Saving Money on Your Health Insurance
February 27, 2009 by Miranda Marquit
Filed under Finance
Health insurance is one of those things that we’re pretty sure we need — just in case. Unfortunately, it is getting rather expensive. And, as the recession tightens many belts, a number of employers are cutting their benefits. As a result, many are trying to find health insurance on their own. And, within households, even more are trying to figure out ways to pay less for their health insurance.
Here are some things you can try to pay a little less on your health insurance:
- Increase the deductible. Check your deductible. In many cases, your health insurance company will charge a lower premium if you have a higher deductible. Be careful though: You have to pay out of pocket until you reach your deductible. In a cost analysis of what our insurance company was willing to offer, it actually amounted to paying the same thing every year, since we would just barely meet our deductible. Only more of it would come immediately out of pocket.
- Reduce your coverage. Check your coverage. Are you paying for something you don’t need? We’re working on having maternity coverage removed from our insurance policy, since we’re not planning on having any more children. This could save $200 a month. You might have some other benefit that may not meet your individual needs.
- Shop around. We’re not happy with what our insurance company is offering, so we’re looking elsewhere. Web sites like eHealthInsurance allow you to get plan quotes and compare available health insurance plans to find one that might work better.
- Look for discount programs. There are discount programs out there that can be less than health insurance. However, make sure you understand the coverage and the costs. For some these work out well, and for others they are an endless headache.
It is also worth noting that the recently passed economic stimulus bill can help you with COBRA premiums if you lose your job. This can offer peace of mind to many, since maintaining health insurance is important.
image source: Stu Pendousmat on WikiMedia Commons
What great advice! I’m going to have to look at my plan now to see if it covers maternity…we certainly don’t need that!
Thanks for stopping by, Aidan! I think that money-saving in many cases can be summed up by looking over what you have, and then cutting out what you don’t need.