Do I Need Good Insurance? The Risks of Cost Cutting

By: Admin / TextrOnline

You are narrowed down with insurance plans, and you have to make a choice now. Your instincts tell you to go for the cheapest option to save money. However, have you considered the risks of cheap insurance plans? Many people live without health insurance so that a cheaper plan won't hurt – right?

Although a cheaper insurance plan might save you money, the consequences of low premium insurance plans are far worse than you can imagine. Here are a few reasons why you should choose a premium insurance plan over cheaper options. 

The Risks Of Cheap Insurance Plans


A bargain plan might be a good option if you are healthy, but you don't know what's waiting around the corner. Health insurance plans are usually selected with the future in mind. Therefore, you should consider all the negative outcomes of cheap insurance plans. 

1. Unexpected Costs


Cheap insurance plans might come with low monthly payments, but they don't cover all costs. The less you pay for your health insurance, the less you will get in case of medical emergencies. Costly medical treatments are usually necessary and unavoidable. Many common diseases cost a fortune, and you might not have money right away.

These diseases include:

Ø Asthma
Ø Diabetes
Ø Chronic sinus
Ø Ear infection 

These medical conditions require expensive drugs, and cheap insurance might only pay a small portion of the bill. If you do the math, you will be surprised to know that your insurance contributed less than what you paid them over the period. 

2. Fewer Doctors Under Your Plan


Cheap insurance plans cover fewer doctors. Some insurance companies have a panel of doctors whom they cover. If you choose a cheap plan, your doctor might not be under coverage, and the entire cost will be on your head. In case you want to avoid the risk of going to an untrustworthy doctor, go for a premium health insurance plan. 


3. Are You Willing To Gamble?

Trusting a cheap health insurance company for the safety of your family is not the right decision. It's a gamble, and you are only wishing on shooting stars that you will have enough savings to cover the cost before your insurance plan kicks in. Moreover, a cheap insurance plan does not provide enough finances, so you are paying more money in the end.  

Final Thoughts

Having the right health insurance plan by your side protects you and your family from disasters. In case you have a medical emergency, paying out of your pocket is the only option in the beginning. However, an expensive health insurance plan will cover all the costs.  

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