According to the Foundation of Kaiser Family, only half of Americans have health insurance plans that are offered by their employer. With many people losing jobs and employers cutting back on expenses, Americans are losing their health insurance, leaving many people unable to afford basic coverage. If you are considering getting your personal health insurance, always remember that your life might decided by the plan you will choose. Getting reliable health insurance from a quality provider sounds like a great idea, but the costs are always a factor in the equation. Follow these steps to save big on your next health insurance plan:
I. Review Your Coverage Annually
Health insurance rates (and coverage information) are constantly changing. To save money, you should review your coverage on an annual basis to be certain that the company and plan that you have is offering you the most competitive rate in the market.
II. Group Premiums are much Lower
If the company you are working for is offering you a health insurance plan, chances are that it is going to cost you less than if you both one individually. Companies are able to work out group rates which lower the average payment.
III. Increase the deductible
Increase your deductible on the health insurance plan you are planning to purchase. You will pay more before the insurance kicks in for health insurance needs, but if you can afford to do this, you can cut your premium payments down considerably. An increase of $1000 on the deductible costs translates to about $500 in yearly premium savings.
IV. Stay Healthy and Active
Try to maintain a well balanced diet and exercise regime. Quit smoking. Health insurance companies will charge you more in premium costs if you have high blood pressure, diabetes, and have weight problems, Improve your health and you may be able to save a considerable amount of money. This is a win-win for your wallet and health! Quitting smoking can save you around 25% on your insurance costs.
V. Flexible Pay
Enroll in your employer’s flexible spending plan. A flexible spending plan allows you to direct a certain amount of pre-tax dollars from each pay check into an account that you can submit claims against. Depending on the rules of the medical flexible spending account, you submit receipts for things your health insurance doesn’t cover (co-pays, certain over-the-counter medications, certain medical devices) and get reimbursed up to the maximum contribution you elected.
VI. Shop Online and Compare Quotes Side by Side
Visit an online insurance agency and sign up for free quotes by providing a few details. You can then access the quotes from several companies with one click and find a plan that is better for you at a cheaper price.
Have an online shopping success story for health insurance? Talk about it!
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