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Last Updated on 24 February 2019

Compare Health Insurance on a Budget

Comparing health insurance can be a bit of an ordeal at times.  Surrounded by talk of co-payments, premiums, and tax breaks, it can be difficult to figure out what is best for your situation.  Follow along as we look at some tips to help you along the way.

Image by Sean MacEntee

Identify Your Needs

When you are on a tight budget, private health cover may seem an intimidatingly expensive thing to purchase.  However, you can tailor your health insurance policy to help the premiums fit your budget:

  • Identify What You Can Pay: First of all, be reasonable.  Take a look at your budget to see what you can comfortably afford.  Try to come up with a range of premium amounts that you feel are affordable; this will also later help you figure out what coverage level to go for.
  • Identify What You Need: What do you want out of your private health insurance policy?  Do you want access to a large network of health care providers, lower payments on your prescriptions, or a level of cover just a little greater than the basics provided by Medicare?

When you begin to compare health insurance policies and premiums, it is nice to have an idea of where you stand in regard to your budget and how health insurance fits into your life.

Start Comparing Health Insurance

Once you have taken the preliminary steps, you can begin the search for private health insurance.  Here are some quick tips to observe along the way:

  • Take Your Time: Don’t rush yourself into purchasing a health insurance policy.  You need to give yourself enough time to understand the full policy, compare it to other policies, consider the premiums, and make an informed decision.
  • Read the Whole Policy:  Make sure you understand what you are considering/purchasing, and that you’ve had any important terms or policy points such as coverage exclusions clarified if necessary.
  • Get Help: You don’t have to compare health insurance alone. You might consider getting a health insurance broker to do most of the legwork.  However, even if you have to compare health insurance plans yourself, don’t be afraid to get some help.  Clarify the policies you’re considering, by speaking with the insurer or insurance agent.
  • Compare Similar Policies: As you find quotes and start to compare health insurance policies, keep in mind that you could be comparing prices for policies whose value to you differs.  Compare similar policies whenever possible to avoid such uncertainties. Don’t automatically dismiss a more expensive option just because of its price; it could include a benefit that makes it worthy of your consideration.

Don’t be intimidated when you start to compare private health insurance policies.  Once you gain in knowledge and understanding of your needs, health insurance, and different policies, you’ll be much more confident in your ability to make a sound decision.

Disclaimer: The above information is correct and current at the time of publication

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