19 Secrets To Discovering Affordable Health Insurance, Part 1

No doubt about it, finding health insurance has become much more difficult in the last ten years than ever before. That said, if you follow the advice in this multiple part series, you will discover many low cost health insurance options. This is part 1 of 6.

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Focus On "Affordable" Not "Cheap"

The single biggest mistake that people make is actually confusing "affordable health insurance" with "cheap health insurance". You should not let yourself be shortchanged by companies offering the lowest price as you hunt for health insurance.

Of course, I understand that you want the lowest rate possible. However, I suggest that you focus on the best value. Just search for "cheap health insurance" and you will be slammed by hundreds of companies promising "the lowest rates around." The problem with these companies is that you will most likely discover that they won't pay for certain things that you would think would be normally covered. In essence, "You get what you pay for."

So, my number one rule when shopping for health insurance is that you only sign with companies that receive an A rating or higher at the two most reputable insurance ratings services: AM Best and Standard & Poors. 99 times out of 100, the least expensive plan from an A rated company is much better than the most expensive plan from a B rated company.

A company with an A rating gives you peace of mind that you will be able to speak to someone when you need to, that you will be paid in a timely fashion when you need it and that you will be treated fairly.

One question that I always pose to people searching for affordable health insurance is this: if you had to have a brain operation, how would you choose the surgeon. Would you look for the cheapest one you can find or the best one you can find?

Of course, you would look for the best one that you can find, right?

However, you might find that the best neurosurgeon is not at all affordable. So you work your way down the list until you discover a great neurosurgeon that you can afford while still being assured that they are one of the best.

My point is that you would not even consider letting a doctor like Dr. Nick from "The Simpsons" do the surgery so why would you even choose an insurance company run by his cousin?

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Don't Pay More To Big Pharma Than Necessary

The top 10 pharmaceutical companies in the world rake in over $76 billion in net profits annually. This includes #1 Johnson & Johnson, #2 Pfizer and #3 GlaxoSmithKline. And that's just the top 10.

Now, when they develop a new drug they have a patent on it for seven years. Until then, they are the only one allowed to sell it. However, once the patent expires, other companies are allowed to develop their own product also known as "generic" versions.

Think of it like comparing Coca-Cola to the store brand cola drink. Both will really accomplish the same thing and refresh you. However, there are two problems with this analogy:

• A Coke only costs about $.25 more than the store brand so most people choose the Coke even though it might cost twice as much. But in the case of prescription drugs, they can cost up to $100 a month. Now, wouldn't you want to save 50% by buying the generic version?
• Whereas many Coke drinkers can tell the difference when drinking the store brand, this is just not possible with prescription drugs. Why? Because the government requires that all drugs contain the same active ingredients in the same measurements. Pharmaceutically, brand names and generics are identical. The only difference between them are the size, shape and color such as with "the little blue pill."

Furthermore, the best affordable health insurance companies generally cover a larger percentage of charges for generic prescriptions because it usually costs them less than covering a smaller portion for name brand drugs. For example, covering 80% of a generic prescription costing $50 would be less than cover 60% of a brand name prescription costing $100 ($40 paid out versus $60 paid out.) So, you'll receive more affordable health insurance if you use generic brands rather than brand names.

Warning: It's important to discuss prescriptions with you doctor. However, you should know that while they are required to advise you on prescriptions, they are not required to tell you about generic alternatives. They are essentially required to inform you about the ingredients of the drug. And since they often receive "benefits" from the drug companies, they might push that product harder. That said, if you ask them whether a specific generic drug will suffice, they are required to advise you properly. So, use specific generic drug names when having discussions with your doctor.

Check out all of my affordable health insurance secrets below:

• Focus On "Affordable" Not "Cheap"
• Don't Pay More To Big Pharma Than Necessary
• Group Rates Are Always Better Than Individual Rates
• Talking To Your Primary Doctor First Is One Way To Inexpensive Health Insurance
• Cutting Back On The Booze Will Give You Less Expensive Health Insurance
• Research + Research + More Research = Inexpensive Health Insurance
• Inquire About Less Expensive Options
• Find Out If You Can Qualify For Medicaid
• Dial The Phone For Less Expensive Health Insurance
• Eat Right And Hit The Gym For Much Less Expensive Health Insurance
• Choose An HMO For Very Inexpensive Health Insurance
• Decide When Not To Visit Your Doctor
• Always Ask The Price For Your Meds
• Set Up Automatic Payment And Save Money on Health Insurance Rates
• Just Because The Man Attends Church Does Mean He Believes
• How Risky Are You Credit-wise And Otherwise?
• Quit The Wacky Tabacky And The Nose Candy
• Drive A Hard Bargain
• Shop Around For The Least Expensive Health Insurance Rates

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