Everyone wants to make sure they get their money’s worth. No matter what we buy it’s important for us to believe that whatever we bought was worth the price we paid. All too often, however, we don’t pay attention to these same details when we buy cheap health insurance.
Cheap insurance is priced that way because it’s designed to give you very little back in return. One of the things to watch out for when you are researching some low cost health insurance policies is their rating. A low rating of C- or lower means there are questions as to whether the company could stay in business if it needed to pay out too many claims all at once. Many insurance companies over the years have gone out of business due the number of claims.
One reason their insurance might be cheaper than others is the way they reimburse doctors who have contracts to work for them. Since they pay their doctors below average rates, they can pass this savings on to their customers.
Companies that sell this type of cheap insurance want to keep their risk levels at a minimum. In effect, if they have to pay out too much money, they could be in trouble. They are in the business to make money, period. These companies have little concern for patient health or healthcare and they rarely are eager to pay claims at all, never mind on time.
Many of the doctors who choose to contract with these companies actually need the business. There are reasons why doctors are willing to take such low reimbursements and it’s usually because they are not board certified, and perhaps they haven’t even graduated from a U. S. Based medical school. There have even been reports where doctors who have lost their licenses are found working with some of these questionable insurance companies.
Deductibles for this type of cheap insurance are typically higher than normal and totally unreasonable. If you or your family make frequent doctor appointments, this is not the best insurance for you, no matter what the price is.
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