Health insurance costs seem to rise every year. If you can make a saving on them, then you might find it easier to balance your budget in the next financial year. We are going to talk you through some of the ways you can save on your health insurance, whilst still getting the coverage that you need.
In 2010 President Obama signed The Patient Protection and Affordable Care Act . The act is an assurance that every American should be able to get health insurance. As these changes won’t become completely effective before 2014 it is hard to know exactly how they are going to impact on the cost of insurance. It is unlikely, though, that premiums will fall at any point in the near future.
With that in mind, here are some of the ways you can reduce your health insurance costs, or at least stop them rising, right now:
Increase the Value of the Out of Pocket Expenses
When you get health insurance the companies will usually offer you a range of options that can reduce your monthly premiums. To reduce your overall monthly outlay you will have to sign up to higher costs if you do have to use health services or take prescription medication. If you are confident that you are unlikely to suffer ill health, and you don’t anticipate very much medical spending in the next 12 months, then increasing the value of the Out of Pocket Expenses on your policy might be a good idea.
Shop Around for Private Health Coverage
Not everyone has health insurance from their employer, so if you are offered it you might automatically think it is the best option. However it is really worth taking a look at what private health insurance could do for you. Your employer might be getting you a great deal, but it is not always the case – so compare prices next time you are up for renewal.
Keep to a Healthy Lifestyle
Keeping yourself fit and healthy is the simplest but most effective way to gradually decrease your health insurance bills. This might sound like common sense advice but it is worth listening to and then thinking about how you can implement some changes. First of all if you do things like quitting smoking, buckling up when you go for a drive, doing some exercise and getting your weight down – then you are going to end up with less healthcare bills. However, not only will you get less bills, you can actually end up paying less for the insurance itself.
A lot of employers have various incentives for staying healthy. If you join in with your company’s wellness program they will often give you a discount on the size you have to contribute toward the premiums. Here at The Hoffman Agency we understand the ins and outs of health insurance from both an employee and employer point of view. Please feel free to contact us with any questions you might have and we will do our best to clear up the issue for you!
