Expert-Approved Health Insurance Tricks

Affordable medical care doesn’t have to break the bank. Here are some ways Americans can trim the cost of their health insurance while still getting the coverage they need.

Shop Around for Plans

When choosing a health care plan, it pays to do some research and compare several options before making a final decision. If one would prefer to choose their physician, they need a PPO. If, on the other hand, they are comfortable with having their primary care physician be on staff at the health maintenance organization, an HMO may be a better choice.

Consider Choosing a Higher Deductible

Yes, high-deductible plans are risky—if something unfortunate happens, one could be hit with a huge bill. If a person is generally healthy and doesn’t anticipate many doctor visits in a year, they can lower monthly premiums by opting for a higher deductible.

Open a Health Savings Account

Health Savings Accounts are tax-deductible, so a person can put aside money for future medical expenses without paying taxes. Plus, they won’t owe any taxes when they withdraw the money. One can make the most of their tax break by adding to the account regularly. Health issues are unpredictable, so it’s best to be prepared.

Generic Is a Good Choice!

 It’s foolish to skimp on healthcare, but it’s also a bad idea to pay a premium for name-brand medication when a less expensive but equally effective generic option is available. The FDA requires that both prescription-grade and over-the-counter generic drugs be equivalent to their brand-name counterparts in strength, safety, and efficacy. Using a generic version, a person can save up to 50 percent on the cost of their prescription drugs.

Join a Wellness Incentive Program

Some companies offer lower premiums to employees who complete health-related tasks and participate in wellness challenges. For example, one could get free coverage just by walking for a certain number of steps.

Pay Medical Bills at The Right Time

Most people will wait until after a medical procedure to pay their hospital bills. But paying for health care in advance may reduce the cost of the treatment. If a person is already covered by a provider and has an upcoming procedure, they should ask about a discount for paying in full or prepaying.