Are you struggling to keep up on your insurance, but you can’t afford the risk of dropping your plan? That’s part of the problem facing many people these days, as insurance rates go up all the time. But there are plenty of ways that you can ensure that you have the money to pay for great insurance, without having to sacrifice an arm and a leg in order to do so. What’s more, you’re also going to find that by just being more intelligent with your purchase of health insurance, you can save a ton of money that you shouldn’t have to be paying. All this really takes is a better understanding of cost, and how to bring down the price, and here are 7 ways that you can do just that:
1) Switch to a higher deductible.
This is the most common way to reduce average health insurance cost, because it directly relates to the amount that you have to spend monthly on your coverage. By getting a higher deductible, the insurance company is less liable for your health needs, and so you become less of a risk. Anything you can do to make yourself a more low risk person is good, and this is one of them. While that does mean having to pay more for an visit that’s not preventive, it can be worthwhile in the long haul.
2) Open up a Health Savings Account.
This is the best way to deal with a higher deductible, or High Deductible Health Plan (HDHP) without having to worry about emergency health costs. That’s because an HSA allows you to save for medical costs in a tax free way, so that you can put money aside for your own needs. Moreover, this also means that you can use this towards your deductible when a problem arises, so you’re still covered, and you’re paying less at the same time.
3) Consider switching the type of your health plan.
When you have something like a PPO or Preferred Provider Organization, you’re going to be paying more in terms of actual average health insurance cost, because of the size of the network. That’s why switching to an HMO where you have just one primary care physician, or even an Exclusive Provider Organization where out of network costs are not covered can be beneficial. This is another part of making yourself lower risk, and therefore more of an attractive prospect for the insurance company to save money.
4) Try cutting features that you don’t need right now.
While this is another type of insurance editing that can bite you in the long run, it’s also one that can really help you out so long as you’re careful. Some insurance plans provide for things like vision coverage, as well as prescription drug coverage. But if you have a good medical history, and if you’re young and strong, these are things you don’t really need to pay for, so you can consider cutting them. Just remember that it’s always a risk as life is unpredictable at times.
5) Take advantage of covered preventive care.
This is another one of those things that you can use to showcase that you are really healthy, which is always beneficial to have in your court to show that you’re low risk. By doing this, you can show that you’re a healthy normal adult, and that always plays in your favor when insurance pricing is provided for you.
6) Apply for discount cards if you take regular medication.
For senior citizens, a great way to cut your actual insurance costs is to drop prescription drug coverage, but then instead look for free discount memberships to prescription programs. Through certain programs like Walgreens, as well as Rx Access Cards, you’ll find that you’re able to dramatically reduce what you pay by being a part of their free clubs, and by taking generic meds that do the same job on your health as name brand medication. This way, you can be sure that you’re reducing your actual average health insurance costs severely, while still getting the maintenance medication you need.
7) Always compare health insurance quotes.
But perhaps the best way to lower your health care costs, is just by shopping around when you’re looking for new insurance. By shopping around and getting quotes online, you can ensure that you’re able to find the most affordable companies that provide insurance in your area. Shopping online through sites like: individualhealthquotes.com, medica.com, gohealthinsurance.com, and ehealthinsurance.com you can find just the types of plans that are going to make all the difference for you and your family’s annual costs.