Cheap Medical Insurance For the Unemployed

Unemployment rates are soaring and there are more and more people without health insurance coverage everyday. People who are used to working and getting benefits, find themselves unemployed and without a policy to protect their family. So what can you do? Well there are several ways to get a cheap medical insurance policy on the internet or using a local broker. This article will explain how to get the lowest rates.

First - You must shop around for the lowest prices. Insurance rates vary from company to company and plan to plan. Company A might charge you $400 dollars for the same plan that company B charges you $600 dollars for. The reason is simple, company A is looking for more business in a particular age market or benefits range. Knowing this can save you thousands of dollars per year. You must compare insurance companies and get multiple quotes. There are many quote services and you can usually apply directly online after finding the right policy for your family.

Second - Lower the number of benefits you need. For example, if you don't need a policy that covers child birth then don't get one. This is one of the most costly benefits you can have on a plan, so if you don't need to worry about getting pregnant then cut this benefit.

Third - Raise the deductible or out of pocket limits. Health insurance policies today have a great range of deductibles. I have seen plans with $25,000 dollar deductibles. Of course if you have a major injury or illness, then you need to be prepared to pay up. Consider the risk and decide what deductible you feel comfortable with.

Fourth - Shop various local brokers to see if they know of any companies that are lower in your state. If you live in New York, your medical insurance might be cheaper through one company versus another, but if you live in California the same two insurance companies might have the same rates.

The key to getting a cheap medical insurance for the unemployed is to shop around.