Low-Cost Family Health Insurance - Some New Trends That Will Save You Money

Low-Cost Family Health Insurance - Some New Trends That Will Save You Money

Is there such a thing as low-cost family health insurance? If you listen to the news and read all the newspapers then I am sure that you are already convinced that health insurance is no longer affordable. There has been an upward trend in the cost of health insurance. The cost for a doctor and hospital services is always on the increase and so the cost of health insurance will rise accordingly. This should not surprise any of us who understand basic economics.

Insurer's und...


Is there such a thing as low-cost family health insurance? If you listen to the news and read all the newspapers then I am sure that you are already convinced that health insurance is no longer affordable. There has been an upward trend in the cost of health insurance. The cost for the doctor and hospital services is always on the increase and so the cost of health insurance will rise accordingly. This should not surprise any of us who understand basic economics.

Insurers understand this problem and are making every effort to find creative methods to lower health insurance premiums. The health insurance shopper has to take a different approach. There are many ways to fine-tune a health insurance plan without losing the desired benefits. The smart shopper will look into the new approach to purchasing health insurance and reap the benefits.

Self-Insuring

There are advantages to the consumer who can grasp the concept of self-insuring. Self-insuring allows you to lower your health insurance premium by taking responsibility for the deductible amount. Deductibles are examples of self-insurance. Health insurance deductibles can range from $500 to $5000 with some major medical plans. The amount of the deductible should be determined by your ability to self-insure for the deductible amount.

Health Savings Accounts

This kind of savings account is like having a medical IRA. You can set aside money in a savings account for future medical expenses. The health savings account is a great way to fund the higher deductible. The tax-deductible feature of the Health Savings Account makes it very attractive.

The average consumer spends way too much time choosing between PPO (The Preferred Provider Organization Plan) versus the HMO (The Health Maintenance Organization Plan). The real cost savings issues are found when we concentrate on the plan design. That includes the deductible options, vision care, dental care, and prescription drug options.

Low-Cost Health Insurance - Knowing The Terms And Alternatives

Paying for healthcare can consume a large portion of an individual or family disposable income. Some costs are non-negotiable but there are ways to lower the amount you spend on ensuring your health.

Deductibles

You may be able to pay a lower premium by paying a higher deductible. This is particularly true if you are insured as an individual rather than through your employer. If you choose this option it is wise to place a portion of the money saved on your premium i...


Paying for healthcare can consume a large portion of an individual or family disposable income. Some costs are non-negotiable but there are ways to lower the amount you spend on ensuring your health.

Deductibles

You may be able to pay a lower premium by paying a higher deductible. This is particularly true if you are insured as an individual rather than through your employer. If you choose this option it is wise to place a portion of the money saved on your premium into an account which is used solely to pay your deductible.

Co-pay amount

Many companies have lower premium policies available for those willing to make a higher co-payment when they visit the doctor. Opting for a higher co-payment can be especially advantageous for people who don't often visit the doctor.

Generic drugs

Generic drugs are manufactured to the same standards as brand-name drugs. Choosing to have a prescription filled with a generic drug can offer substantial savings over having it filled with a brand name drug.

Healthy living programs

Many insurance plans offer pre-emptive health care services which are entirely funded by the insurance company. Employee plans often do this as a way of avoiding paying for higher priced services later on down the line. Programs may include free immunizations, mammograms, prostate exams and general physicals. Paying a portion of monthly health club dues is also available on a few plans. Be sure to take advantage of these options if possible.

Remember, while health insurance premiums are high the peace of mind brought by knowing you andyour family are insured is priceless. Gathering as many quotes as possible is the best way to learn and compare companies.

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