When you are seeking affordable health insurance, you want to make sure that you have great coverage at an affordable monthly payment. Here are 5 secrets that can help you save money by making your health insurance and overall healthcare costs more affordable.
1. Get a discount health plan. The way this works is simple – you pay a little every month to get 20-40% discounts on the services you are provided when they are needed. Physicians within a discount health plan network have negotiated lower prices for office visits, checkups, and other medical procedures. So for example, if you have a medical procedure that costs $500, you will only have to come out of pocket for $300-400.
2. Start a Health Savings Account. A health or medical savings account (MSA) works like a bank account allotted to take care or medical expenses. First, you choose a healthcare plan with a very high deductible. This can range from $1700 to $2650 for an individual and $3500 to $5250 for a family. With a health savings account, you or your employer can deposit up to 75% percent of your deductible amount into it. The funds are held by a bank or your insurer and this money is free of income tax. Whenever you have a medical expense, your MSA can take care of your deductible. Your MSA can also be used to cover expenses that would not usually be covered by your insurance plan, like cosmetic procedures for instance. This account can be carried over between employers and can collect interest over time. It is important to note that this money can be used for non-medical expenses, however if it is, you will have to pay tax on it.
3. Drop maternity coverage. If you are not of child bearing age, or do not plan on having children at all, you may want to consider dropping your maternity coverage. Some plans do have an insurance rider that you can add on should you become pregnant, but it is not necessary to have that coverage in your plan the entire time. Maternity coverage can cost an additional $2500 a year so if you do not foresee a pregnancy happening, you could drop this coverage to save some money.
4. Check with your church. If you are a part of a congregation and there are several of you that are uninsured, you and your church members may be eligible for a group healthcare plan. The advantage is that most times group healthcare plans are cheaper than individual plans. You may find that you are not only helping yourself save money with a group plan, but other uninsured individuals just like you that are in need of affordable health insurance can save money too.
5. Use the power of the Internet. In our technology age, the world is literally at your fingertips. You should not have to settle for any insurance plan that does not meet your needs completely. Affordable health insurance plans are out there, and many plans can be customized to fit your life and lifestyle. There are websites ready to give you personalized quotes that you can compare for the best rate. Do not feel rushed or pressured into choosing something that is not right for you.