With medical costs currently at an all time high, health insurance has become a necessity. Unfortunately though, many people feel as though health insurance is too expensive for them. The good news is that there are ways for everyone to both find and get cheaper health insurance.
Change your Behavior
Health insurance companies are leery to provide insurance coverage to individuals who chew tobacco or are smokers. Insurance companies know that these individuals may be prone to a myriad of health problems later on, including cancer, which will cost them money. If you are interested in getting cheaper health insurance, consider changing your lifestyle habits. Health insurance companies want people to engage in healthy lifestyles and your insurance costs will reflect that.
Increase your Deductible
Your deductible is the amount of money that you have to pay out-of-pocket in the event that you require medical care. The lower your deductible, the more money the insurance company has to pay for your medical bills. Conversely, the higher your deductible, the less money the health insurance company has to pay out for you. Just make sure to increase your deductible to a point that is affordable.
Consider a Health Savings Account
Cheaper health insurance can become a reality by using an HSA along with a high deductible insurance policy. A Health Savings Account (HSA) is a special savings account that you can use to pay for almost all medical expenses. This includes your co-pay, prescription medication, dental work, vision care and more. You can place money into these non-taxable accounts monthly and save money when you file your taxes in April.
Medicaid
One option to consider when looking for a cheaper health insurance policy is Medicaid. Many people assume that they are not eligible for Medicaid if they are working, but this is not true. Individuals and families who are considered low-income are eligible for Medicaid; the requirements for each state differ, but it is worth looking into. There may be other programs available to help people out financially so contact your local state office to enquire.
Comparison Shopping
You wouldn’t buy the first car you see and you shouldn’t sign up for the first health care policy that you find. Instead, take the time to research a variety of companies. Once you do, it is best to compare the premiums, pricing structures, co-pay amounts, etc. Try not to choose companies that you have never heard of before as they may not be very reliable. Also make sure to read reviews of the leading candidates to see how they treat their customers and handle claims.
No one wants to be caught in an emergency without health insurance, but for many it may seem as though finding cheaper health insurance policies is next to impossible. Do not feel discouraged, there are options out there for you – it may just takes a bit of research. The aforementioned are just a few ideas that can help you to be on your way to lower health insurance coverage.