How to Save on Health Care Insurance
- 1). Call your insurance company to raise your deductibles. The higher the deductible, or out-of-pocket costs you must pay before the insurance starts paying, the lower the monthly premium. A high-deductible health plan is a good savings choice if you are healthy and rarely use medical services. Also, with a high-deductible health plan, you will have the option to open a Health Savings Account to input dollars that can grow through investment if unused.
- 2). Apply and sign up for a health maintenance organization (HMO) plan. You can do this by calling the HMO or applying on the website. HMOs have lower monthly premiums and co-pays than other types of health insurance plans. The primary limitation of an HMO is that you must visit doctors and hospitals in the HMO provider network. The HMO will not pay for visits outside of its network. This option works well if your doctors are in the HMO network. A search on the carrier's website will list in-network doctors.
- 3). Meet with an insurance agent who can locate savings for you. Find a reputable broker through the National Association of Health Underwriters and have her locate several affordable health insurance plans. A licensed agent sells several different insurers' plans and might have knowledge and information about savings that you do not.
- 4). Call your health insurance company to sign up for wellness and condition management programs as your employer might offer incentives for participation. Incentives can include premium reductions, lower out-of-pocket costs and dollars deposited into a Health Reimbursement Account (HRA). HRAs are accounts set up by your employer where the employer deposits dollars to be applied to incurred health care costs. In addition, completing these programs will lead to better health and therefore lower health care costs.
- 5). Look at government options such as Medicare, Medicaid, Children's Health Insurance Plans and other state-sponsored plans. For instance, if you cannot obtain health insurance due to pre-existing medical conditions, you might qualify for a state-sponsored plan. Use the tools on the government website, Benefits.gov, to assist you in determining eligibility for any federal or state health care plans. Provide information such as your income and age on the site.
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