If you are looking to reduce your health care costs without losing coverage, don't worry, it can be done. Some of the benefits offered by health insurance companies are overpriced for what you get, and other benefits offer a good value, based on certain needs. You will be required to do a little bit of legwork and research to determine what plans are the best for you because none of us have the same health care requirements. But the possibility of saving hundreds of dollars each year on premiums is a benefit that cannot be overlooked. Here are a few tips you may want consider:
You can increase your deductible, the amount you have to pay each year before your plan begins paying. If you are like many of us, you don't have many doctor visits per year. Increasing your deductible could easily save you hundreds per year. Insurance industry insiders have revealed that insurers have a rating system which, strangely enough, reduces premiums by the same amount of a deductible increase. That is, if you increase your deductible to $1000 from $500, your rates could possibly go down by $500 or more.
Add a doctor visit co-payment with limited visits. The co-payment is a fixed amount that you pay each time you go to the doctor. It usually is $15-$40. If you don't have this benefit, you'll have to pay the entire amount each time until you have reached your plan's deductible. If you are planning to visit a physician a few times a year, this can save you money, though having this benefit usually adds to your monthly premium. Get around this by setting a limit of yearly visits that are covered by the plan. That way, the plan will only cover what you need, while lowering your premiums.
Choosing a plan with a smaller network can also be an advantage. Most plans today, whether they are an HMO or a PPO, will offer coverage within a specific network of doctors and hospitals. Chances are you won't need to see the wide variety of specialists often available. PPO's allow you to choose physicians outside of your plan, but they charge a premium as an incentive to stay within the plan. HMO's however, will require you to choose a primary care doctor who is in the system, and won't allow you to see specialists unless they have been recommended by your doctor. Choosing an HMO will reduce your coverage, but your premiums will be less.
The best kept secret in the industry is getting re-underwritten. Underwriting is a process by which insurers base your charges on a series of factors such as your present health, your age and future risk. Riskier people cost more, so they pay more. Most insurers also put you into "pools", which may include several plans with a preset number of insured. They then base the premiums on the overall health performance of the pool. That is, if many in your pool get sick, then your rates go up even if you haven't seen a doctor. So asking for a different policy may often put you in another pool.
The problem with that is that if a large amount of the pool members get ill, then your premiums go up even if you have been healthy as a horse. So it is recommended by industry insiders that changing policies each year or changing carriers each year or both will likely save you money. Navigating your way through the complicated world of the insurance industry doesn't have to be difficult but in order to be successful, you will have to put some effort into it.
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