By Dr. Kavita
People are often stuck with their health insurance plans, despite having to pay through their noses. The major thought underlying this attitude is that health is a matter of great concern and it is better not to try and opt for cheaper health insurance as it may not offer quality health coverage.
But lower health insurance premiums do not always mean cheap or low quality health coverage. Rather it is because you are not trying to change your current expensive health plan that you are not finding any good offers. You can get good quality health coverage while having to pay lower premiums if you follow the tips described below to arrest increase in health insurance premiums:
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Re-assess your health insurance needs
Health and medical needs change over time and often health insurance cost increases. Maybe your current health is better than before and you do not need an expensive coverage any more. Or maybe your children have grown up in the meantime and they do not need frequent visits to the doctors any more. Assess all these factors before deciding to continue with the existing and expensive health insurance plan.
Check what your insurance is charging you for
This tip is especially relevant if you have medical coverage through group medical insurance at work. There could be various factors that have been tied in to the group coverage that might be redundant for many of the employees. Check the factors that are tied to your group health insurance and if there are some of them that can be opted out of, then approach your colleagues and get their opinions about them too.
If all of you are able to reach a mutual agreement about removing some of the factors, then it will definitely lead to mass savings on premiums for all of you.
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Will Catastrophic I plan work for you?
Catastrophic I plan is a medical coverage plan that pays only for emergency medical services and hospital stay. Since this is a limited coverage plan, you will have to be sure that you can manage the costs of the regular health visits to your doctor as they will not be paid by the health insurance company. The deductibles are higher here to the tune of $1,000 for individuals and $2,000 for families, but the premiums are far lesser.
Try opting for combined health insurance with your spouse
Group health insurance may not be very economical for every one of us. If your spouse too has group insurance at work, then you should calculate which of the two is cheaper and if your spouse’s plan appears to be more economical, then you can combine your insurance with that of your spouse.
Keep both your eyes and ears open for better insurance deals that keep popping up with regularity. As soon as you find a plan with lower premiums and good quality coverage, change to the better plan.
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