Health Insurance on a Budget

Taming Health Insurance Premiums

The internet has made it easier to compare prices on just about everything. Shopping for car insurance, electronics, and even a home, can all be done from the comfort of your own home. Compare insurance carriers, deductibles, policy coverage and more with a few clicks. Everyone will need some type of health care at some point in their life. Unfortunately, health care costs continue to rise, and incomes continue to shrink. The savvy consumer can purchase the health insurance policy that they need at the price they can afford with some simple research. Check out sites like MedicalHealthInsuranceToday.org for the best health insurance rates in any region.

Adjust Your Deductible

It’s the law of all insurance policies; the higher your deductible, the lower your premium. High deductible health savings plans have grown tremendously in popularity because of the low premiums and pre-tax savings account. Traditional health policies have a $500 or $1,000 deductible, and doctor visits come with a co-pay of $20-$75 depending on the type of doctor visited. High deductible plans come with deductibles in excess of $2,000, but also allow you to deposit funds into a health savings account. Funds can be deposited pre-tax in an annual amount equal to your deductible. Preventative physicals are covered at 100%, and all other care goes towards your deductible. Once the deductible is met – the policy covers care at 100%.

Shop Your Policy

If you’ve had a policy in place for a number of years, you may be over-paying and not even know it. Comparison shopping never hurts, and you might find that you can save quite a bit on your premium just by switching carriers. As a general rule, it is a good idea to review all of your insurance policies annually in order to make adjustments and review your premiums. As you review your options, make sure that you have all the details of your current policy so that you are comparing apples to apples. A more detailed review of your policy may reveal provisions of your policy that are unnecessary, or too costly. Feel free to adjust your coverage according to need or budget.

Ask About Wellness Plans

Many employer based policies have wellness programs that employees are encouraged to participate in. Benefits for participating in these programs can translate to lower premiums or gift cards. If you are self-employed and purchasing your policy on your own, you should still ask your carrier about wellness programs. Insurance companies know that policyholders who take responsibility for their own healthcare tend to make less unnecessary claims.

Maintain Continuous Coverage

If you lose your job, you may lose your insurance as well. Insurance carriers don’t like to see gaps in coverage, and so, if you do have a gap in coverage, it could cost you. A gap in coverage makes you riskier to cover, and insurance carriers hate risk. Even if you can only afford a bare bones policy, make sure you have one in place until you find yourself employed full-time again.

 

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