Saving money on health insurance is important, but the strategies to do so are not so obvious. Here are seven ways to control your health insurance costs:
- Make sure you are familiar with all of the rules of your health insurance plan, and that you follow them. Your plan will have rules regarding pre-authorisation and provider networks. If you fail to adhere to these rules, you could find that you have little or no coverage available to you for your treatment. Do not make assumptions about the plan. Read your policy terms and ask questions of your planâ€™s representatives. Remember that a lack of information can cost you money.
- You may be able to opt out of certain coverage features that you do not need. Mental health services, chiropractic services, and maternity stays are often not needed by everyone. In some states, health insurance companies are allowed to offer basic health insurance policies that include only mandated items of coverage. Choosing such a policy is a less expensive option.
- If you are married, and both you and your spouse have health insurance, check each policy to see if spousal benefits are available. If so, you can eliminate the other one as coverage under spousal benefits is available to both the husband and the wife.
- Be prepared for emergencies by becoming familiar with the full aspects of your health insurance coverage. If when an accident occurs you are familiar with which hospitals and physicians are included in your network, you will be in a better position to make confident decisions in an emergency. This information should be kept handy in case you need it quickly.
- Saving money on prescription costs will help your overall health insurance strategy. Simple things that you can do include asking for free samples from your physician, using generic drugs, or investigating the availability of reduced cost medications. There are typically eligibility requirements for programs such as these as they are primarily designed for those with low income or no insurance coverage.
- Do you have any bad habits? If you quit smoking you will become a more desirable candidate for insurance coverage. Smokers automatically pay higher premiums. You wonâ€™t see immediate results, as it may take about 3 years to qualify for better rates enjoyed by non smokers.
- Exercise, and get fit. The obese will pay more premium than smokers, the aged, or alcoholics. Getting in shape will not only benefit your wallet, but will help you live longer and healthier. Healthy people experience less stress also.