October 25, 2006 10:28 PM
How To Save Some Money On Health Insurance
American consumers understand that one of the biggest costs of maintaining our high standard of living is ensuring that everyone has access to adequate healthcare. Unlike most of Europe and Canada, there is no national health insurance plan in place. For better or for worse, residents must find and negotiate for their own insurance apart from the help of a government agency. Your premium is determined by several factors including the number of people to be insured, health history, where you live, age, and more. Fortunately, there is a way that you can save hundreds perhaps thousands of dollars annually when shopping for health insurance. Read on and we’ll look at some ways to save.
Your Plan – The more coverage you seek, the more money you will pay. However, unless you are okay with a bare bones plan, then finding coverage that pays for most hospital stays, surgery, doctor’s visits and the like you will probably pay have to pay the full price for your insurance.
Deductibles – The higher the deductible, the lower your premium. If you choose a $1000 deductible, then you’ll pay a higher premium. Deductibles of $2500 or $5000 result in progressively lower premiums. Keep in mind that if you have a $40,000 hospital bill that you will be required to pay for the deductible amount.
CoPays – Ah, doctor visits! No plan will let you walk into a doctor’s office and walk out without contributing some money for the visit. Most doctors charge $125 to $250 per visit, more for specialists, but you’ll be expected to pay $10, $25, even $50 as your part of the payment, none as a copay.
In and Out of Network – Insurance companies line up physicians to join their “network” of service providers. Doctors who join are expected to adhere to certain rate structures and follow recommended insurance company guidelines. If you see a network doctor you’ll pay a smaller copay, if you see an out of network doctor you’ll pay more. In some cases you’ll still need an insurance company’s approval before you can see an out of network doctor.
You can also save money for health insurance by joining a plan through an association that allows members to group together for insurance such as a local chamber of commerce or civic organization.
Health insurance isn’t likely to ever be something we can afford with ease. By shopping around and comparing quotes you can save money and stay ahead of the game.
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