As a health plan broker, I've spent the last 23 years
helping people find affordable health insurance. Along the way I've
learned how to trim the price of health insurance without trimming the
quality. Here are a few of my secrets:#1) Don't be afraid to consider
plans with higher deductibles. Insurance, by definition, is protection
from serious financial loss. A good plan, even with a high deductible, can
give you that protection. As a bonus, many of these types of plans will
waive the deductible for routine office visits, routine physicals, and
generic drugs.#2) Take a look at HSA plans. In the last few years a new
type of plan has become available. These are called HSA (Health Savings
Account) eligible plans. They are low cost, high deductible health plans
that offer outstanding tax benefits. Any good health insurance company
offers them.#3) If you don't need maternity, drop it. You can lower your
premium by choosing a plan without maternity. And remember, for family
coverage, not everyone has to be on the same plan. To lower your cost you
can get a plan with maternity for the person who needs it and a plan
without maternity for the other family members.#4) A quick word about
basic, hospital only coverage: Caution. Yes, I know those super low prices
are tempting, but there is a risk. You can rack up huge medical bills
without ever stepping foot in a hospital. That being said, if that's all
that's affordable at the present time, it's better than nothing, and you
can try to upgrade when finances allow.#5) HMO's vs. PPO's. Many people
think that HMO's are cheaper than PPO's but usually that's not the case.
If you're looking for good quality insurance at the lowest possible price
and you don't mind a higher deductible, then a PPO will be cheaper. If you
want the richest benefits possible with little or no deductible, then you
might consider an HMO. Remember, though, an HMO is less flexible and there
are restrictions on which doctors you can use.#6) Get some help. In your
quest for affordable health insurance, sometimes it helps to talk with a
professional. Make a few phone calls. Find an experienced, friendly health
plan broker that offers several different companies. It won't cost you
anything (we're paid by the insurance carriers), but it will probably save
you time, money, and frustration.
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