With the start of the new year, many people have made resolutions to save more money, and in that effort, it is not uncommon to look over health insurance coverage to make sure that what has already been purchased or what will be purchased in the near future will include the best possible savings but with the coverage that makes the most sense to each individual.
Use the following tips to help achieve this goal:
• Do your homework and compare all of the different health plans available to you based on your affordability.
• If you’re a healthy individual, then it might be worth your while to raise your deductible, as this will lower your monthly premiums. Just keep in mind that this will increase the amount that you will need to pay before the insurance kicks in if you make a claim.
• Purchase supplemental health insurance to fill in any of the coverage holes such as deductibles, caps, co-payments, and other factors that may not be covered by standard health insurance.
• Have a look at your age and medical history and choose a plan that will best cater to that, but with lower premiums in mind. For example, if you don’t habitually have to take prescription drugs, then a lower or generic drug benefit plan will keep your premiums down.
• Talk to your employer and find out if they offer health insurance plans, as they will generally have notably lower premiums than individual coverage due to group rates.
• Think about a health savings account to ensure that you’re getting the most out of your tax benefits.