26 Ways to save Money on Health Insurance

Raise Your Annual Deductible

Most health insurance companies today offer plans which include an

annual deductible. This is an amount you need to pay prior to the

insurance company paying for medical treatment. So as to not

discourage unwise medical behavior, many annual deductibles do not

include preventative medical treatment like an annual physical.

BE CAREFUL: Annual deductibles can apply to your entire family or each

individual on the plan. Large annual deductibles for each member of

your household can add up very fast.

Shop Around

Every health insurance company bases their rates with different emphasis on varying factors. For this reason, one

insurance company is not likely to have the cheapest price for everyone. The only way to find the most appropriate company for yourself is to speak with

as many insurers as possible. Try SunGate Insurance to identify the most popular health insurance companies in

your region and give them a call directly through the website.

Compare Your Spouse’s Options Annually

If your family is in the fortunate circumstance of being able to

choose from two employer provided health insurance plans, make sure to take time annually to decide which

offers the most coverage. Don’t assume one insurance plan provides more comprehensive coverage this year because they have in the past.

To save on expenses, many employers are scaling back on the

coverage they provide to employees. You might even consider purchasing

coverage from both options.

Quit Smoking

Easier said than done right? If you’re considering quitting,

consider reaching out to your health insurance company first. In addition to finding out how much money you’ll save, many health

insurance companies offer support or plans to help you quit smoking. It’s not easy, but more and more

Americans are successfully quitting every day!

Get an Annual Physical

Since early detection is often the best prevention with any disease, many insurance

companies offer incentives for getting an annual physical. Many

others cover preventative healthcare like an annual

physical at 100%. Even if you’re in perfect health, getting an

annual physical will only reinforce your healthy lifestyle

and decisions.

Join Health Programs Offered Through Your Carrier

Over the years, health insurers have found the best way to save money is to keep their customers healthy. For this reason many are embracing the

prevention mindset by offering clients various programs toward

healthier lifestyles. Pay close attention to the details of your

annual health insurance plan and you might find certain financial

incentives for joining a weight loss, healthy eating, or exercise plan.

Use Higher Deductibles With a Health Savings Account (HSA)

A health savings account is a special feature available with most

employer provided health insurance plans. It allows you to set aside a certain amount of money for the year to be spent only on health

related expenses. The advantage is that this money is not taxed by the

government. Many people are coupling a high annual deductible

with the same amount of money set aside in a HSA. BE CAREFUL: In most

cases, money set aside for a HSA needs to be used within the year so if it does not get spent on medical

expenses, it is lost forever.

Separate or Join Policies in Your Home

Many people assume having the entire family under one plan is the

cheapest option and this is not always the case. In certain

situations, for example one high-risk individual with many low-risk

individuals, it may make sense to purchase more than one plan for the entire family. The converse may also

be true; combining currently separate health insurance plans may

also yield the highest savings. It’s best to speak with a licensed

professional in your state when making decisions like this.

Look Into State-Sponsored Options

Depending on your situation, there may be many different options available to you. In

almost every situation where there is no private healthcare

available, children under the age of 18 can be covered under a special type of government

sponsored healthcare.

Lose Weight

It’s true, many health insurance plans charge more premium for

clients who are over their preferred weight class. Weight can even be a

reason to be denied health insurance from certain carriers. In

addition to saving money, maintaining an ideal weight will keep

you away from the doctor more often and save time, money,

aggravation, and frustrations in that facet.

Consider COBRA Alternatives

While COBRA is often a good deal for individuals who recently left their

job and lost their health insurance, it’s not always the best option.

There may be government options available for you, Google your state

department of insurance to do more research.

Raise Your Co-pay Amounts

Co-pays are different than deductibles. While a deductible is a set amount you must pay before the insurance company steps in to pay, a co-pay is a percentage of treatment

cost you are responsible for with each treatment. Obviously

accepting more responsibility for the costs incurred with each medical

appointment will lower your insurance costs. BE CAREFUL: While high co-pay amounts may seem like a wise choice to reduce insurance

costs, make sure your plan has some limit to out-of-pocket expenses you

can afford.

