Affordable Options for Massachusetts Health Insurance
50 Tips and Ways to Save Money on Health Insurance
Risks can be expensive. Before you even begin shopping for health insurance, you must realize that going without coverage can be more expensive than paying a monthly premium – should disaster strike. It’s just not worth it.
Shop around. Yes, you’ll see this bit of advice for just about everything, but if you don’t shop around for the best coverage at the best rates, you’ll likely miss out on a good deal. The health insurance policy should provide the coverage you need at the price you can afford.
Utilize the Internet. It’s quick, thorough, and so easy. You can compare several different health insurance policies from many different health insurance companies when you search the Internet. Plus, the response is just as speedy.
Answer honestly. Lies on your health insurance application may slip through the cracks once, but should you suffer a health condition due to the lie-in-question, you may find yourself without coverage.
Be thorough. Fill out applications for health insurance when you have enough time. Rushing may cause you to forget information, or include incorrect information, which could cause you to pay higher premiums and even miss out on adequate coverage.
Let your employer cover you. Many people accept or decline job offers based on the health benefits the employer offers. Yes, it’s that important. If your employer provides group health insurance, take it! Group rates are much more affordable than individual health insurance policies.
Check into other group health coverage. Not all employers offer health benefits; luckily, group health coverage can be obtained in a number of other places. Associations, organizations, and clubs to which you belong may offer group health insurance as member benefits. Find out.
Get married. OK, so cheap health insurance shouldn’t be the basis of a marriage, but it’s definitely a benefit! If you don’t have health insurance and your spouse does, you can jump onto his/hers. And vice versa. If you both have health coverage? Choose the better policy.
Stay covered under your parents’ policy. Most health insurance companies allow parents to keep their children covered on their health insurance policies until education is complete or until the children reach a certain age.
Know the difference between “insurance” and “discounts.” When shopping for health insurance, you may run across a few health discount plans at low prices. Know that these plans are not actual insurance; they only provide discounts on health costs.
Check the company’s licensure. Make sure the insurance company you’re considering is licensed to sell health insurance, and licensed to sell it in your state. Ask for proof.
Contact your state’s department of insurance. Your state’s department of insurance will let you know if a particular health insurance company is licensed to do business in your state. The department can also offer further suggestions for saving money on health insurance.
Speak with the Better Business Bureau. The BBB will let you know about any complaints filed against a particular health insurance company. This knowledge will further help you make a decision. Surely you won’t want to risk it with a company slammed with multiple, unresolved complaints?
Purchase multi-line insurance. Purchasing multiple insurance policies from the same insurance company can sometimes earn you a discount. Find out if any of your current insurance companies, i.e., auto, homeowner, life, also offer health insurance policies.
Check for university-sponsored health care. Many colleges and universities provide some kind of low-cost health care for enrolled students.
Look into student discounts. If your school doesn’t provide low-cost health care, you may be able to find an insurance company that offers health coverage discounts for students.
Ask for information on all discounts. When it’s time to save money, it’s not time to be shy. Ask the health insurance representative about all available discounts and determine which are beneficial to you.
Pay your premiums on time. Payments made on time knock out late fees and possible health coverage cancellation.
Stick with your insurance company. Some insurance companies offer discounts to long-time policyholders.
Review your policy from time to time. You may find you’re paying for coverage you no longer need, or that you’re not getting coverage you need.
Purchase the minimum. Or maximum, depending on how you look at it. When you purchase a major medical insurance plan, your major medical care, i.e., surgeries, etc., are covered. Since the average person won’t have numerous major medical needs a year, this kind of plan turns out to be relatively inexpensive while still protecting you.
Understand the real meaning of “cheap.” The cheapest health insurance doesn’t necessarily mean “lowest cost possible.” It’s a balancing act. You need a health insurance policy that gives you all the coverage you want for the lowest price. Otherwise you could end up paying more out-of-pocket.
Tell your agent you work from home. He or she may be able to help you with health insurance coverage geared towards the self-employed.
And take advantage of tax breaks. Self-employed individuals can deduct a certain amount of health costs. Talk with your tax preparer when tax season rolls around.
Know your COBRA rights: The Consolidated Omnibus Budget Reconciliation Act (COBRA) makes it possible for people who are no longer with their employers to continue receiving their health insurance package benefits for a specific amount of time. Contact your former employer and your department of labor for information about eligibility.
Know your HIPAA rights: The Health Insurance Portability and Accountability Act (HIPAA) makes it possible for people who have lost their group health insurance to continue receiving health insurance.
