Having health insurance can alleviate stress, as well as the financial burdens associated with healthcare. Still, some people choose to forego having a health insurance policy due to the premium costs. If you’d like to have health insurance without overpaying, here are a few tips to help you save on your next policy:
1.Comparison Shop
This is good consumer advice in general, but it can really impact the amount you pay for health insurance. Call around or visit insurers’ websites to learn your options or, even better, use one of the many online tools available to help you compare and contrast available health plans based on your own health circumstances. Smart Financial offers one such service, and it can save you time and energy as you research available plans.
2.Go with the Bronze Plan
Most health insurance providers offer four tiers of plans, with bronze being the most cost-effective. If you’re in good health, you probably don’t need to shell out the big bucks for a silver, gold or premium plan. Keep in mind that you may pay a bit more for doctor’s visits and prescriptions, but you’ll avoid overpaying for services you don’t really need, especially if you don’t have any chronic health conditions.
3. Piggyback on a Parental Plan
If you’re under the age of 26, you should never pay for your own health insurance plan. That’s because federal law allows you to stay on your parents’ health plan if you are 25 or younger. These piggyback plans usually offer much cheaper rates, and you’ll still receive a high level of coverage.
When it comes to health insurance, protect your health while also protecting yourself from overpaying for your coverage. Use these three tips to bank more of your money while still maintaining appropriate health coverage and having peace of mind.