Reassess Options Annually

Even if you are staying with the same insurance company your employer has provided year after year, many options available to you can change

year after year. It is a very wise investment of time to carefully

understand your insurance each year to ensure it’s proper utilization

throughout the coming year.

Keep Accurate Medical Records

In certain cases, failure to provide accurate medical records for yourself may result in your health insurance

company being unaware how insignificant your prior treatment

may have been. Because of this they may raise your premiums or even fail to write your policy. Especially if you

have successfully treated and overcome any type of illness, it’s

important to keep records indicating such.

Consider Enrolling in the Medicare D Prescription Plan

Even with Medicare provided by the government, the costs of

prescriptions can be excessive. For more information in your state check

out this link.

Change Your Lifestyle

Of course losing weight and quitting smoking will make you healthier and can save on health insurance, but so

can many other elements of your lifestyle like alcohol consumption,

risky sports like skydiving and hang gliding, and even your eating habits.

Maintain Constant Coverage

Gaps in insurance coverage make insurance companies very hesitant

because they don’t know if you may have incurred any illnesses or

injuries during the period of no insurance. If you lose your coverage, seek out other options like COBRA or private health insurance and prevent

yourself from losing coverage for even one day.

Join a Chamber of Commerce

If you’re without a job and looking for insurance from an independent health insurer, you may be better

able to find a group plan option by joining a chamber of commerce. Of course, you’ll have to start your own business, but there are a number of

different side-businesses you can start with little or no capital

investment.

Be Less Flexible

Your current health insurance plan may be charging your extra based on

the flexibility of your provider options. Generally, the more specific

a health insurance company’s treatment provider options, the easier it is for them to manage

expenses and that savings can be passed on to the consumer. BE

CAREFUL: Before switching to an insurance plan that limits your

provider options, make sure you would be satisfied with the options

available.

Consider the Big Picture

Any time you’re shopping for insurance it can be tempting to look for the cheapest possible premium and buy it. Insurance is like many things in life, the less you pay, the

less you get. Always take the time to make sure anything you’re passing

up to save on health insurance costs will not turn around to bite you

throughout the year with expenses.

Join The Farm Bureau

It might be a stretch, but if you may be able to find insurance coverage

by becoming a member of your state’s farm bureau. You don’t need to be a farmer, and can often join by

paying an annual membership of under $100. Being a member of your regional farm bureau can

provide discounted group health insurance depending on your

location. Click here to learn more.

Look Into Private Insurance

Just because your employer provides health insurance benefits, doesn’t mean it’s the best option 100% of the time. In general, group plans

provided by an employer will offer the best benefits and prices, but that

doesn’t mean it’s not worth researching. If you can find a better

option through the private health insurance market, see if your

employer will give you directly some of the money they would have paid

into your health insurance.

Get Student Health Insurance

Being a student at a university can often open up options for health

insurance that would be unavailable to you as an individual. The number

of credits required may differ depending on your location and

university, but if you currently don’t have insurance it may be worth

reaching out to your student services department.

Adjust Your Prescription Coverage

There are often options available with how your prescriptions are

covered that will allow you to save money. Some plans offer discounts

for ordering your prescriptions in bulk online. This also saves you the

hassle of going to the pharmacy. You may also consider purchasing a

separate prescription plan to supplement your current insurance if

you have very high prescription costs.

Relocate

Perhaps impractical for most, but moving to regions of the country with less expensive medical costs can certainly reduce your costs for

coverage. Compare medical costs of two different cities here.

Visit SunGate Insurance Agency

Our agency makes it so easy to get in contact with the top health

insurance companies near you.Just go to http://

www.SungateInsurance.com/ We make health insurance shopping so

easy, you’ll need to find another way to spend your entire weekend

besides shopping health insurance companies.

SunGate Insurance Agency

www.SungateInsurance.com (407) 878-7979