Health insurance is becoming more costly each day. But the good news is that you can save up on health insurance in many ways without having to sacrifice the basic needs of your healthcare coverage. Being an well-informed shopper will allow you to find the best and affordable health insurance company and plan that matches your needs as well as your budget. If you are not cautious, you may end up compromising some fundamental benefits – you must be sure that if you become seriously ill, you’re completely protected. With a lot of priorities vying for your hard earned bucks, clever saving tips can make a difference in every part of your financial life. Listed here are 8 ways to save up on health insurance.
1. Increase out-of-pocket limit
Purchasing a health insurance plan with higher deductible can significantly reduce you monthly payment. If you’re able to afford to pay out-of-pocket medical expenses like the occasional co-payment or things such as corrective shoes, eye glasses, or routine check-ups, then doing so could reduce your monthly premiums substantially. This will still leave you covered when it comes to unexpected health conditions that are usually the most expensive to handle. A higher deductible met in HSA (Health Saving Account) plans will decrease your costs but it will also increase your financial accountability if something bad happens to you or your loved ones. You do not pay taxes on the dollars getting into an HSA, funds multiply tax deferred, so that you can utilize the cash tax-free to cover qualified medical costs.
2. Choose the right facility
If your condition is not really life-threatening, then don’t visit the emergency room (ER). Most of the non life-threatening issues, for example allergic reactions, minor burns and animal bites can usually be treated at an urgent care center, where your expenses would be similar or marginally more than what you would pay for visiting a doctor. This will help you save a lot of bucks over the ER. Emergency urgent care centers offer medical services on walk-in basis. They not only charge relatively lesser for treatments, they are also less likely to demand unneeded tests. This is the time to see what urgent care centers are in your insurance plan’s network, what type of treatments they provide and when they are open. Also make sure to see where your nearest in-network ER is and whether it’s doctors and other professionals are in your network.