Sometimes it takes a bit of hard work to save money. Finding a cheap health insurance plan is no exception. However, there are a few tips and tricks that can help to reduce the amount you pay every year for health coverage.
An easy way to reduce your health insurance premium is to increase your deductible. Although you will ultimately be responsible for more out-of-pocket costs if you should happen to require small procedures or need to visit the emergency room, if you are generally healthy, increasing your deductible can shave large percentages of money off of your premium payments.
You also need to make sure that your health insurance plan includes doctors that you normally visit. The reason you want to do this is because health insurance providers will cover larger amounts of your healthcare costs if the doctor you visited is a member of the provider’s network. Health insurance will usually cover a certain amount of healthcare costs if you visit doctors who are outside of the preferred healthcare provider network of the particular insurance company, but your savings are significantly increased if you visit a network doctor.
If you don’t already, you might want to consider landing a job that supplies health insurance. It’s easier said than done, of course, but employee healthcare coverage plans are often better than what you would be able to get as an individual, especially as you grow older.
You shouldn’t follow any of these tips, however, unless you are willing to compare health insurance plans and premium costs from different providers. Call providers for customized quotes or do a bit of shopping online to determine which provider will allow you to pay the lowest premium. People are often surprised to learn that the cost of premiums for certain policies can be up to 50 percent more or less expensive, depending on the provider. Also, if you are already insured, don’t be afraid to switch providers if another insurance provider can offer you the same policy for less money. It doesn’t make any sense to pay more money for a product or service that is cheaper somewhere else.
Finally, don’t be fooled by ultra-low premiums. While plans with the lowest premiums might seem like the most cost-effective option, these plans might be extremely limited and might not offer the services that you need most. Paying a little extra each month to have a larger network or prescription, dental and eye benefits will likely save you money in the long run.