Health insurance is one of the most expensive parts of the household budget. Here are 13 simple ways to save money on your health insurance premiums!
1. Comparison Shop
The most common and simplest advice possible is to do your research before choosing a provider. Compare levels of coverage and cost. Also consider the reputation of the company. Ask your colleagues and extended family about the insurance provider they use and if they are happy with the level of service.
2. Negotiate with Your Insurance Company Over Price
You have every right to negotiate with your insurance company over price. Many people just accept the premium that the insurance company pushes at them every year, but this is not necessary. Contact the insurance company, ask for loyalty discounts or any other reductions that you can think of given your health condition.
3. Negotiate with Your Insurance Company Over Coverage
If your doctor has told you that a procedure is required, but the insurance company has told you they won’t cover it — lodge an appeal! Many times you will actually get the insurance company to eventually cover the procedure. You have nothing to lose by pushing for your best interests.
4. Ask Your Doctor For Help
Your doctor is perhaps the best person to help you navigate the world of health insurance. Ask their advice on which provider to choose, ask them about about particular types of coverage you need, given your health concerns.
5. Check That Everything is Necessary
Make sure you have a great relationship with your general practitioner and don’t hesitate to ask their advice on hospital stays and tests. If you are in hospital and the doctor doing the rounds starts to make decisions about tests, you have every right to make sure they are necessary. If you are suddenly in the hands of a doctor you don’t know, ask your GP about the tests and medical procedures.
6. Choose a Policy With a High Deductible
You can always quickly save money by choosing a higher deductible on your insurance policy. This can also be negotiated with your insurance provider.
7. Pickup a “Medigap” Policy for Things That Concern You
If your policy doesn’t cover every ailment you are worried about, then buy a “medigap” policy that covers only those specific problems. This is useful for closing the gaps in your existing policy. Again, work in conjunction with your local doctor to ascertain which health problems might occur that your existing policy doesn’t fully cover.
8. Use a Health Savings Account
The IRS offers special tax provisions for special savings accounts that are to be used for healthcare. This is a great way to prepare for any health emergencies and is useful for covering procedures that insurance companies will not insure.
9. Compare the Prices That Hospitals Offer and Negotiate
Many people sometimes forget that hospitals are businesses like any other. Some off better value for money than others. Shop around as if you were buying a car, looking at price, quality, reputation of the manufacturer.
10. Look For Tax Deductions on Medical Expenses
There are various tax deductions which you may be able to obtain for medical expenses. For example people who spend more than 7.5% of their gross income on medical expenses can receive a tax rebate. People who work for themselves can also receive tax rebates for health insurance.
11. Check Hospital Bills
Don’t trust your hospital to do the sums correctly. There have been many cases of hospitals charging the incorrect amounts for procedures or even charging for procedures and tests that didn’t happen.
12. Save on Medications by Going Generic
You can always save money on your medications by going generic.
13. Be Healthy!
One of the best ways to save money on your health care is to look after yourself. By eating well and exercising you can avoid the hospital for a very long time and have a happier life!