Health insurance is complicated, and there are a lot of ways to get burned. These tips will help health insurance shoppers get the best value for their money without breaking the bank.
Get a High Deductible Health Plan (HDHP)
A high-deductible plan is good if one wants to save money on premiums and has a lower risk of needing expensive procedures or services. A high deductible also means that one can put off some medical care until they have the excess cash on hand to pay for it.
Get a Health Savings Account (HSA)
HSA-eligible plans have low deductibles and copays at the doctor’s office and pharmacy, but the eligibility for HSA contributions depends on an individual’s employer and whether they offer a “qualified” HSA-eligible health plan.
Shop Around
The first place to start is with the state’s insurance exchange (also called a health care marketplace). These marketplaces allow people to compare plans and prices based on their location, family size, and medical history. If one doesn’t go through the marketplace, they should look for a plan that meets the Affordable Care Act’s requirements for coverage.
Get Free or Low-Cost Health Care Screenings
Check with nonprofit clinics nearby for free or reduced-cost options like blood pressure tests, cholesterol screening, and more. Some employers offer these services as well, so check with the human resources department if these benefits are offered.
Buy Catastrophic Health Insurance if It’s Available
Catastrophic health plans are designed to cover life-threatening situations only, but they do reduce the monthly premiums dramatically compared to higher-coverage plans. They’re typically only available to individuals under 30 and those with hardship exemptions (which include bankruptcy).
Use In-Network Providers
The providers and facilities in one’s health plan’s network have agreed to set rates for their services — which means the policyholder pays less than if they go to an out-of-network provider who can charge whatever they want. If one uses an HMO or EPO, the insured individual won’t be covered if they go out of network without getting approval first.
