Make Shopping For Low Cost Family Health Insurance Less "Painful"

Shopping for low cost family health insurance does not have to be a dreaded event.  Granted, it's no day at the beach; but if done with some careful planning, the process can be less "painful."

First, it's important to know the "lingo."  That is, family health insurance actually describes an individual policy that has been issued for a family.  So in this sense, when shopping for low cost health insurance for your family, you're actually looking for an individual policy that will be issued for you and your family.

Second, when shopping for low cost health insurance, it is important to realize that there are ways to keep costs down.

For example, if your family is generally healthy, you may want to select higher out-of-pocket options for items such as deductible, copayments, and coinsurance.  By doing so, you can expect to see a significant decrease in your premiums.

Another way to reduce your health insurance costs is to pay your premiums annually.  Of course, this requires a significant initial payment, but if you can afford it, you should be able to avoid paying service fees and possible enjoy a prepayment discount.  Be sure to ask your agent about this option.

In addition, you may want to think twice about buying supplemental health insurance.  In many cases, supplemental insurance offers coverage for items that are already included in your main plan.  If you think you way need a supplemental health policy, be sure to discuss this with your agent thoroughly before making any final decisions.

Third, and last, whether you're just trying to get the best deal for health insurance and finances are not a significant limiting factor, or are in the market for cheap low cost family health insurance, you should know is that the health insurance industry in the U.S. is heavily regulated.  Although regulations may vary a from one State to another, health insurance premiums are regulated by each State Department of Insurance.  What this means to you is that you will pay the same monthly premium for the same plan whether you buy from a local agent, an Internet company, or the insurance company itself.

Your deductible is the amount of money that you must pay each year for medical expenses before your health insurance starts paying.  Typically family policies designate a deductible amount for each family member (e.g.$1000) along with a family deductible (e.g. $2500).

Your copayment is a flat fee you pay each time you receive a medical service (e.g. $10 for office visit to your doctor).

Your coinsurance is the amount your are required to pay for medical care after you have met your deductible.  This applies to indemnity plans (fee-for-service and some managed care hybrids such as a PPO (Preferred Provider Organization).  Coinsurance is usually expressed as a percentage.  For example, for an 80/20 plan, the health insurance pays 80%, while you pay 20% (the coinsurance amount).

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