Health Insurance premiums have gone through the roof and many American families can no longer afford all the health insurance that they would want. Below are some ways to save money on your premiums:
How do they set the Prices?
Prices are set by the Insurance companies or Insurance agency’s based on which state you live in, this in turn is about the relevant cost of health care in your state as well as the general overall health of that state and the health or perceived health of you the principal. Purchasing in a group or employer can reduce costs because they take an overall view of the insurance and do not base it on your health .
Become a Healthier Person!
This may sound absurd but becoming a healthier person can significantly reduce your Health insurance (HMO or PPO) premiums. Insurance agency’s have realized this and now office premium discounts to people who lead a healthier and less dangerous life, they have found out the stopping the illness before treatment is required is a lot cheaper than providing medical coverage when the patient is sick (Not all of them do this so try to look for one that does). The two most important factors that will increase your premiums are weight and smoking, if you don’t smoke and have a good BMI (Body Mass Index), insurance companies will look favorably on you.
Search online for cheaper Health Insurance
Searching online for health insurance can save you a significant amount of money, it can allow you to compare all available plans and options and due to competition between insurance agencies and brokers the discounts can be quite big on the monthly premiums you pay. Another way to save is to shop through you employers health insurance plan or alternatively consider going for the plans that only offer the very basics for when the extreme health care is needed.
Alter your Premium Payment Methods
If you think the likelihood of having to use your health insurance is low you should consider changing the way you pay for it, paying more deductible and joint pay costs for your medical coverage will allow you to reduce your monthly premiums and will save you lots. However if you are unhealthy and financially strapped you should seriously consider this as it can lead to financial ruin if you do get sick.
Go with the Managed Care Policies
Managed Care Policies limit the amount of doctors/hospitals you can use to their own private network of specialists. They will give you a list of doctors you can visit within that network that will save you even more based on their ratings and the companies financial situation, this is capitalism in every sense of the word. Make sure you check out the list before you take up insurance with the provider or you may end up travelling inter-state or out of state for the medical care you require.
Check your Bills!
Make sure you check your medical bills you receive from the hospital/doctor, you should not be surprised if you see a billing error, these are large companies and are well known for adding additional costs without the clients knowledge and hoping that they won’t notice. Most medical insurance companies now provide the billing statements online so it is quicker and easy to catch a mistake and correct it.
Go generic on your Drug treatments
Your prescription drugs can be one of the most costly parts of medical insurance and you can save a bundle by getting federal credits for choosing the generic brand of drugs, don’t worry these drugs are pretty much exactly the same, so you will be getting the SAM amount of medical coverage for a reduced price, and this in turn will reduce your premiums.