How To Choose Low Cost Medical Insurance

By : Sudarma
When you look at how many people are not covered by their employer or have been terminated due to the economic downturn, it is amazing. These people need low cost medical insurance and they need it now. One option is the Comprehensive Omnibus Budget Reconciliation Act (COBRA). This simply means you are continuing in your employer's health plan even though you no longer work there. You can extend this for up to 18 months and will cover your college age children too. This is NOT low cost medical insurance. It is quite expensive and the only reason to keep it is that if you currently have a medical condition, your new insurance company probably will not cover it.

If you have a work related injury this will be covered by the state's Workers' Compensation Program, even if you no longer work for this employer. Check the Medicaid program in your state for low cost medical insurance. You might qualify because states are making Medicaid available to more and more people. If you are over 65 years of age, you will certainly qualify for low cost medical insurance from Medicare. The states have a High Risk Insurance Pool if you have a preexisting condition. You may not consider it low cost medical insurance.

You can get low cost medical insurance if you take an individual or family plan with very high-deductible emergency policy. A short-term plan would be a low cost medical insurance policy to cover you until you find a job with health insurance or turn 65 years of age.

Finally, a low cost medical insurance policy would consist of a high-deductible health plan along with a Health Savings Account (HSA). The account covers what is not paid by the high-deductible health plan. If you are working, your employer might add money to your account. The money in this account is not taxed.

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