26 ways to save money on health insurance
TRANSCRIPT
Raise Your Annual Deductible
Most health insurance companies today offer plans which include an
annual deductible. This is an amount you need to pay prior to the
insurance company paying for medical treatment. So as to not
discourage unwise medical behavior, many annual deductibles do not
include preventative medical treatment like an annual physical.
BE CAREFUL: Annual deductibles can apply to your entire family or each
individual on the plan. Large annual deductibles for each member of
your household can add up very fast.
Shop Around
Every health insurance company bases their rates with different emphasis on varying factors. For this reason, one
insurance company is not likely to have the cheapest price for everyone. The only way to find the most appropriate company for yourself is to speak with
as many insurers as possible. Try SunGate Insurance to identify the most popular health insurance companies in
your region and give them a call directly through the website.
Compare Your Spouse’s Options Annually
If your family is in the fortunate circumstance of being able to
choose from two employer provided health insurance plans, make sure to take time annually to decide which
offers the most coverage. Don’t assume one insurance plan provides more comprehensive coverage this year because they have in the past.
To save on expenses, many employers are scaling back on the
coverage they provide to employees. You might even consider purchasing
coverage from both options.
Quit Smoking
Easier said than done right? If you’re considering quitting,
consider reaching out to your health insurance company first. In addition to finding out how much money you’ll save, many health
insurance companies offer support or plans to help you quit smoking. It’s not easy, but more and more
Americans are successfully quitting every day!
Get an Annual Physical
Since early detection is often the best prevention with any disease, many insurance
companies offer incentives for getting an annual physical. Many
others cover preventative healthcare like an annual
physical at 100%. Even if you’re in perfect health, getting an
annual physical will only reinforce your healthy lifestyle
and decisions.
Join Health Programs Offered Through Your Carrier
Over the years, health insurers have found the best way to save money is to keep their customers healthy. For this reason many are embracing the
prevention mindset by offering clients various programs toward
healthier lifestyles. Pay close attention to the details of your
annual health insurance plan and you might find certain financial
incentives for joining a weight loss, healthy eating, or exercise plan.
Use Higher Deductibles With a Health Savings Account (HSA)
A health savings account is a special feature available with most
employer provided health insurance plans. It allows you to set aside a certain amount of money for the year to be spent only on health
related expenses. The advantage is that this money is not taxed by the
government. Many people are coupling a high annual deductible
with the same amount of money set aside in a HSA. BE CAREFUL: In most
cases, money set aside for a HSA needs to be used within the year so if it does not get spent on medical
expenses, it is lost forever.
Separate or Join Policies in Your Home
Many people assume having the entire family under one plan is the
cheapest option and this is not always the case. In certain
situations, for example one high-risk individual with many low-risk
individuals, it may make sense to purchase more than one plan for the entire family. The converse may also
be true; combining currently separate health insurance plans may
also yield the highest savings. It’s best to speak with a licensed
professional in your state when making decisions like this.
Look Into State-Sponsored Options
Depending on your situation, there may be many different options available to you. In
almost every situation where there is no private healthcare
available, children under the age of 18 can be covered under a special type of government
sponsored healthcare.
Lose Weight
It’s true, many health insurance plans charge more premium for
clients who are over their preferred weight class. Weight can even be a
reason to be denied health insurance from certain carriers. In
addition to saving money, maintaining an ideal weight will keep
you away from the doctor more often and save time, money,
aggravation, and frustrations in that facet.
Consider COBRA Alternatives
While COBRA is often a good deal for individuals who recently left their
job and lost their health insurance, it’s not always the best option.
There may be government options available for you, Google your state
department of insurance to do more research.
Raise Your Co-pay Amounts
Co-pays are different than deductibles. While a deductible is a set amount you must pay before the insurance company steps in to pay, a co-pay is a percentage of treatment
cost you are responsible for with each treatment. Obviously
accepting more responsibility for the costs incurred with each medical
appointment will lower your insurance costs. BE CAREFUL: While high co-pay amounts may seem like a wise choice to reduce insurance
costs, make sure your plan has some limit to out-of-pocket expenses you
can afford.
