Saving Money On Health Insurance

When considering family health insurance or individual health insurance, it is generally a good idea to buy a policy with a higher deductible if you are trying to save money on your health insurance premium. Remember that in most cases, the deductible does not have to be met for most routine medical services. Those services usually only require that you pay a co-pay. The deductible generally applies to more expensive medical care such as inpatient or outpatient surgery, hospitalization, procedures, tests, etc.

Another way to further reduce the monthly premium for your health insurance policy is to negotiate for a policy that limits the number of times in a year that you can utilize your doctor co-pay. You might pick a policy that limits you to using your doctor co-pay to 2, 3, or 6 times per year. If you go to the doctor more than that, then the cost of that visit will be paid fully by you and will be applied towards your deductible. However, you will still get a lower negotiated rate that the insurer has contracted with your provider. By choosing the right number of visits for you, you can lower your premium and better manage your health care costs.

You can also choose a plan with a higher coinsurance limit, higher drug deductible or higher doctor co-pay. It is important to consider the premium savings. Those savings stay in your pocket and can be used in case of the need for extra doctor visits or to meet a higher deductible. Contact your insurance professional to learn more about coinsurance limits and caps.

Save Money on Individual & Group Health Plans

Below is an example of two plan choices, how they differ, and the typical savings. The savings increases with age or number of family members. A family of four can save as much as $500 per month or more by carefully choosing their plan.

EXAMPLE

30-year old male                                     30-year old male
$1000 deductible                                   $3500 deductible
$20.00 Co-pay                                        $35 doctor co-pay
Unlimited doctor visits                           Doctor visits limited to 3 times per year
$250 Brand drug deductible                 $1000 Brand drug deductible (no deductible on generic drugs)
$2000 coinsurance limit                        $5000 coinsurance limit

PRICE $ 179.00                                PRICE $ $70.00

As you can see, this example saves this 30-year old male $100.00 per month on his premium or $1200 per year. If he only requires routine medical care and stays out of major medical care, he can save quite a bit of money that can be used later in case of a more serious medical condition that requires that he meet his health insurance deductible. This male is betting on his good health and he can better control his health care dollars. In case of a larger medical event, he feels that his premium savings will be there to cover the costs. Therefore, instead of paying for richer benefits that he may never need, he will hold onto his money and meet those obligations IF they occur.

For more information on how to choose the right insurance company for you and how to choose the right plan, contact a Health Insurance Plans Specialist at Bottom Line Insurance Consultants. Always refer to your insurance professional and specific carrier benefit information and policy information for benefit specifics.

Saving Money On Health Insurance | Save Money on Individual & Group Health Plans

Bottom Line recommends that you talk to one of our consultants before applying on any website including ours.   When comparing benefits from each carrier, the benefits aren't always as they appear.  You are making an important decision.  Call for complete policy information before applying. 

There is no added cost when applying through Bottom Line or for consulting with our insurance professionals.  Premiums are the same as buying direct from the insurers and you get ongoing customer service year after year at no added expense to you.