Saving Money on Your Health Insurance

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saving money, health insurance, frugal living

The following is a guest post. Enjoy!

Saving Money on Your Health Insurance
 
Healthcare is an understandably divisive issue at the moment, with healthcare reform still causing controversy at the government level and the current financial crisis making it more and more difficult for people to afford their policies. One thing people can do regardless of their political affiliations or financial situation is find ways to save on the cost of healthcare, and here we take a look at a few ways to cut costs.
 

Get Expert Advice

 
Firstly, speak to an insurance agent. They understand the market and know what’s available and should be able to find you a policy that matches your needs. They occasionally will have access to certain plans from insurance companies which aren’t freely available, so they could save you money if it’s a good match.
 
They can also discuss add-ons that many people neglect to consider, such as dental or vision cover and seeking out sites who can give you the best information on the different levels of cover such as basic, standard and comprehensive. While these won’t be necessary for everyone, they can be beneficial in the long run and could save you money in the future.
 

Getting the Right Policy for Your Circumstances

 
Choosing the right plan is vital if you’re looking to make substantial savings. The cheaper of the two main policies available in the USA is an HMO (Health Maintenance Organisation) policy, however if you’re looking to use a doctor that’s not in the insurers preferred treatment network, the costs can mount up. If the network provides quality facilities close to your home, then this is the type of plan you should consider, however if they’re not suitable or you’d prefer to see a certain doctor, then it might be worth looking at a PPO (Preferred Provider Organisation) plan.
 
A PPO is a bit more expensive than an HMO, but it can be more cost effective if you insist on visiting an out-of-network facility. Customers who opt for this type of plan are also entitled to open a Health Savings Account, which can be used to save money tax-free to put towards any medical expenses which they may incur. Many people save a substantial amount of money each year using these accounts.
 
The internet is a massive help when trying to source policies, with many sites now offering a comparison service to help compare the benefits and the price of various plans. While it may be tempting to go for the cheapest policy that the comparison engine highlights, it’s important to consider what’s covered and if the policy could end up being more expensive over time.
 

Making the Most of Your Policy

 
Once the policy is in place, it’s worth contacting the treatment providers in your network to get prices for various treatments. Hospitals will often compete on price, and if they are aware that a consumer is shopping around, they may be willing to be more flexible. Having the information on-hand will help save a lot of time and expense in the event you become unwell.
 
The same is true of pharmacies, with many charging different prices for prescription medication. Some will encourage pill-splitting as a way of saving money on prescription costs, and although it’s not applicable to every kind of medication, it’s something worth enquiring about.
 

Check Your Bills

 
After you’ve received treatment at a medical facility, it’s important to check your invoice to ensure you were billed correctly. Human nature means mistakes will be made from time to time, so always double check bills from both the insurance company and the hospital to ensure they are correct.
 
Of course ,the main way to save of medical bills is to stay as fit and healthy as possible by eating well and getting regular exercise. Taking preventative measures will mean fewer visits to the doctor, which in turn reduces the amount of medical bills you receive. If you can get healthy and stay healthy you’ll find you save a small fortune on medical bills every year. 
 

How about you all? What techniques do you use to save money on health insurance other medical-related expenses?

Share your experiences by commenting below!

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