Beyond COBRA and HIPAA. If you’re not eligible for COBRA or HIPAA, or if you’ve exhausted your benefits, your state may have special health insurance set-ups for you to obtain health care until you become employed again.
Purchase a short term health insurance package. These health packages are perfect for recently unemployed people. They are affordable, last anywhere from six to 12 months, and are designed to offer basically the same coverage as your last health insurance policy.
Read the fine print. Find out what the health insurance policy you’re considering does and does not cover. For example, some health coverage doesn’t include mental health care or dental care as a standard, but allows you to purchase additional coverage for such care.
Check into Medicare. Medicare is a government-sponsored health care program for people who are 65 years old or older, or who otherwise eligible due to other criteria.
Check into Medicaid. Similar to Medicare, Medicaid provides health coverage for low income and/or disabled individuals and families.
Look into any and all state-sponsored health coverage. Some states in America have created special health insurance plans for people who can’t afford or can’t otherwise obtain other health insurance policies. Talk with your state’s insurance department about such programs.
Search for free and low cost health clinics. Even if your state doesn’t have any special health insurance plans, chances are they have several free or low cost health care clinics.
Sign up for specialized coverage. Not being able to find health coverage doesn’t mean your special health needs will just disappear. Sometimes states, organizations, or companies have special programs to help people with certain physical and mental health conditions obtain care and medications.
Study up on indemnity plans. Indemnity health insurance plans don’t usually restrict your choices of doctors. This gives you more freedom, but you do have to pay health care costs up front and wait to be reimbursed.
Check out managed care plans, too. Managed care plans, such as HMOs, PPOs, and POS health plans only require a co-pay. However, you are somewhat restricted with each one as to what doctors you can see. There may be a managed care health plan that’s perfect for your needs as well as budget.
Think long and hard about HMOs. Sure, Health Maintenance Organizations (HMOs) require you to choose a primary care physician and see a certain network of doctors, but that doesn’t have to be a bad thing. Check out the network before you sign up – you may like it. HMOs are the least expensive of managed care.
Ask about PPOs. Preferred Provider Organizations (PPOs) are similar to HMOs, but the offer a bit more freedom. You can see a specialist without the referral of a primary care physician.
Check out POS. Point-of-Service health care are another mix of managed care options. You can see doctors not in your network, but you must have a primary care physician. Too, you won’t be as adequately covered – financially – when you see out-of-network doctors.
Protect your children if no one else. You may get discouraged while searching for affordable health insurance. Take a break if you need to, but don’t neglect your child’s health care. Purchasing an insurance policy just for your child, checking into state-sponsored health clinics, and signing your child up for child-specific state-sponsored health programs will help you keep your kid happy and healthy.
Practice preventative care. Eating healthy, exercising, and staying away from dangerous situations will not only help you stay healthy and alive, but it will also help you save loads of money on health care costs. Teach your children preventative care, too!
Be sensitive to female health needs. Health insurance or not, females have health needs that go beyond the flu. States understand this and many provide clinics or other special programs to help prevent, and treat, female health problems. Take advantage of this care.
Analyze your eye care needs. When you’re really trying to save money on health insurance, you may not need to purchase coverage for eye care. Unless you have an eye health condition, it’s usually cheaper to just pay out-of-pocket for annual check-ups and eye wear.
As well as your dental care needs. Similar to eye care needs, it’s usually cheaper to pay out-of-pocket for regular check-ups and the occasional filling.
Get a medical savings account. HIPAA makes this possible and encourages it for self-employed individuals; traditionally-employed individuals can do basically the same thing (save money for health costs) with a special bank account.
Increase your deductible. By increasing your deductible, you cut the cost of your monthly premiums.
Don’t sneeze. Some health insurance companies actually offer higher premiums to people with allergies. Don’t lie to the insurance company, but considering looking elsewhere if Fluffy gives you the sniffles.
Know what to expect out of the country. If you’re traveling to another country and/or overseas, your current health insurance may not cut it. Find out, and determine whether or not you need to purchase temporary travelers health insurance. Otherwise, you could find yourself stuck with hefty out-of-pocket medical costs.
Individual health insurance plans are not your enemy. As long as you shop around and take advantage of all available discounts, it is possible to find an affordable individual health insurance policy.
Don’t just buy it and forget it. Once you purchase a health insurance policy, don’t just forget about it. Keep your eyes and ears open for further discounts, and even other companies and plans that offer the coverage you need at a better price.
