Ways to cut insurance costs: Five things to consider
Ways to cut insurance costs: Five things to consider
first: Compare quotes for new plans
The price of the same plan with the same features will cost the same regardless of where it's purchased from. When looking at quotes, only consider those from companies that the greatest chance to make it through the health insurance reform era. Minor companies could go under and leave you with unpaid claims or without coverage. Anthem Blue Cross Blue Shield, Humana One, UnitedHealthOne, Aetna and Assurant are some of the strongest option in Indiana. Working with an independent agent who has all of these companies in their portfolio is a necessity. If an agent doesn't represent all the major companies, he won't always be able to put you on the best plan. Being denied coverage is an event worth avoiding and can cause future problems for an individual. Speak with an agent and have them submit an anonymous pre-screen evaluation for you. They can then determine a likely underwriting outcome and avoid a decline.
second: Raise your deductible
A higher deductible will lower your premiums. Hospitals will work a payment arrangement out with you, so a $5,000 deductible might sound frightening, but broken into monthly payments over 3 years it's $138 per month. If you stand to save that much or more by switching to a plan with a greater deductible, then it might be worth considering. After all, would you rather pay the insurance company that money keep it and only pay it if something major occurs? 6 million Americans have employed this style of coverage with number rapidly increasing each year.
third: Take a look at an HSA
Health savings accounts are major medical plans with high deductibles that enable you to open a tax-sheltered, interest earning savings account that is used for qualified medical expenses. The money in the account is yours forever and earns like an IRA. These plans, however structured differently, offer the same catastrophic coverage traditional plans, with the major differences lying in how minor events are covered. Copay plans charge more since they help consumers bare the burden of common prescription drugs and trips to the doctor for minor illnesses and injuries. HSAs allow you to keep the money in your possession until needed vs. prepaying.
fourth: Separating family onto different plans
Families can sometimes save money by grouping or singling out members into different plans. Given the way health insurance providers vary their coverage costs for health conditions and other factors like physique, a look into reorganization could save significant cash for some families. Separating the very health members onto plans with higher deductibles can be a safe risk as well. Maternity are all but disappearing from the private health insurers portfolios and the ones that are still around are rising in cost. States usually make a subsidized plan for expectant mothers available. Putting the expectant mother on such a plan and moving her back afterwards is sometimes a good alternative. Speak with an agent to see if this is is right for your particular situation.
lastly: Small group coverage
Small groups can be formed by as little as two people and the coverage is just as good and is often times less expensive than individual plans. The restrictions are often less strict on pre-existing condition too. That's not to say that all group plans are always the least expensive. Some employer sponsored plans only cover the employee and not the family. It's up to the employee to find this out. A private plan for the rest of the family could be a great way to save on your bottom line.
For more information about Indiana Life and Health Insurance visit IndianaOnlineInsurance.com
The importance of Purchasing A sufficient quantity of Insurance Coverage A Review Of Some Top Insurance Network Marketing Companies Sharing the Risk through Insurance Why You Need a Comprehensive Insurance Coverage Exploring Various Insurance Types Why is tuition insurance important? How to Calculate the Appropriate Amount of Tuition Insurance Affordable Motor Insurance For Everybody Manchester Utd - Liverpool Live Stream Online Fa Cup Hd Tv Coverage Manchester United Vs Liverpool Online Live Fa Cup Stream Hd Tv Coverage A Basic Understanding Of E&O Insurance Essential Ideas - Finding Cheap Van Insurance Do You Have Affordable Coverage When You Need It The Most?