In an ideal world, shopping for insurance would be like shopping for interest rates on a savings account.
It would be great if you could do an online search that would instantly show you the top ten plans with the most inexpensive health insurance costs.
Unfortunately, the cost of insurance is far more complicated than just doing an apples to apples comparison of premiums between the various plan options available.
The premium is the amount you are charged to use a certain plan, and this can be paid to the insurance company on a monthly, semi-annual, or annual basis.
The premium does not cover your costs for actually using the policy, and this can include co-pays, deductible, and more.
For instance, a young single adult without kids in excellent health may find that he rarely ever goes to the doctor, and so he uses his insurance largely as protection against accidents and other major health issues that may pop up.
Co-pays and deductibles are less of a factor to him than the premium itself because he uses his policy so infrequently.
However, a family with four young children may find themselves in the doctor's office several times a month and in the emergency room for illnesses and accidents several times a year.
This is a family who pays co-pays out very regularly, and so they want to make sure they have a policy with low co-pays, complimentary well-checks, and great prescription drug coverage.
This family would likely want to have a higher deductible, lower co-pays, and a middle of the road premium, as this would give them the most affordable insurance structure.
The cost of insurance will vary not only from plan to plan but also from person to person.
Because of this, it is often worth your while to use the services of an insurance broker to find inexpensive health insurance that is right for you.
A broker knows the market and the plans available, and can help you sort through the plans to find the right one for you.