Five Tips to Save You Money on Health Insurance
by admin on 22/08/09 at 11:10 am
Health insurance costs are eating up an ever greater proportion of the average American’s take home pay. While Congress may or may not solve the health care problem in the next year or two, there are steps you should be taking right now to save on your health insurance expenses.
Here are five tips to save you money on health insurance:
- Compare all the costs between plans. Just because a health plan might be offering lower rates, make sure you understand what the tradeoffs are. Will you have higher co-pays? Are some essential services not covered? Think about how you are likely to use the plan’s services and whether they meet your needs.
- Buy prescriptions through mail order pharmacies. Unlike brick and mortar pharmacies, mail-order pharmacies allow you to buy a 90-day supply of your prescription medication for the same co-pay you would pay for a 30-day supply. This can save you a lot of money over the course of a year.
- Raise your deductible. The size of your deductible can make a huge difference in your monthly health insurance premiums. If you are young and healthy, consider increasing your deductible as high as $5,000. Yes, $5,000 is a lot to pay out of pocket, but if you rarely need medical care you can more than make up for it with lower payments.
- Participate in your employer’s health plan. If your employer offers a health plan, take it. In most cases you will be paying significantly less than if you try to obtain insurance on your own.
- Get an emergency medical endorsement. If you are going to high deductible route, many health policies will allow you to add emergency medical coverage for which your deductible won’t apply. So if you break your leg and need to be hospitalized you won’t be out of pocket that $5,000.
No matter how much health insurance may be costing you now, there are ways to be a smart consumer and save. Just don’t take the option of not buying health insurance.
