Health insurance is one of those things that everyone needs but nobody likes to talk about. Health insurance companies are one of the highest-profiled industries in the news, and the information that they provide to the public about their health insurance plans is usually pretty accurate. However, there are other ways to cut down costs and here are some of them.
How to Pay Less
- Compare different health insurance programs. You can do comparisons by looking at the cost of each health insurance program from the various companies that are available. Federal government health insurance programs offer some degree of advantage plans. These may include prescription drug benefit plans. The federal government plans to offer a wide variety of health insurance options to suit many different people and families.
- Ask for a health insurance premium reduction. Most plans have premiums that are based on an individual’s health history and current health status. If you fall into one of the lowest health risk categories, you will pay less in monthly premiums. Sometimes you will even save money when you combine health insurance with a group plan. For example, if you run a small business and also happen to work as a health insurance agent, you may be able to save some money on premiums by working as a team with the health insurance company.
- Compare health insurance coverage. One way to save some money on health insurance premiums is to choose a coverage that offers a lot of health insurance cover at a low deductible. Typically, a deductible is the amount of money that you pay for treatment before the health insurance coverage kicks in to make up for your medical expenses. You should make sure that the health insurance coverage you choose will offer you enough cover at a low deductible level.
- Estimate your annual out-of-pocket expenses. The health insurance marketplace calculator can help you calculate how much you will need to set aside each month for premiums and any deductibles that you may be liable for. You can get this information by using the federal government’s Medicare program health insurance marketplace calculator or you can use private quotes provided by different companies. If using the federal government’s Medicare program health insurance marketplace calculator, you can also use your previous health insurance coverage as a baseline.
- Reduce your health insurance premiums. In general, health insurance premiums are based on your age, health history and family size. For instance, an older adult will pay more in premiums than a young single person because of health care costs associated with old age. You can reduce your health insurance premiums by getting a higher deductible or signing up for a policy with a lower monthly premium. In addition, some policies have annual premium tax credit benefits. Some policies provide cost-saving health insurance premium tax credits to policies purchased by families with at least one child or other specified health conditions.
- Go with the better coverage. Today there are several affordable care health insurance plans available in the market. The Health Insurance Marketplace, run by the Centers for Medicare and Medicaid Services, has several options, such as PPO (Preferred Provider Organization) plans and POS Plans. According to the Health Insurance Marketplace website, plans with this coverage “cover [s] nearly everything a family may need to get their health insurance through a hospital during an emergency.” These affordable care health insurance coverage plans can help you find better coverage if you do not want to go with a standard plan, or if you don’t want to spend more money for coverage.