6 Health Insurance Tricks To Get the Best Deal

Health insurance is an important investment that determines the standard of healthcare one will receive. Most people assume that one needs to pay through their nose for a good coverage plan, but that’s not always the case. Many health insurance companies provide different insurance plans, varying in rates and coverage. There are ways to trim the cost of health insurance without compromising the coverage.

Below we’ve mentioned some helpful tips that’ll help save money on medical expenses. Read on to know more.

Explore

Before choosing a health care plan, look around and compare several options. One should always choose an insurance plan depending on their needs and budget. Get a detailed understanding of different plans before deciding. For example, if a person wants the freedom to choose their physician, a Preferred Provider Organization (PPO) is better than a Health Maintenance Organization (HMO).

Health Savings Account

Having a health savings account has many benefits. The biggest advantage is that one doesn’t have to pay taxes. A health savings account helps one gradually save money for medical emergencies.

Higher Deductible

A deductible is part of the medical costs someone must pay before the health insurance kicks in. A higher deductible means a lower health insurance premium. If a person is relatively fit and healthy, they can opt for a higher deductible to reduce monthly payments.

Wellness Incentives

Some companies reduce the premium for employees who participate in wellness challenges or cross off certain actions for preventative health. For example, completing certain number of steps may qualify someone for free coverage.

Advance Payment

Most people prefer to pay for medical services after an operation or hospital stay. In some situations, paying in advance might be beneficial. Ask about pre-paying or paying in full to obtain a discount.

Generic Medication Brands

The FDA requires that prescription and over-the-counter generics have the same dose, strength, safety, and efficacy. Instead of paying extra for a premium brand medication, go for a generic version. Generic medication is usually 30 to 50 percent less expensive than premium brands.

For example, a month’s supply of Zocor for high cholesterol costs roughly $175. The cost of the generic equivalent is $70. This drug’s generic version will save you $1,260 annually!