How to Save on Health Insurance
Miami Health insurance is something we all need but it can be painful to pay for. As the costs continue to rise we have to be creative in how we shop for, pay for and save money on health insurance.
An Ounce of Prevention
Prevention is your most powerful tool in saving on health insurance! Insurers are driven by profits and the less they estimate they’ll have to pay out, the cheaper your insurance will be. Take care of yourself.
Take advantage of free community exercise programs. If you can’t attend a class, record some of the many work-out programs that most public television stations air throughout the day. Skip dessert and take an evening walk with your spouse, your children, your dog or a friend.
Lose your bad habits! Insurance companies charge more for smokers, drinkers and those above the recommended body weight on insurance charts. You’ll also feel better, look better and enjoy life more..
Change, Negotiate and Pay Attention!
You can save on prescriptions, too. Many pharmacies are now offering a month’s supply of drugs for just a few dollars. If you are on a name brand medication not covered on those lists, you may be able to substitute a generic that is included. Ask your doctor to give the pharmacist an option to provide the generic equivalent of what is prescribed. If you can’t afford a medication you really need, contact the manufacturer and ask about prescription assistance; most of them have programs that will help you with the expense or, in extreme cases, pay the costs completely.
Health care providers don’t always give an accurate accounting of the care you’ve received. Be sure to check your bills, especially if you’ve been hospitalized. You’ll often find charges for services that were not given—not because the medical facility is unethical but because someone wrote in the wrong code. These mistakes are quite costly and can raise the price of your premiums accordingly.
Look for Alternate Coverage
If you and your spouse have different insurers, see if it would be less expensive to be on the same policy. If one of you is insured through their employer and the other is not, it’s often just a few dollars more to include a spouse. This can be a big savings over separate insurance.
Look into getting and HSA based insurance policy. A Health Savings Account (HSA) allows you to deposit money into a special account to cover out of pocket expenses. If you don’t use that money during the year, you can roll it over into the next and keep adding to it. It’s also tax deductible and draws interest! A high deductible will also lower your premiums.
You can use your HSA to pay cash for many services such as medical tests. Many providers give deep discounts if you pay cash, some as much as 80-90%! This will keep your costs down.
Don’t forget that if your medical costs exceed 7.5% of your adjusted gross income, you may be able to take a tax deduction. Keep a running total throughout the year of your medical expenses.