be a viable option for many consumers and offer them relatively inexpensive protection from unexpected major medical expenses.

The Pros and Cons of Cheap Health Insurance

Going with cheap health insurance has got to save you money, right? Well that answer depends on a lot of factors. While it's true that cheap health insurance will save you money on the premiums, it could leave you open for thousands of dollars in out of pocket expenses each month unless you know what you are getting to and plan wisely.

Cheap health insurance is a lot like buying inexpensive coverage for your automobile. It's enough to meet the bare minimums but you could be hurting if you can't afford the deductibles, rental care insurance and so forth. You can get a deluxe policy that will cover all of that and leave you very minimal out of pocket expenses but it will cost a fortune every month in premiums. Cheap health insurance can be a wonderful choice, but ironically, only the more well-to-do might be able to afford it.

There are a couple of ways to get a cheap health insurance policy:

1. Get a job with excellent benefits where your employer pays the vast majority of the premiums. Very cheap health insurance but let's face it most of us are in a position where we take what we can get in terms of work. Or we're self employed and the person who signs the checks is yours truly.

2. Look for a high deductible plan with low premiums. Beware: these cheap health insurance plans can have deductibles in excess of $10,000 a person before they start to cover anything!

Does that mean I should just skip insurance if a cheap health insurance policy is all I can afford?

While paying $50-120 a month for a policy with a $10,000 deductible might seem like you're throwing your money away, the truth is that not having any insurance at all could be a very risky proposition indeed. Even a cheap health insurance policy with a high deductible will ensure:

1. You won't become bankrupt. Although $10,000 is a lot, most people could find a way to repay that much over time. Bump that number up to $100,000 and we're talking another mortgage payment, which is just not an option for most people to pay. Cheap health insurance is totally worth it should the worst happen, even if you'll still be on the hook for quite a bit of money.

2. It can help insure that you get seen. Many doctors require that patients without insurance pay up front to be seen. With cheap health insurance, even if you have to pay eventually, you can be seen right away and the amount you'll pay is the discounted rate negotiated by the insurer which is often half as much as the full rate.

Consumers are invited to visit the HealthCompare website and take advantage of their free health insurance quotes comparison tools to find out what policies are available to them.