If you are looking to reduce your health care costs without losing coverage, don’t worry, it can be done. Some of the benefits offered by health insurance companies are overpriced for what you get, and other benefits offer a good value, based on certain neds. You will be required to do a little bit of legwork and research to determine what plans are the best for you because none of us have the same health care requirements. But the possibility of saving hundreds of dollars each year on premiums is a benefit that cannot be overlooked. Here are a few tips you may want consider:
Increase your deductible. The deductible is the amount you’ll have to pay each year before your plan begins paying for your care. Unless you anticipate any upcoming illnesses, increasing your deductible can save hundreds. Insurance company insiders have revealed that providers have a rating system that allows some to decrease their premiums by the same amount of a deductible increase. In other words, if you increase your deductible from $500 to $1000, your rates may go down by $500. It is a wash.
Adding a limited visit restricted doctor visit copayment is another little known way to save on premiums. The copayment is a certain amount that is fixed each time you have an office visit, and the amount is usually somewhere betwen $15 and $40. If you don’t have a copay, then you have to pay the entire amount of each doctor’s visit until you reach your yearly deductible amount. However, if you think you will be visiting the doctor a few times during the year, the copay can save you money. This feature usually adds to the cost of a plan, but by setting a limited number of visits which are covered, you can save money and come out ahead.
Most plans today are either PPO or HMO, with both offering coverage within a pre-determined network of doctors and medical caregivers. PPO’s often allow a wider spectrum of specialists while HMO’s require you to choose a primary doctor. If you require a visit to a specialist under a HMO plan, you won’t be covered unless referred by your doctor. Selecting an HMO will reduce your coverage, but the cost to you will be less.
Getting re-underwritten is one of the best kept secrets for how to save money. The process of underwriting is when insurers write a policy based on factors that they know about you, such as pre-existing conditions, current health and future risk. Most of them also put you into a “pool” of similar policyholders.
Or changing carriers will certainly do it. Before changing carriers, ask your current policyholder if they can match or beat the rate. Insurance industry insiders state that you can almost always find a lower rate by changing plans every year. If you have questions regarding this, contact your local insurance agent. Getting the best rates for you and your family doesn’t have to be complicated, but it will take some thought and research on your part.
Whether you are shopping for self employed insurance or an individual health insurance policy, that you can afford, log onto www.individualhealthquotes.com.
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