Health reform was enacted into law in 2010, with the goal of making health care more inexpensive and accessible to more people in the United States. Many clauses are not set to take effect until 2014. Health-care plans have become cheaper as a result of current regulations, which have also increased coverage for preventative treatment. Here are five methods to save money on health insurance right now.
The first step is to get health insurance that allows you to lock in your prices. The majority of health plans allow you to lock in your rates for a period of twelve months, with others allowing you to lock in for up to two years. Look for a "rate guarantee" when shopping for health insurance.
You can browse around for a better rate after your insurance company boosts your monthly cost.
Second, consider purchasing a health insurance plan with a higher deductible. Most health insurance plans now have a high deductible for significant accidents or illnesses and a low cost for services that are used more regularly. Most high-deductible health plans still cover doctor visits, preventative care (physical exams, yearly checkups), and medications before the deductible is met. If you have a pre-existing medical condition and want to save money on your monthly premium, this might be the best option for you.
Because insurance companies normally allow you to raise your deductible without having to go through medical underwriting, this is a good option.
Third, there have been some adjustments to coverage since the passage of healthcare reform. In some situations, you may be able to receive the exact same health plan that you do not have via your insurance carrier for a lower price. If you've had the same insurance company since March 2010, see if they offer the same health plans that you do now. Then figure out if moving to a new health plan will save you money.
Finally, when looking for private health insurance, make sure to look for a plan that has the features you require. According to a recent poll, choosing a health insurance plan without maternity coverage saves the typical individual health insurance customer $77 per month. If you exclude benefits like maternity, which aren't necessary for a single man, you may save a lot of money on your monthly premium. Going without insurance or reducing your benefits may be preferable to having nothing at all.
Consider coverage with generic prescription drug coverage as a fifth strategy to save money on your health insurance.
Find out if you can acquire health insurance that doesn't cover brand-name drugs in your area. If you only use prescription drugs sometimes and don't want to go without coverage totally, you may be able to save money on your medical insurance. Most health insurance policies now provide you the option of having coverage for both brand name and generic medicines or only generics. If your doctor does prescribe a brand-name drug, there's a good chance you'll be able to purchase a generic version.
You may save money on your health insurance by following these five simple steps. The fact is that the cost of health insurance will continue to rise.
Making it a practice to shop for a new health plan every year will keep you informed about what is available on the market.