The issue of health insurance costs – which are continuously increasing – is one of the top issues concerning U.S. citizens. Just a quick look at the monthly expenses of an average American reveals that a shocking amount of them are based on insurances and health care. So the main question on everybody’s minds is: how can we make our insurances more affordable?
As you already know, 2018 is a year full of changes especially when it comes to government health care plans and taxes on most social aspects. However, these 10 tips listed below will help you reduce your insurance costs regardless of how the law changes.
1. Which is the best healthcare insurance plan?
The no. #1 rule when it comes to choosing the right health insurance is to never get a health plan based on its price tag. Strange as it may seem, lower, premium offers will make you pay far more than the others on the long run.
If you get a high deductible policy, for example, you will pay less in premiums – but in a claim, you’ll pay much more because of the deductible. Of course, if you and your family are perfectly healthy and have a reduced risk of accidents, a lower premium with high deductible is perfect! If something happens, though, you will end up paying so much more.
Bottom line: Spend extra time researching health care offers and choose the one that matches your family’s health needs and risks. Although it doesn’t seem like the cheapest option, it will be on the long term.
2. Is a health insurance broker actually good for me?
Today’s marketplace is a jungle filled with both good and dangerous offers in terms of insurances. However, studying healthcare insurance plans can get very confusing especially for a person who is not familiar with all of the options.
The reason why health care insurance brokers are so good is that they don’t work for insurance companies. They work for you. This means that they are highly determined on finding the best offer you can take advantage of, both financially and personally.
They will be in a position to explain differences in types of plans, like HMO and PPO so you don’t have to figure things out on your own. A good health insurance broker can compare your wants and needs to what you can get for your budget.
Bottom line: If you have the financial possibilities, a health insurance broker considerably increases your chances of saving money on the long term because he works for your benefit only.
3. How can I manage my healthcare costs efficiently?
As recent studies have proven, there is a shockingly high rate of error when it comes to medical billing. Although you may not think this is your problem if you have health insurance, consider that you are often paying a percentage of your medical bills through copays, coinsurance, and deductibles.
Whenever you review your medical bills, it’s best to ask for a billing system that includes supplies, medications and procedures you will pay for. This way, you’ll be more likely to avoid paying for unnecessary things.
Bottom line: Asking for an itemized medical bill allows you to pay only for the services that were actually used for treatment.
4. Alternatives to traditional health insurance options
Classical healthcare insurances aren’t the only way you can take care of yourself and your loved ones.
What many people don’t know, for instance, is that they may be eligible for group insurance-type benefits through member associations. Instead of thinking these plans are only available to a certain category of U.S. citizens, you should look them up because they may be just what you need. If you want a youthful brain , for instance, you should search for the right offer for that matter.
“Ask for help. Hospitals in particular may have programs to help you if you are faced with a large bill you may not be able to pay. There are also organizations, some disease-specific, that offer financial assistance and scholarship programs.” – Cailtin Donovan, National Patient Advocate Foundation
Bottom line: Many of the options available on the market right now may be right for you, but hidden from you. Do your research because knowledge is power!
5. Understand the basics of a health insurance policy
It may seem pretty simple, but studying and truly understanding the terms of a health insurance policy will save you the trouble of paying extra cash without needing to.
As long as you don’t have an insurance broker who will help you choose the best offer, it’s best to take your time and do your homeworks. When evaluating your health insurance choices, shop around and compare the copay, coinsurance, deductibles and other factors like lifetime maximums.
Bottom line: Not having a health insurance broker gives you the benefit of studying more efficiently so that you can get the best offer for your loved ones.