Medical bills are the leading cause of bankruptcy in the United States, and they impact a staggering 2 million people.
There’s no doubt about it. You need health insurance for both your physical health and your mental sanity.
But getting the coverage you need doesn’t need to be expensive. We all like to save money, right?
Let’s get into how you can secure quality, low cost health insurance.
Assess Your Medical Needs
How often do you usually go to the doctor? Do you have a chronic medical condition that requires ongoing attention? What about the rest of your family members?
Of course, nobody can predict the future entirely. Medical disaster could strike tomorrow- and we’re all at risk for developing illnesses later on in life. That said, it’s essential that you take your needs into consideration.
To do this, you might want to add up all your healthcare costs over the past few years. How much would you have spent out-of-pocket without the insurance? Are you anticipating any upcoming, major changes like potential pregnancy or a higher-stress job?
Outweigh HMO Vs PPO
As a general rule of thumb, you can choose between HMO and PPO insurance plans. Typically speaking, HMO plans are the cheaper of the two options.
HMO provides access to various doctors and clinics within the network. Your care is only covered when you use in-network benefits. You also need a referral from your PCP before seeing any specialist.
PPO plans generally offer more flexibility when choosing healthcare providers. Moreover, you don’t need to meet with your PCP before seeing a specialist.
Choose a Higher Deductible
By opting for a higher deductible, you can save on your monthly premiums. Over time, this can add up to hundreds of thousands of dollars saved. However, you should only choose this option if you can logistically afford to pay the deductible.
Best of all? The government rewards those who choose higher deductibles. With a qualifying plan, you can open a Health Savings Account (HSA). This account allows you to save tax-deferred money for future medical expenses.
Negotiate Prices
As it turns out, bartering isn’t just a skill used at local craft fairs. You can also use it to negotiate medical bills, surgery costs, and even prescription medications. It never hurts to call your insurance company and ask for a deal.
Furthermore, there are many third-party options available for subsidizing the costs of your Healthcare Benefits. While these products are not health insurance, they can offer steep discounts on your normal medical needs.
Finally, don’t forget to scan any medical bills for errors! Ask for an itemized list that includes all services and procedures. Mistakes can happen, and they can be very expensive.
Final Thoughts on Getting Low Cost Health Insurance
Don’t neglect your medical health! With the right planning and strategizing, it’s possible to secure quality, low cost health insurance for you and your loved ones.
Interested in narrowing down your health insurance plan choices? Check out this article today.
