Should I look for more affordable health insurance?

It seems everyone has shifted how they think about money these days. The economy is struggling, the housing market is a mess, and the federal government’s debt is rising. People are starting to watch how much and where they spend their hard earned dollars. Others are finding ways to budget their money better, including trying to find more affordable health insurance.

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According to an article by U.S. News there are plenty of ways to save on health insurance that include switching up your plan. For those who have individual health insurance a great way to save money is to switch to a high deductible health insurance plan with a health savings account.

Higher Deductible Plans

Does a higher deductible plan work for everyone? Usually a higher deductible plan will mean a lower monthly premium. However, many times these plans will also have higher copayments.

For those who are young, healthy and without any preexisting conditions these plans can be a great way to save some cash.

High deductible plans work extremely well alongside a Health Savings Account or HSA. There are only a small percentage of U.S. citizens who actually enroll in high deductible plans with an HSA health insurance option. This could be because it’s a fairly new avenue to take for insurance policies.

HSA health insurance was developed alongside 2003’s Medicare Prescription Drug Improvement and Modernization Act. HSAs are set up to take out a predetermined amount of money from each paycheck before taxes in order to be used for medical expenses. This money can only be used for qualifying medical expenses.

HSAs have another positive benefit that similar reimbursement accounts do not have. They don’t have to be used up within a year, and the amounts can be rolled over every year. This is of course only if you stay enrolled in the HSA high deductible health insurance plan every year.

Save on Health Insurance

Can I really save on health insurance?  There are some great options when considering switching your health insurance and finding something more affordable. You should review your health insurance every year to see if there have been any changes. In some cases health insurance companies are bringing in better options which could save you some cash.

For those out of the box thinkers it may be beneficial to have a different plan for your dependents. There are many employer sponsored plans that give great coverage for their employees, but skimp on the dependents’ coverage.

It might be worthwhile to put your family members on a better more affordable plan.

Many times your policy may include vision and dental health insurance within the plan, but at an extra cost. It’s always a good idea to research individual dental and vision plans to see if they are more affordable. This could very well be a big money saver if you find the right plans.

Ways to Save

How can I save on healthcare so I’m not paying so much out of pocket?  According to an article by Parent’s magazine there are several ways to save on your out of pocket expenses as well. It’s not a bad idea to join a discount club in order to receive discounts on your out of pocket expenses. There are several plans you can look at to find a discount on healthcare. Most, however, do have a monthly membership fee, but these tend to be very affordable and pay for themselves.

Getting regular checkups can save you both time and money in the long run. By getting yearly physicals and being proactive you can keep your family and yourself from becoming seriously ill and paying a lot of money in out of pocket expenses.

Many health insurance companies are all about preventative health. On top of getting regular checkups it’s a great idea to see what else they cover to help keep their members healthy. Many times health insurance policies will offer discounts on gym memberships, weight loss programs and even acupuncture.

As always you should know your policy from front to back. Many health insurance plans require their members to use a specific network of professionals. It’s important to choose from these networks in order to save money.

Some plans will not pay for any services that were used outside of their network which can end up costing you a lot. If you are unsure about whether or not a provider is within your network of professionals you can have them check or call your health insurance company for verification.

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