Most people scoff when they hear the words “affordable” and “health insurance” used in the same sentence simply because it is almost impossible to find affordable health insurance in recent times. However, it is not impossible to find health insurance that can be more affordable than others. The key is making sure that all the research is done and that every possible way of saving on the policy has been included in the quote.
Why Insurance is Skyrocketing?
The number of people who are living without any health insurance has reached astronomical numbers. This puts a great burden on society as many of these uninsured people turn to emergency rooms for their medical treatment and the hospital is left holding the bill. This causes doctors to raise their premiums and the chain reaction begins. Health insurance companies have begun switching their plans from comprehensive coverage such as HMOs and moving towards higher deductible plans and HSAs (health savings accounts). These changes have increased the cost of medical care and left many people unable to afford health insurance and health care. The good news is that there are ways to save money on health insurance and some ways to shop for health insurance that should lead to savings.
Research
Before purchasing any health insurance policy it is important that every possible option is explored. There are websites that will allow for all pertinent information to be entered that will then return multiple health insurance options and the prices for each. Regardless of whether or not the insurance is purchased on line, this is a great way to get an idea of how much the policy will cost.
COBRA
If insurance is available through an employer and the job is suddenly terminated, for whatever reason, the employee has the option of continuing the coverage as long as they pay the monthly premium. This may seem expensive, but when compared to starting a new policy, many people find this a good option.
Increase Deductibles
One of the easiest ways to get a lower quote on health insurance or even reduce the cost of existing health insurance is to increase the deductible. This is the amount of money that is spent out-of-pocket before the insurance kicks in and starts paying. While this may make it slightly more difficult financially if an illness occurs, it will help reduce the cost of the health insurance, making it more affordable for the family to purchase.
Group Health Insurance
This is an option that many people overlook. Any group or club with enough members many be able to qualify for a group discount with a health insurance provider. Every state has different requirements that must be met in order to get group discounts on health insurance; however, it is worth investigating.
Eliminate the Extras
When asking for quotes on health insurance, only pick out those features that will be used. If there are areas of coverage that are not ever going to be used, ask if it will decrease the cost of the policy if they are removed. For example, maternity coverage doesn’t need to be on a policy for someone who is unable to have children and substance abuse coverage doesn’t need to be part of a policy for someone who has no vices.
Current health insurance holders should go over their policy carefully to determine if there are areas of coverage they can eliminate that would help save them money. A qualified insurance agent should be consulted to help check the policy.
Stay Healthy and Vice Free
Insurance companies are in the industry to make money and if they are continually paying medical bills for people they are losing money. This is why they are willing to offer steep discounts to people who are healthy and vice free. During the questioning process of applying for health insurance, the questions will most likely cover things like weight, smoking, drinking and medications that are currently being used.
If the applicant is within their normal weight guidelines with no smoking or drinking habits and they aren’t on any regular medications, chances are good that they will get a much better policy premium than someone who is overweight and has many vices. This is a great incentive to get healthy and stay healthy. Health insurance companies recognize the savings that healthy people offer the industry and use them to balance the amount of money spent out on people who visit the doctor and hospital on a regular basis.
Finding affordable health insurance takes time and some effort on the part of the person who needs the insurance to live a healthy life. It is best to get several quotes and compare the cost and what each one offers before making a decision on one. Health insurance is an important tool that everyone needs to have, particularly as they begin to age.
