With health care costs rising at nearly twice the rate of inflation, affordable health insurance may seem like an impossibility. Absent a major overhaul of the health care system, it's unlikely that the cost of health care coverage will be reduced anytime soon. Despite the ever-growing expense of health care, there are numerous ways that you can save money on your health insurance.
If your state does not have a program like this, or you cannot afford the program, then guaranteed issue health insurance is the only option left to you. Most of these plans work the same as state pools. If you had coverage within 63 days previous to signing up for insurance, your pre-existing conditions will be covered. If you have not had insurance for over 63 days, you will have to wait as long as a year before your pre-existing conditions are covered.
Below, we specifically address how you can lower the cost of your health insurance premium (i.e. the monthly payment) without changing your type of health insurance (e.g. HMO or PPO) or level of coverage. Here are three specific actions you take to lower the cost of your health insurance premium:
1. Increase your deductible: A deductible represents the annual cost that you will incur before your insurance company begins paying for coverage. All else equal, accepting a higher deductible will result in a lower premium. For example, increasing your annual deductible from $1,000 to $3,000 could have the effect of lowering your monthly premium from $175 per month to $125 per month, cutting the cost of your premium by $50 per month (or $600 per year). 2. Increase your co-payment: A co-payment is the amount you will pay when receiving medical care, e.g. $15 per visit to a doctor. By choosing a plan with a higher co-payment you can further reduce the cost of your monthly premium. 3. Increase your co-insurance: Co-insurance refers to the percentage a medical bill that you are required to pay. For example, if your co-insurance rate for a hospital stay is 30%, you will pay the first 30% of the cost, with your insurance company paying the remaining 70%. Many managed care plans will have both co-payments as well as co-insurance, with co-insurance applying to out-of-network medical procedures. A higher co-insurance percentage will help lower the cost of your premium.
These three changes to the terms of your health insurance plan can significantly reduce the cost of your monthly health insurance premium. They are not without risk, however. If you experience a health condition requiring substantial medical attention, it is possible that your overall cost of care could be higher during the course of the year with a higher deductible, co-payment, or co-insurance.
Some people are born with pre-existing conditions, and can never get afforable insurance unless they get it though their work. You can also be refused for health insurance if you just have several controlled pre existing conditions. For instance, if you have hypertension, depression, and you smoke cigarettes, a health insurance company may refuse to give you insurance, based on a three strikes you're out type rule.
Pre-existing sickness like cancer or health risking condition is usually excluded. This is a good reason why planning for your health insurance is necessary. With this deal, you are exposed to the best hospitals and professional doctors.
I believe the next question in your mind is where the best and affordable health insurer could be found? You can achieve this by making your research online via the internet. Get at least five different quotes from this different providers. Compare them at your leisure to get a trusted deal.
