Even the healthiest people in the world need the protection offered by a health insurance policy. Tomorrow is never promised to any of us; neither is good health. Your good health could be gone in the blink of an eye, suddenly replaced with weekly doctor visits for pokes and prodes, daily medications, and many other devastating consequences. Although preventative care can reduce the risk of major health problems, even this careisn't easy to obtain if you are uninsured. To further add to the headaches, the Affordable Care Act adds penalizes anyone without health insurance coverage.
Health insurance coverage protects you from the what-ifs in life, ensuring that you have easy access to healthcare in the event that you become sick, ill, or otherwise disease-stricken. Plus, when health care coverage is in place, you can get the preventative care that you need to stay healthy. Without health coverage, the burdensome costs of these services can make it nearly impossible to get care.
The average family of four spent $7,100 in health insurance premiums in 2017 -and that amount doesn't include out-of-cost expenses. These costs are burdensome for the average hard-working family barely making ends meet. But, it is important that you protect your health by maintaining health insurance coverage for yourself and family despite these rising costs. Fortunately, there are many ways to maintain health insurance coverage without working a second job to cover the costs.
Costs of Health Insurance
As a health insurance policy owner, you are responsible for the payment of several different fees in order to receive discounted medical care. It is important to fully understand each type of fee you are responsible to pay under your insurance policy. To receive medical care, you're expected to pay:
Health Insurance Premium: The health insurance premium is the amount of money you spend monthly to have the coverage. Most people are familiar with the premium costs since they pay it every month. The average family of four spends approximately $600 per month for their premiums, through rates vary in price considerably.
Co-Pay: The copay is the dollar amount you pay for specific health care services, like a doctor visit. The co=pay is your responsibility to pay and is due at the time of the visit.
Deductible: The deductible is the amount of money that you must spend each year before the health insurance policy begins paying your expenses. Some medical services are excluded from health insurance payments, even when the deductible amount is met. The premium and co-pay amounts are discluded from the deductible amounts.
Since you're responsible to pay so many fees in order to receive health care services, you might wonder how you save money by purchasing an insurance policy. If you've ever examined the costs of healthcare services lately, you understand clearly why insurance is so important. Nothing in the medical field is affordable without health insurance in place.
How to Save Money on Health Insurance
Try out some of the techniques listed below if you're interested in reducing costs of your health insurance plan. Implementing these money-saving techniques is a simple way to get more coverage for less money while enjoying the peace of mind that comes when you know your health is financially protected.
You Better Shop Around
As many as 100 different insurance plans may be available to choose from. It's a lot of work to sort through these plans, yet vital if you want to find a good policy that completely covers your health needs. Choose a plan that includes coverage for doctor and hospital visits, chronic care, and coverage for additional medically necessary work like blood tests and X-Rays. Online information provides a great starting point when sorting through the various health insurance plans, but do not depend on this information alone, since it is possible that it is old and outdated. Calls to doctors and insurance agencies fill any voids in information that you encounter and can help answer any questions that you might have.
Look at Work Insurance Options
More than 55% of the U.S. population carries health insurance coverage provided by their employer. Many people find it easier to choose coverage through their employer, and with options like healthcare sharing that reduces premiums, there is little wonder why. Individual plans carry over with you should you change jobs, and when April rolls around, there's an abundance of tax advantages. When browsing the health insurance policies available, do not disclude employer-based plans!
Understand How Health Insurance Works
Health insurance plans are categorized into three options. Each of the three options affects the level of care that you receive as well as your health insurance costs. Health Insurance Network Types, Health Insurance Tiered Plans, and High Deductible Health Plan are the three insurance categories. Talk to a health insurance professional to learn more about each of the types of health insurance coverage and the pros and the cons that it offers.
Use a Health Savings Account
Health Savings Accounts, or HSAs, allow you to contribute money into a special savings account designed for your health care costs. The money you contribute is tax-free and reduces monthly premium amounts, resulting in health care coverage that more people can afford. Plus, money that is contributed to the account rolls over year-to-year. Tax deductions of up to $6,750 for a married couple also highlight the HSA.