If you don’t have the option to receive health insurance through an employer sponsored plan, you are on your own when it comes to finding health insurance. If you are self-employed, work part time, or working for a company that does not provide health insurance finding the right individual health insurance plan can sound like a daunting task. The many companies available to you offer a vast array of plans and policies and make finding the perfect health insurance plan seem impossible. On top of the arduous task of uncovering the perfect health insurance plan, finding an affordable individual health insurance plan is equally as difficult. Finding an affordable health insurance plan is in your control and easier than you think. Follow these tips to help ease the cost of individual health insurance and find the best plans available to you:
- Plan for your future. It is imperative to take into consideration the future of your health. Keep your future health in mind when purchasing a policy so coverage is there in the future when you need it.
- Regularly assess your insurance needs. Many time sticking with the same insurance policy for years will cause you to miss out on savings due to a changed situation. Take the time to reassess your health situation and the company you are with to make sure you are getting the best insurance plan at the best price.
- Consider a major medical health plan. This plan is also known as catastrophic health insurance, offers limited insurance coverage with a high deductible. Premiums in these plans are low because the coverage is intended for medical emergencies. These types of health insurance plans do not cover regular doctors’ visits; they do however cover major hospitalizations and related expenses.
- Use an HAS (Health Savings Account) paired with a high-deductible plan. You can contribute to your health savings account, pre-tax, each year. When medical expenses are incurred, they are paid for from the HSA. HSA accounts are typically recommended for young, healthy individuals, who do not have dependents. An HSA account can help you save on both your health care needs as well as on your taxes.
- Increase your deductible. No matter what type of insurance plan you have, the more you pay out of your own pocket, the less you will have to pay in premiums. Statistics show, the lower your deductible, the more likely you are to make a claim with your insurance company. Many insurance companies will compensate for this by increasing the premium on plans with low deductibles.
- Change your coinsurance ratio. Coinsurance is the percentage of the bill you must cover once the deductible has been paid. Most plans have a coinsurance ratio; it is common for an individual to pay 20% while the insurance company pays for 80%. When you change the ration so that you pay a higher percentage will mean a lower health care premium for you.
- Shop with a price comparison site such as eTotal Insurance. Using a price comparison site will help you to locate all health insurance carriers in your area and provide quotes so you can compare all your options.
- Drop those dangerous hobbies. Regularly participating in extreme sports or hobbies will more than likely increase your insurance premiums. This means if you are into skydiving, race car driving, or any other recreational activities that poses a threat to your health; you will see a price increase in your health insurance.
- Stop Smoking! There are a million and one reasons why you should stop smoking, and you have heard them all. Not only is smoking bad for your health, but also impacts your health insurance rates. Quitting smoking will decrease health insurance rates significantly, and will benefit your health in the long run making it easier to receive coverage.
- Stay healthy! Staying healthy is a blanketing statement that can mean many things. Being healthy means staying active and eating a well-balanced diet. Keeping you blood pressure down, cholesterol low, and protecting yourself form major injury or sickness will always keep your insurance premiums low. It is imperative to remain healthy so you are always a candidate to receive health coverage. The best part of this is that it is free and offers lifelong benefits.
It is never a good idea to go without health insurance. It may be tempting to forego the monthly premiums when you reach a rough patch, but medical bills can be incredibly costly and financially disabling. There are many ways to save on your health insurance. Following some or all of these tips can save you money while allowing you to keep your family and yourself protected.
