Buying a health insurance policy is perhaps one of the best and smartest move to alienate yourself from money problems should you unfortunately fall sick. It can however be expensive, especially if you do not know how to dodge the needless services, which come at a price too. Here are ten tips to enable you to save money when buying a health insurance policy.
1. Compare different premiums from different firms
There are many insurance firms all offering health insurance policies. This brings competition, and one of the first tools that are always used in all the sectors is price wars, whereby the firms begin lowering the premiums. Chances are that you will find different firms all offering the same service at different prices. You will thus naturally pick the one offering the best services at low prices.
2. Take only what you need
The probability of you getting all the diseases in the course of your life time is absurd. Visit a doctor and go over your health composition thoroughly to try and establish which health risks you are likely to come about. That way, you will know just what and what not to include in your policy.
3. Take the opportunity of the discounts
In a bid to get a large proportion of the clients in the market, insurance firms also, offer a lot of discounts in addition to the price wars. These discounts are all aimed at lowering the premiums, but many people do not know much about them. You should if you want to save money. Just perform a thorough research about the firm with which you want to be insured and find out all about the discounts they offer.
4. Consider your age
Research shows that elderly people are more prone to diseases compared to the young. As such, consider your age and considering your health situation, consider the odds of falling sick anytime soon. Basically, younger people do not need to get extensive health insurance for the natural risk of falling sick is low.
5. Try to get the highest deductible you can
By paying a huge sum of money for the first self-insurance, you are able to pay lower premiums. The price of the premiums will, however depend on the first payment. You may pay as much as you possibly can afford to without leaving yourself worse off. Some firms even go as little as $1000, while others make it possible to pay even up to $10000 upfront.
6. Mind a Health Maintenance Organization – It’s all the same
Health Maintenance Organization health premiums are usually cheaper compared to those of other firms and organizations. At the end of the day, you still get insurance for your health and the same services but at a cheaper price.
Premium prices do not remain stagnant. As such, if you already have a health insurance policy, always do some comparison when it gets to the renewal time. You may land a better deal; all you have to do is be on the lookout for it.
8. Get yourself a health savings account
You can get a HAS and fund it with dollars before your salary gets taxed. You can afterwards withdraw the cash tax free. It is a clever plan, but there is but one catch. You can only use the money on medical expenses, which should further be approved.
9. Understand the market
Insurers do not all think alike, and most of the times each insurer usually has a different twist in the process. As such, take the time to understand different insurers and know their policies better. Your goal should be to find the insurer offering the best and necessary services in the best manner possible for your money’s worth. That way, the insurer you go with will not be that new to you, you will have a better hand at navigating through the costs.
10. Consider a private health insurance
Research shows that you can save more money if you buy a private health insurance policy as compared to when you are insured publicly. Chances also are that the services will be generally better since the insurer will be out to get as most clients as possible. With the government and other private insurers in place as a barrier, you can be guaranteed of getting a really good deal. You may save money, lots of it.
Take note of these tips next time you go shopping for a health insurance policy, or renewing one, and you may just save money.