As health care costs continue to rise, everyone is looking for recommendations to reduce medical insurance premiums. Read on for six ways you can lower your health care costs now.
1. Switch to an HMO or PPO Policy
If you currently have a traditional indemnity policy, switch to a Health Maintenance Organization (HMO) or Preferred Provider Organization (PPO) policy. You'll have to choose your health care providers from an approved list, but in return, you'll pay much lower monthly premiums. HMOs and PPOs often include plans that offer dental and vision coverage too.
2. Raise Your Co-Pay and Deductible
The co-pay is the amount you pay for office visits, while the deductible is the amount you pay toward medical bills before the insurance company begins paying. Increasing your co-pay and deductible will decrease your premium. Just make sure you can afford the co-pay at every visit and that you will be able to cover the deductible.
3. Improve Your Health
Your insurer may require you to undergo a physical or answer a questionnaire about your health. Non-smokers who maintain a healthy weight, limit their alcohol consumption, and exercise regularly will pay far lower premiums than someone without these healthy habits. So incorporate healthy habits into your lifestyle and watch your medical insurance premiums go down.
4. Find a Group Policy
Individual insurance always costs more than group insurance. See if you can find a group insurance policy you can join. Possibilities include credit unions, professional organizations, and service clubs.
5. Consider Catastrophic Coverage
If you're young and healthy, consider a catastrophic coverage policy. Such a policy has a very high deductible, which means you'll pay for your everyday health expenses. However, the catastrophic policy will protect you in case of an accident or serious illness.
6. Shop Around For the Lowest Prices
Medical insurance premiums can vary by hundreds of dollars from one company to another. To ensure that you get the best rate, take time to comparison shop. Insurance comparison websites are a great way to get quotes from multiple A-rated insurance companies quickly and easily.