Health reform was signed in to law in 2010 and it meant to make health care affordable and more accessible to more Americans. Many provisions are meant not to start until year 2014. Current provisions have made health care plans more affordable and expanded coverage for preventative care. Here are five ways that you can save money on your health insurance today.
First is to look for health coverage the allow you to lock in your rates. Most health plans available allow you to lock in your rates for twelve months and some up to two years. When shopping for health coverage look for “rate guarantee”. Once the insurance company raises your monthly rate you can you can shop again to find a better rate.
Second look at getting a health plan with higher deductible. Most health plans today offer a high deductible for major accident or illness and small copay for services that might be used more frequently. Most health plans with high deductible still cover you before you meet the deductible for doctor office visits, preventative care (physical exams, yearly check ups) and prescriptions. If you have a preexisting medical condition and would like to lower your monthly premium this might one of your best options. Since insurance companies usually let you increase your deductible without going through medical underwriting.
Third since health care reform there has been some changes made to coverage. In some cases you can get exactly the same health plan that you have not through your insurance company for less. If you have been insured with same insurance company since March 2010 then check if they have the same health plans that you have now. Then find out if you are going to save money by switching to a new health plan.
Forth, when shopping for private health insurance make sure to consider a health plan with the benefits that you need. A recent survey showed that average individual health insurance customer save $77 a month when they selected health insurance plan without maternity coverage. Excluding benefit like maternity, which is not necessary for a single male, you may see significant savings in your monthly premium. Going uninsured or limiting your benefits might be a better choice then not having anything at all.
Fifth way that you can save on your health insurance is considering coverage with generic prescription drug coverage. Find out if you can get a health insurance in your area that excludes brand name drug coverage. If you rarely use prescription drugs and do not want entirely go without that coverage you may be able to save on your medical insurance. Most health plans today offer you a choice between having a coverage for both brand name drugs and generic drugs or only generics. In-case your doctor does prescribe a brand name drug chances are you can get a equivalent generic for it.
Those were five simple steps you can take to save money on your health insurance. The fact is that health insurance is going to keep going up. Making a habit to shop for new health plan every year will allow you to stay up to date on what is available in the health insurance market.