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Your guide to affordable health care.
Picking the most affordable health insurance plan is a balancing act. You may think that you can pick the plan with the lowest monthly bill, but that doesn't represent your total cost of health care. Your total cost of care includes multiple categories of expenses:
Typically, plans with a low monthly premium tend to have higher deductibles, copayments, and coinsurance percentages. That means that while you have a low fixed monthly bill, your out-of-pocket expenses are higher when you actually use health services. The opposite is true of plans with high monthly premiums.
The most affordable health insurance plan for you depends on how frequently you use health care services. If you typically visit the doctor once or twice per year, a plan with a low monthly premium probably works best for you. If you visit the doctor multiple times per year or are managing a chronic condition, you'll probably want to consider a plan with a higher premium.
You can also save money by picking a plan with more rules about what doctors and hospitals you can visit. Health maintenance organizations, or HMOs, are a type of plan that only allow you see doctors within their network. You also have to get a referral from your primary care doctor in order to see a specialist. Because of these strict rules, HMO plans tend to be more affordable than their less strict counterparts, EPOs and PPOs.
Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.
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Yes, we have to include some legalese down here. Read it larger on our legal page. Policygenius Inc. (“Policygenius”) is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best efforts to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application. Savings are estimated by comparing the highest and lowest price for a shopper in a given health class. For example: for a 30-year old non-smoker male in South Carolina with excellent health and a preferred plus health class, comparing quotes for a $500,000, 20-year term life policy, the price difference between the lowest and highest quotes is 60%. For that same shopper in New York, the price difference is 40%. Rates are subject to change and are valid as of 2/17/17.
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