Maryland Residents Can Save Money On Health Insurance
The cost of health care seems to increase every year and many people do not know
about the options available for saving money when it comes to their health. It is likely the costs will continue to increase for the foreseeable future, especially in light of health care reform, with most changes taking effect in 2014 or later.There are things that can be done now to help lower health insurance costs, or at least help prevent those costs from going up. And the options are no different in the city of Reistertown, Maryland than anywhere else in the nation whether an individual is paying for the policy or receiving health care coverage through his or her employer.
The following tips are suggested as helpful ways to save on premiums.
Increase Out-of-Pocket Expenses
Most insurance companies have health plan options that allow a person to choose from among health insurance policies that have lower monthly premiums if they consent to pay more out-of-pocket costs, such as a yearly deductable and co-payments for services and prescription medications.
If healthy and not anticipating any (or a small amount of) medical spending in the coming year, choosing a plan with largerout-of-pocket expensesmay make sense.
Shop for Private Health Insurance
For some consumers, buying health insurance is the only health coverage option. However, even if an employee has health insurance from their employer, private insurance may still be an option to save money. With health insurance premiums increasing every year and employers passing more of the costs onto their employees, the companys health insurance may not be the best deal.
Review Employer Health Insurance Options Each Year
Individuals and those with a spouse/partner are both eligible for employee health benefits. Check out each companys health insurance options to see which may cost less. Employers benefits considerably in the amount of premium contributions and there may be considerable savings by switching to a spouse's family coverage.
COBRA (Consolidated Omnibus Budget Reconciliation Act)
Employees who have been laid off from their job (and the former employer has 20 or more employees) have access to COBRA. The company is required by a 1986 federal law (known as COBRA) to offer the option to pay for an extension of health insurance coverage for any employee who has been laid off for at least 18 months.
But the best way to save money on health insurance is to lead a healthy lifestyle, including:
stopping smoking, wearing seat belts when driving, exercising, and maintaining a healthy weight. By doing so a person can decrease their healthcare costs, and can work towards reducing their health insurance premiums.
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