Did you know that about 44 million people in the United States don’t have health insurance? It’s no surprise that this number is so high because of medical insurance costs.
Medical insurance costs too much money for most people and costs continue to rise every year. The good news is you can be a savvy insurance shopper if you use the following tips to save on medical insurance.
Tricks to Help You Save on Medical Insurance
Who doesn’t want to save money nowadays? It seems like everything is rising in price including medical insurance which means we have to learn how to lower our costs in order to stay afloat when it comes to our finances.
1. Deductible
One way you can save on your monthly payments is by choosing a higher deductible. This is advised for someone that is healthy and doesn’t see themselves visiting the doctor’s office too often.
We don’t recommend increasing your deductible in exchange for a premium that is lower if you tend to go to the doctor often. In that case, it more than likely won’t make sense.
Keep in mind that raising your deductible can be risky because if something huge were to happen medically you can end up with high out of pocket expenses. This is why we recommend this if you don’t usually go to the doctor’s office to often and if you’re healthy.
2. Shop Around
When it comes to your health insurance you don’t have to settle on the first one you come across. You can shop around. Going through companies with agents that specialize in healthcare such as Medigap Life can help you compare and find the best option for you and your situation.
If we shop around for homes and new cars, health insurance is no different. There are myriads of options from PPOs to HMOs which can get confusing. You also have options of choosing your own physician or going with any they have in their network.
If this seems overwhelming or stressful then calling in the experts is best. They know the lingo and can advise you based on your needs.
3. Health Savings Account
Another way to save money is by contributing money from each paycheck to a health savings account (HSA). The good thing about contributing towards this account is that you won’t have to pay taxes on it and you can withdraw the money at any time.
Another pro about adding money to an HSA is that anything you contribute to the account rolls over to the following year if you don’t use it.
The money in your HSA you can withdraw at any time to pay for deductibles, procedures, and prescriptions. If you go for a higher deductible as mentioned above and you’re contributing to an HSA every paycheck, you will have peace of mind that you have money to cover your deductible in case of an emergency.
Although having a higher deductible can seem scary if you’re saving money tax-free through an HSA then you will have more peace of mind. On top of it, you will be saving on your monthly premiums which can add up.
4. Cut Back on the Unnecessary
You might have experienced going in for a symptom and the doctor wanting to do various exams for precautionary measures. Sometimes some of these exams you do not necessarily need. You have the right to ask your physician how necessary the exam or procedure is before agreeing to it.
By asking this you will open the door to possibly them recommending an alternative that will be more cost-effective and will save you money. Your doctor will also know that money is a factor for you which he can take into consideration and help you find ways to cut costs down.
5. Choosing Your Facility
If you are going in to see a doctor and your symptoms are not life-threatening then a visit to the emergency room will more than likely not make sense. Their rates are the highest and can drain your wallet.
If you have something like a cough you can go see your primary doctor or if they’re closed go into an urgent care near you instead of the emergency room. Make sure that you do your research and read reviews on local urgent cares and clinics because they’re not all the same.
Nowadays there are also telemedicine options which might be the most cost-effective in the case of a common cough, a stomach bug, or even the flu. Check if your primary physician offers any email or video consultations. This can save you a ton of money and time. You won’t have to make an appointment, wait for your appointment, and then take the time to drive there.
Some insurance companies also offer free phone hotlines 24/7 for you to call in and describe your symptoms. From there they will advise you if you need to visit an urgent care or not.
The point of choosing your facility to be seen is to not rush to the emergency room if you’re not dealing with something is threatening your life. Even a broken finger can be dealt with at an urgent care rather than the emergency room.
Happy Saving!
There you have it — 5 ways you can save on medical insurance. Now it’s time to apply what you learned and start shopping around to find the best health insurance to fit your medical needs.
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