10 ways to save on health insurance premiums
When health care costs go through the roof, joining health insurance is not a luxury, but a necessity. Here are 10 ways to sign up for personal or family health insurance and pocket hundreds of dollars a year.
1. Select an HMO plan. An HMO or Health Maintenance Organization is a health plan that assigns you to a network of doctors and hospitals that you should use for health care. Because of this, these plans are much cheaper than traditional paid service plans that allow you to use the care providers you choose.
2. Select the PPO plan. The Preferred Provider Organization (PPO) is similar to the HMO in that you are assigned to a network of doctors and hospitals. Unlike HMOs, however, we pay for medical care when needed instead of paying a fixed monthly fee. This plan is slightly more expensive than an HMO, but less than a traditional plan.
3. Select POS. A Point of Service (POS) plan combines the functions of an HMO and a PPO. Like HMO, it is assigned to a medical network, but like a PPO, you can see doctors or specialists outside the network. This plan is slightly more expensive than the PPO and less than the traditional plan.
4. Get a high deductible. If you decide to use an existing paid service plan, choose the cheapest deductible. The higher the deductible, the lower the monthly premium.
5. Consider a separate policy. Since age plays an important role in determining policy costs, the cost of purchasing separate policies for you and your family may be low.
6. Select your HSA plan. The HSA or Health Savings Account is a savings account and deductible health insurance account. Through this plan, you can put money in a tax deferred savings account that you use for your medical expenses. Because the HSA uses a high deductible plan, you will pay less than the plan with less traditional deductions.
7. Choose a special plan. These plans include:
* Hospitals and surgery plans to limit hospital costs and premiums.
Accident plans to visit doctors, surgery costs and hospital costs when injured in an accident.
* A specific disease plan that pays medical costs for a single disease such as cancer, heart disease or AIDS.
8. Stop smoking and lose weight. Smoking is a major cause of cancer and hundreds of thousands of people die each year, so premiums rise sharply. Overweight can add 50% to premiums. If you stop smoking and lose weight, you can save a lot of premiums.
9. Pay your premium online. You can save up to $ 5 a month by paying your premiums by electronic bill payment, credit card or automatic bank deduction.
10. Compare stores. The best way to save the most money on health insurance is to compare the rates of other companies. Visit the insurance comparison website to quickly and easily do this.
To get a quote, fill out a simple online questionnaire that includes health information and the type of insurance you want. Then you get a rate quote from a number of health insurance companies that compete for your business. It’s fast, easy and free.