5 Ways to Save on Health Insurance

Medical coverage has been steadily on the rise and has been becoming increasingly more difficult to find adequate medical coverage at an affordable price. There are, however, several ways to save money on the care that you and your family need. Below are five proven ways to help ensure that you aren’t paying more then you should be:

Stay Healthy
The healthier you are, the less likely you are to need and use your health insurance. By exercising regularly, eating nutritious meals, and avoiding health hazardous substances such as cigarettes, alcohol, and drugs, your body will treat you better and will be less likely to become ill. Many Health plans give discounts to clients that are physically fit and who don’t smoke or drink.

Shop Around
Too many people just accept the first offer for Health Insurance that they receive. Educate yourself on the amount of coverage that you need so that you know what to look for and be sure to get several quotes for identical insurance coverage before signing. Also, it’s a good idea to look around every couple of years to ensure that your coverage premiums are still the best deal around.

Use your employer provided medical insurance
This one should be a no-brainer. If your employer offers a medical plan you should definitely take advantage of it. Many times employers will pay from one half to all of your coverage, sometimes for your entire family! However, even if they don’t pay all or a percentage it is still a good idea to include their insurance in your comparisons as they can typically get a better group rate then you can obtain as an individual.

 

Join a PPO or HMO
PPO’s and HMO’s are gaining popularity because of their affordability. In a PPO you are usually required to use any of the group’s preferred physicians and hospitals. A doctor outside of the group’s network can provide medical treatment, however, it is typically covered at a lower percentage.

HMO’s, are the other hand, are a bit more restrictive than PPO’s, as you are required to select a Primary Care Physician from within the group’s network and will most likely need a referral from them for hospital or specialist care.

 

Increase your deductible and co-payments
Some Health Insurance plans may require you to pay a portion of medical treatment and prescriptions yourself before they begin to make payment for your treatment. Typically, the higher your deductible and co-payments are, the less your health insurance costs. For example, if you have a $500 deductible for a hospital stay vs. $50, you will very likely pay a lot less for you insurance. You will need to determine how likely you will need to use the various coverage offered by your insurance and evaluate your needs. The money that you save per month could be set-aside in savings in case something should ever happen where you would need to pay towards a deductible.

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