Medical insurance plans provide cover to policyholders in terms of reimbursing their medical expenses if they fall seriously ill or meet with an accident. While there are several plans available in the market to cater to the varied needs of consumers, economy medical insurance is the most sought after.

ECONOMY MEDICAL INSURANCE: BASIC INFORMATION

While buying economy medical insurance, consider the following:

Coverage under insurance plans is provided only for pre-specified medical expenses. Read the plan handbook to ascertain which medical treatments are covered before buying a policy.
The term 'managed care' is used by insurers to control costs. If your insurance policy falls under “managed care,” always seek approval from the insurance provider before going to a hospital to ensure that your hospital bills are reimbursed.
The insured has to typically pay a specific sum (known as deductible) on an annual basis to the insurance company before it starts paying.
The insured may need to share a part of the medical bill with the insurer. This is known as coinsurance payment.
According to the 'coordination of benefits' clause, there is a limit to the amount paid by an insurance company if a couple files for a claim for the same medical expense under two different group insurance plans.
Choose the insurer who offers the maximum cover for the same price.

THINGS TO CONSIDER WHEN BUYING ECONOMY MEDICAL INSURANCE

The first step towards buying an economy medical insurance is the identification of personal insurance needs.

While seeking cheap medical insurance, prioritize the risks faced by you.
A low-cost medical insurer may not provide cover for very high risks and might deny claims submitted for expensive medical treatments. Therefore, a potential insurance buyer must read the policy disclosure agreement carefully.
Always ask the insurer or agent to explain the points in detail whenever you are in doubt.
Research the track record of an insurance company to gauge its credibility and financial soundness.
Look for group insurance and insurance provided by employers to lower your medical premium. Group insurance policies are cheap and offer greater coverage. Moreover, you may not be required to undergo medical screening to qualify for the policy.

Economy Health Insurance
Although most people are provided health insurance through their employers, there is no guarantee that everyone has adequate health cover. According to the US Census Bureau, nearly 46 million Americans, or 18% of the population under the age of 65, were without health insurance in 2007.

The reasons for such a high number of uninsured people are:
Inability to afford their portion of the insurance premium. Health insurance premiums have risen by 119% for employers between 1999 and 2008. Employee spending on health insurance coverage has accordingly surged 117%.
Small firms hesitate to offer the health cover due to such a rapid rise in premiums. While the average increase in yearly inflation has been 2.5%, health insurance premiums have escalated by 12% on an average for small firms.

Census studies also indicate that about 22,000 excess deaths occur annually among uninsured adults aged 25 to 64. This mortality rate is significantly more than the deaths from diabetes (17,500) within the same age group. The best way to avoid being part of the uninsured, high-risk group is to get aneconomy health insurance policy.

ECONOMY HEALTH INSURANCE: THINGS TO CONSIDER

Economy health insurance plans, or the least expensive health plans, usually offer the least coverage. Thus, while buying economical health insurance, balance the coverage with what you can afford comfortably. While buying a health insurance policy, pay special attention to what is included and excluded in the plan. For example, you can decide to exclude maternity care from your policy if you are not planning for children in the near term and save on costs.

Every policy document has the following sections at the back:

Outline of Coverage: This section shows what will be paid for by your plan. It also indicates the extent of medical bills you will need to pay for.
Exclusions and Limitations: There are 2 key things to consider:
- Deductible waived: This indicates that you do not have to pay towards your plan before the start of coverage. Several economical health insurance plans waive the deductible for routine care and basic lab tests.
- Does Not Apply to Out-Of-Pocket Maximum: This means that the payments you make for certain services are not included in your out-of-pocket maximum. So even if you have spent your annual out-of-pocket maximum, you may still find yourself paying for certain services. Check this section carefully for the services that have "Do Not Apply" mentioned with them.
Limitations and Exclusions: This section is tough to understand and is always specified in fine print. However, it is important to understand any exclusions to the plan before you buy the policy.

Remember to check out the quotes of several insurance providers before you finalize your economy health insurance policy.

Economy Home Insurance

Insurance companies offer economy home insurance with building and contents cover at affordable rates. To buy an economy home insurance policy, one has to research the market thoroughly. However, one can employ alternate methods to curtail the home insurance premium.

ECONOMY HOME INSURANCE: HOW TO GET DISCOUNTS

Consider the following tips while buying an economy home insurance policy:

Home security: Insurance companies provide discount on home and contents insurance premiums if the home is fitted with an effective burglar alarm system. Purchase a burglar alarm approved by an authorized national security systems agency. Also, install window and door locks to minimize the risk of theft. Develop a neighborhood watch program in the locality and ask for discounts from the insurance company.
Combined policy: One can purchase both building only and contents only insurance together from the same insurance company to enjoy discounts. Comprehensive home insurance is also available at low rates but it offers limited coverage.
Group policy: One can buy economy home insurance in groups. Group insurance policies offer customized coverage at affordable rates. For group policies, one can also negotiate with the insurance company in terms of coverage and premiums. Communicate with the community associations to form a large group to enjoy maximize benefits.
No-claims bonus: Insurance companies offer discounts to individuals with a no-claims history. To enjoy this benefit, a policyholder should have accurate records of the previous insurance policies and claims filed, if any.
Online shopping: Buying economy home insurance cover online can provide 10%-20% discount on the policy premium. One can receive economy home insurance quotes from different online providers. Compare the quotes for the amount of coverage and policy premium and sign in for the best deal. However, one should pay extra care while buying insurance online. The credibility of the insurance company should be ensured to avoid online fraud.
Deductibles: It is the amount that a policyholder agrees to pay towards the economy home insurance claim. As the deductibles rise, the financial risk to the insurance company declines. Thus, higher deductibles mean lower premiums. However, the idea of increasing deductibles is not ideal for individuals residing in risk prone areas.

Every individual wishes to pay lower premiums and get economy home insurance. However, cutting down on the policy cover to reduce premiums is not prudent.

Economy Life Insurance

According to the Bureau of Labor Statistics of the US Department of Labor, roughly 70% of workers in the private industry had access to employer-provided medical care benefits in March 2009. While 90% of the high wage earners received such benefits, only 25% of the low wage earners received the same. These statistics underscore the importance of economy life insurance.

Term insurance is the simplest and most economical form of life insurancethat offers financial support to the family in case of a policyholder's death within the term of the insurance policy. In this form of life insurance, the premium amount remains unchanged through the entire term of the policy.