You can save a lot on your health insurance policy if you know the right steps to take. There are very many steps that those who understand the process take to ensure they spend a lot less without compromising quality. Let’s share a few with you in this article. Here they are…
1. If you want to spend less on health insurance then you have a good opportunity in a Flexible Spending Account. This kind of account is designed for you to put away tax-free dollars specifically for your health needs. Any money unused could be rolled over into the next year (still tax free). You can build a considerable reserve of funds for your health need tax-free if you have a Flexible Spending Account.
2. Quit drinking if you want to pay lower rates. Drinkers spend more on it. You are aware that several diseases can be traced to heavy drinking.
What quantity of alcohol can you take without any side effect? I cannot advise you on that since I’m not specialized on such matters. But here is what I’m sure of: Quitting alcohol totally will do you a world of good. If you can’t quit completely, drink in moderation if you want to reduce your risk.
It’s just that for most people drinking in moderation is even more difficult than quitting. You can be assisted if you truly want to quit drinking.
3. The pharmaceutical industry has big brand names. You’ll increase your health insurance costs if you buy big brand name drugs. Just in case you don’t know, the law stipulates that all drugs must have the same active ingredients irrespective of if they are brand name or generic. Where they can have any dissimilarity is in the inactive ingredients.
This simply suggests that what you get from brand name drugs is the same thing you get from generic drugs of similar specification. However, take the time to ask a doctor you can really trust about this before you settle for any drug.
4. If you take advantage of phone med services you would have done much to bring down your rates. A phone med service works 24 hours everyday and gives free medical advice. You have at least a registered nurse with not less than 10 years experience on hand to offer free medical advice you can trust. Local clinics offer free medical advice by phone in most cases.
Even though this does not take the place of seeing a doctor, they can actually reduce your rates by reducing the number of times you see a doctor.
Moreover, you receive timely advice that could help you take care of certain conditions before they get out of hand. This is reason enough for your to make use of them even if they do not help you reduce your health insurance rates.
5. Paying your premium yearly will get you cheaper rates than choosing monthly payments. True, paying monthly might be convenient but it is also less affordable.
If you do transactions with banks you’ll agree with me that each check you process is regarded as deal which attracts charges. .While annual payment attracts just one check and therefore a transaction per year, monthly payments attract twelve. This implies that you will pay transaction charges 12 times.
Apart from this there are also administrative costs that are incurred due to the monthly payment option. For example, it costs some money to send payment notices each and every month.
These costs plus a profit margin for this feature is included in your health insurance rates making it higher than another of the same profile that pays yearly every year.
6. Get and compare quotes. Visit not less than five quotes sites for the best results. It’s free, quick and easy. You can get quotes that will have a range that exceeds $1,000. You could easily save that much by simply choosing the lowest quote. And, you should understand that because the likelihood of getting cheaper quotes is related to the range of quotes you get, the more insurance companies you get quotes from, the better your chances.