Cheap Health Insurance and Prescription

People are finding it harder and harder to find cheap health insurance and prescription plans that offer quality coverage. With the economy the way it is today, it is more important than ever to save money in every avenue of life. The easiest way to save money on your health insurance plan is to “shop around” for the best quote you can get.

Many times you can negotiate a lower rate just by mentioning that you received a lower quote from a competitor. Let’s face it, insurance companies are in the same boat as the rest of us, they need to hold on to their clients now more than ever.

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Here are some key items to remember when shopping around for health insurance:

* Premium: The total cost the policy-holder or his/her sponsor (such as an employer) pays to the health insurance provider every month to have health insurance coverage.
* Deductible: The total cost that the insured must pay out-of-pocket prior to the health insurance paying their share. An insured individual may have to pay a $100 deductible every year, prior to any of their health care is paid for by the health insurer.
* Copayment: The cost of out-of-pocket expences evertime an insured individual must pay when different services are rendered.
* Exclusions: Not every service may be covered. In general, the insured individual must pay all of the expenses incured by the services that are in the exclusions catagory.
* Coverage limits: When there is a limit to the amount an insurer will pay for a particular service, for example, if a surgery costs $100,000 and their coverage limit for surgery is $90,000, then the insured must pay $10,000 to pay off the balance.
* Out-of-pocket maximums: Much like the Coverage Limit, but in reverse.
* Prior Authorization: Written concent stating that the insurer is required to pay for a certain service. Mainly used on services that require more money to be paid.
* Explanation of Benefits: A document sent by the insurance company to the insured individual showing what was paid for and what still needs to be paid.