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Health Insurance Savings: How to Save on Health Coverage
by : Megan L. Mahan
Health Insurance Savings: How to Save on Health Coverage
According to a recent Kaiser Family Foundation-sponsored survey,
health premiums have jumped 73 percent since the year 2000,
outpacing the rate of inflation by 3.5 percent.
To handle these rising costs, employers are shifting more
healthcare costs to employees-causing employees to dig a little
deeper to compensate for deductibles, office visits and
prescription drugs. And, worse yet, some companies are
eliminating the benefit altogether.
The Good News
If this strikes a chord with you, you're not alone. The upside?
You don't have to take health coverage hikes lying down! More
and more consumers are learning that there are ways to maintain
adequate health insurance without breaking the bank.
You can deflate your premium by doing the following:
Shop around. Even if your employer offers group coverage,
you may be able to get a more affordable rate through a separate
insurer. Compare multiple prices and policies to find a policy
that protects your health--and your wallet.
Increase your deductible. Increasing the amount you pay
out of pocket before your insurance kicks is a great way to see
a colossal drop in your premium. Just remember to choose a
deductible you can afford so as not to jeopardize your finances
if you need to file a claim.
Ask about discounts. You may be eligible for discounts
on health coverage if you belong to certain groups or
associations. Ask your insurer about their discount programs and
eligibility requirements.
Omit extra coverages. If you find yourself in a
financial bind, you can usually drop extra coverages like vision
and mental health without great risk or complication. You can
reinsert these coverages once you are more financially
comfortable.
Check into other group coverage. Alumni associations,
fraternal organizations and professional groups are often
eligible to purchase small group policies. Contact your
affiliated organizations to see if there are any savings from
which you can benefit.
Other Options
If you've exhausted the tips above and are still financially
unable to purchase health insurance, it's important to remember
that there may still be options available to you.
Many state programs have recently expanded their eligibility
requirements for state-assisted care, making it easier for
consumers to find individual and family health coverage. To
learn about the programs and eligibility requirements in your
state, contact your local division of insurance.
As the cost of health care continues to rise, health insurance remains a
key component to sustaining your access to proper medical care.
Use the tips above to maximize your health coverage-without
draining your bank account!
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About InsureMe
InsureMe, an Englewood, Colorado-based company, links agents
nationwide with consumers shopping for insurance. Specializing
in auto, home, life, long-term care and health insurance quotes, the
InsureMe network provides thousands of agents with insurance leads every
year. For more information, visit www.InsureMe.com.
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