Health insurance costs are ever rising. Many people have gone without health coverage in the given market situation. But you can still stay covered but at a reduced rate by following some simple tips of cost reduction. This write-up has discussed the ways one can reduce the cost of health insurance without sacrificing the coverage aspect.
Few tips to lower the expense on health policies
Check the coverage type: Check if you really need the coverage that you have. Some policies can have expensive riders which are redundant and can be dispensed off.
Switch to manage care plan: If you are currently on an indemnity plan, you may consider switching to a managed care where the cost would be much less even for the same level of coverage.
Consider a high deductible plan: Increasing the amount of out-pocket-expenses by increasing the deductible level can help in cost reduction. Look for Health Saving Account (HSA) qualified High Deductible Health Plans (HDHP). It is also said that high deductible plans would encourage people in using their health plans more wisely.
Look for state programs: States often have subsidized health programs to help with income constraints to receive health care. See if you too can get benefited from some of these programs.
Join group health insurance: Group health policies are cheaper than individual health plan. Also, group health policy providers can’t discriminate amongst the enrollees based on their health status thus making it particularly beneficial for people with health issues.
Join the wellness programs: Some health carriers would give incentives in terms of lower prices to people joining the wellness camps.
Adopt healthier lifestyle: Smokers and obese are required to pay more than the standard rates. Hence, by adopting a healthier lifestyle you can keep your health insurance costs under control.
Apart from these above points, one should also shop around for lower rates. Compare the costs of different carriers before deciding on the health policy. You can also contact an agent who can get you quotes from different health insurance providers.
READ MORE - 7 Smart steps to reduce your health insurance cost
Few tips to lower the expense on health policies
Check the coverage type: Check if you really need the coverage that you have. Some policies can have expensive riders which are redundant and can be dispensed off.
Switch to manage care plan: If you are currently on an indemnity plan, you may consider switching to a managed care where the cost would be much less even for the same level of coverage.
Consider a high deductible plan: Increasing the amount of out-pocket-expenses by increasing the deductible level can help in cost reduction. Look for Health Saving Account (HSA) qualified High Deductible Health Plans (HDHP). It is also said that high deductible plans would encourage people in using their health plans more wisely.
Look for state programs: States often have subsidized health programs to help with income constraints to receive health care. See if you too can get benefited from some of these programs.
Join group health insurance: Group health policies are cheaper than individual health plan. Also, group health policy providers can’t discriminate amongst the enrollees based on their health status thus making it particularly beneficial for people with health issues.
Join the wellness programs: Some health carriers would give incentives in terms of lower prices to people joining the wellness camps.
Adopt healthier lifestyle: Smokers and obese are required to pay more than the standard rates. Hence, by adopting a healthier lifestyle you can keep your health insurance costs under control.
Apart from these above points, one should also shop around for lower rates. Compare the costs of different carriers before deciding on the health policy. You can also contact an agent who can get you quotes from different health insurance providers.
