Health insurance is a major concern for people all over the country. We want to make sure that our medical needs will be covered, but we often have trouble coming up with the money to do so. Insurance can be very expensive, and those who don’t receive benefits from their employers are often left out in the cold with regards to health coverage. However, it doesn’t have to be so. Consider these easy ways to lower your cost of health insurance and get the coverage you need.
-Opt for an Increased Copay
Under most insurance plans, you will pay a nominal fee on your medical expenses, while your insurance provider picks up the rest of the tab. One easy way to lower your insurance premiums is to opt for a higher copay. When you’re willing to pay a little more out of pocket for your medical expenses, your insurance provider will be able to offer you lower rates. Consider whether an arrangement such as this can lower your overall cost of healthcare.
-Choose a Higher Deductible Plan
Another easy to way to lower your health insurance rates also involves volunteering for higher out-of-pocket payments in exchange for lower premiums. Insurance companies love a customer who is willing to pay more. When you increase your deductible, you volunteer to cover your own medical expenses up to a higher price, after which your insurance provider will come in to cover you. This means that you may have to pay for smaller expenses yourself, but your premiums will be reduced in turn. Again, this is not an arrangement that works for everyone, but it is often a great solution for healthy people who want health insurance as their safety net.
-Drop Any Unneeded Coverage
Take a careful look at your current insurance plan, and you may find that you’re paying for coverage that you don’t need. Insurance policies can be dense and complicated, and they are often designed to sell you things you won’t necessarily use. If you’re under a policy that includes prescription medication coverage, maternity benefits, or other options that you may not necessarily need at this time, consider dropping them for a more affordable plan.
-Start a Health Savings Account
If you opt for a high deductible insurance plan, then you are eligible for a great healthcare benefit. Health savings accounts allow you to make tax free contributions to an account that is reserved for healthcare expenses. The lower premiums of a high deductible plan combined with the option of saving in an HSA make this an attractive option for many people seeking low cost health insurance. Consider this as one of your options.
-Quit Smoking
Of course, many people will argue that this is not easy in the slightest, but quitting smoking will do wonders for your health insurance rates. Smokers are at higher risk for a number of health problems, which makes them more expensive to insure. If you quit smoking today, you will be able to take advantage of the lower health insurance rates enjoyed by non-smokers everywhere. For both your health and your wallet, quitting smoking is a great step to take in your life.
