Everyone knows that health care is one of the very expensive things in the country today.
With this high and rising costs, it is very necessary to get health insurance.
To get lower rates we need to amongst other things compare health insurance rates.
We will here give some ways to help us make savings in our medical insurance policies.
For those seeking the very cheapest health plan, choosing a Health Maintenance Organization (HMO) would be your best.
An HMO is an organization that forms a network of doctors, hospitals and other health providers.
As a member of this network, you are entitled to the services available within this network at a much cheaper rate.
Any treatment gotten from a health provider outside this network would not be covered in this plan.
For a slightly higher plan but still cheaper than the traditional health plans, you could go for a Preferred Provider Organization (PPO).
This organization is similar to the HMO in that you are assigned to a network of doctors and hospitals.
The difference is in the fact that you pay for your health services as you get them or need them and not the monthly payments in a HMO.
This plan is bit costlier than the HMO plan but like I said, cheaper than the traditional plans.
There is another plan you can look at for a slightly different option.
The Point of Service plan (POS) is a plan similar to the PPO since you are assigned to a network of doctors, hospitals and other medical service providers and you pay as you need medical service and not monthly or annually.
In this plan, you can see a doctor or specialist outside of your network.
Your health needs are more covered here but you pay more.
If you have a traditional health insurance plan, you can save by doing the following: Raise your deductible significantly and if you have co-payments running on your policy, cancel it.
Pay for your visit to a doctor and prescription drugs from your pocket and leave your insurance for the major health needs.
You would by doing this seriously reduce your premium.
Get a Health Savings Account.
A Health savings account is an account that allows you put money into a savings account that is tax free.
You use these funds for medical expenses.
An HSA plan uses a high deductible health insurance plan which means that you get to pay far less in your premium than you would if you had a low deductible.
Your savings starts from when you compare health insurance rates.
if you did not get quotes and did not compare health insurance rates, then you are likely paying more than you could on your medical insurance plan.