Submitted by: Tim Patrick
January 14, 2008
As a health plan broker, I've spent the last 23 years helping people find affordable health insurance. Along the way I've learned how to trim the price of health insurance without trimming the quality. Here are a few of my secrets:
#1) Don't be afraid to consider plans with higher deductibles. Insurance, by
definition, is protection from serious financial loss. A good plan, even with a
high deductible, can give you that protection. As a bonus, many of these types
of plans will waive the deductible for routine office visits, routine physicals,
and generic drugs.
#2) Take a look at HSA plans. In the last few years a new type of plan has
become available. These are called HSA (Health Savings Account) eligible plans.
They are low cost, high deductible health plans that offer outstanding tax
benefits. Any good health insurance company offers them.
#3) If you don't need maternity, drop it. You can lower your premium by choosing
a plan without maternity. And remember, for family coverage, not everyone has to
be on the same plan. To lower your cost you can get a plan with maternity for
the person who needs it and a plan without maternity for the other family
members.
#4) A quick word about basic, hospital only coverage: Caution. Yes, I know those
super low prices are tempting, but there is a risk. You can rack up huge medical
bills without ever stepping foot in a hospital. That being said, if that's all
that's affordable at the present time, it's better than nothing, and you can try
to upgrade when finances allow.
#5) HMO's vs. PPO's.
Many people think that HMO's are cheaper than PPO's but usually that's not the
case. If you're looking for good quality insurance at the lowest possible price
and you don't mind a higher deductible, then a PPO will be cheaper. If you want
the richest benefits possible with little or no deductible, then you might
consider an HMO. Remember, though, an HMO is less flexible and there are
restrictions on which doctors you can use.
#6) Get some help. In your quest for affordable health insurance, sometimes it
helps to talk with a professional. Make a few phone calls. Find an experienced,
friendly health plan broker that offers several different companies. It won't
cost you anything (we're paid by the insurance carriers), but it will probably
save you time, money, and frustration.
Tim Patrick developed
http://www.HealthPlanInfo.com to help individuals & families find
affordable health insurance in California. He has 23 years experience as a
health plan specialist.
