Ten Ways to Get An Affordable Health Insurance
Jan 23rd, 2012
There is a wide variety of health insurance plans available in the US. however, choosing a plan should not be determined by cost alone. To sufficiently protect your loved ones and save money you should look for plans that matches your family’s needs adequately. Here are ten suggestions to help you get an affordable health insurance plan.
1. Health insurance premiums are not created equal. Comparing several health insurance quotes is a vital step. Take a look at the benefits offered by different plans and the corresponding monthly premiums. Choose a plan which offers enough catastrophic coverage and a significant lifetime maximum benefit.
2. Raise your deductible. High deductible goes hand in hand with low monthly premium. However, you should pay for your medical bills out-of-pocket until your reach the required deductible. Several plans are available which can remove the deductible for some expenses like doctor visits, preventive care, accidental injuries, and prescriptions.
3. Take a look at co-insurance costs. This is the amount your insurance company pays for your medical costs after you reach the deductible. Companies usually pay 80% of your medical bills after a five to ten thousand dollar deductible. Typically, insurance companies fully covers bills over the annual maximum.
4. Choose an insurance policy that meets your medical service provider needs. Companies usually have a list of preferred medical care providers, use of services within the list are offered at a reduced cost. You will likely spend more if you go outside the list, since your insurance company will only pay for a portion of your medical fees.
5. Get separate policies for each family member. Individualized plans can help you save extra money on health insurance policies, especially for children under 18 and older family members.
6. Take a workplace health insurance if available. Health insurance offered in the workplace are often paid by the employer in part or in full. However, dependents are commonly not offered the same type of services. It may be wise to consider buying separate plans for your dependents if they do not make frequent doctor visits.
7. Consider going for COBRA alternatives. COBRA plans are available for former employees. These plans offer an extension for the plan offered by an employer. Individual plans can help healthy COBRA members save money. However, participants who require frequent medical attention should not seek other alternatives, since they can be denied coverage because of medical health history.
8. Reduce your risk of being denied coverage. Most states have health insurance plans available for those who are unable to get one from regular providers. They are often denied coverage because of serious medical conditions that need constant care. High-risk plans are typically expensive, making it more important to qualify for plans offered by traditional health insurance companies. Inform your insurance company when an illness or condition has been resolved and no longer needs medical attention.
9. Opt for a high deductible plan with a health saving account. With a Health Savings Account, you have the option of placing money into a separate account. This account will earn interest and will not be subjected to taxes. You can use this account to pay for your regular medical fees. These accounts are used together with high deductible plans, so you won’t have to pay as much premiums.
10. Take advantage of government-assisted health programs. These plans are often available for individuals and families below the poverty level. However, medical assistance programs are also offered for those living above the poverty level in some states. Subsidies commonly come through subsidies that pay premiums partially for regular health insurance companies.
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