Reassess Options Annually
Even if you are staying with the same insurance company your employer has provided year after year, many options available to you can change
year after year. It is a very wise investment of time to carefully
understand your insurance each year to ensure it’s proper utilization
throughout the coming year.
Keep Accurate Medical Records
In certain cases, failure to provide accurate medical records for yourself may result in your health insurance
company being unaware how insignificant your prior treatment
may have been. Because of this they may raise your premiums or even fail to write your policy. Especially if you
have successfully treated and overcome any type of illness, it’s
important to keep records indicating such.
Consider Enrolling in the Medicare D Prescription Plan
Even with Medicare provided by the government, the costs of
prescriptions can be excessive. For more information in your state check
out this link.
Change Your Lifestyle
Of course losing weight and quitting smoking will make you healthier and can save on health insurance, but so
can many other elements of your lifestyle like alcohol consumption,
risky sports like skydiving and hang gliding, and even your eating habits.
Maintain Constant Coverage
Gaps in insurance coverage make insurance companies very hesitant
because they don’t know if you may have incurred any illnesses or
injuries during the period of no insurance. If you lose your coverage, seek out other options like COBRA or private health insurance and prevent
yourself from losing coverage for even one day.
Join a Chamber of Commerce
If you’re without a job and looking for insurance from an independent health insurer, you may be better
able to find a group plan option by joining a chamber of commerce. Of course, you’ll have to start your own business, but there are a number of
different side-businesses you can start with little or no capital
investment.
Be Less Flexible
Your current health insurance plan may be charging your extra based on
the flexibility of your provider options. Generally, the more specific
a health insurance company’s treatment provider options, the easier it is for them to manage
expenses and that savings can be passed on to the consumer. BE
CAREFUL: Before switching to an insurance plan that limits your
provider options, make sure you would be satisfied with the options
available.
Consider the Big Picture
Any time you’re shopping for insurance it can be tempting to look for the cheapest possible premium and buy it. Insurance is like many things in life, the less you pay, the
less you get. Always take the time to make sure anything you’re passing
up to save on health insurance costs will not turn around to bite you
throughout the year with expenses.
Join The Farm Bureau
It might be a stretch, but if you may be able to find insurance coverage
by becoming a member of your state’s farm bureau. You don’t need to be a farmer, and can often join by
paying an annual membership of under $100. Being a member of your regional farm bureau can
provide discounted group health insurance depending on your
location. Click here to learn more.
Look Into Private Insurance
Just because your employer provides health insurance benefits, doesn’t mean it’s the best option 100% of the time. In general, group plans
provided by an employer will offer the best benefits and prices, but that
doesn’t mean it’s not worth researching. If you can find a better
option through the private health insurance market, see if your
employer will give you directly some of the money they would have paid
into your health insurance.
Get Student Health Insurance
Being a student at a university can often open up options for health
insurance that would be unavailable to you as an individual. The number
of credits required may differ depending on your location and
university, but if you currently don’t have insurance it may be worth
reaching out to your student services department.
Adjust Your Prescription Coverage
There are often options available with how your prescriptions are
covered that will allow you to save money. Some plans offer discounts
for ordering your prescriptions in bulk online. This also saves you the
hassle of going to the pharmacy. You may also consider purchasing a
separate prescription plan to supplement your current insurance if
you have very high prescription costs.
Relocate
Perhaps impractical for most, but moving to regions of the country with less expensive medical costs can certainly reduce your costs for
coverage. Compare medical costs of two different cities here.
Visit SunGate Insurance Agency
Our agency makes it so easy to get in contact with the top health
insurance companies near you.Just go to http://
www.SungateInsurance.com/ We make health insurance shopping so
easy, you’ll need to find another way to spend your entire weekend
besides shopping health insurance companies.