Health insurance is a critical component of protecting both your financial and physical health. Without health insurance, you may not be able to obtain the care you need or you could be left with overwhelming medical bills. Unfortunately, for many people, the cost of health insurance can be a significant financial burden. You have the premiums for the insurance but also the deductible. What if you’re looking for a way to reduce or even eliminate your deductible while still maintaining affordable health insurance coverage? Below are five ways to do just that.
Understanding Health Insurance Deductibles
A health insurance deductible is the amount you have to pay out of pocket before your insurance begins to cover the cost of your medical expenses. This means that if you have a $2,000 deductible, you will have to pay the first $2,000 of your medical expenses before your insurance will start covering the cost, according to Healthcare.gov. There may be an additional percentage called “co-insurance” for example 80% / 20% until you reach an annual out of pocket limit. These costs when combined can be a significant financial burden, especially if you have a major medical expense like a hospital stay or surgery. While having a high deductible may make your monthly premium lower, it can also present a financial challenge if you need medical care. It’s important to consider your own needs and financial situation when choosing a health insurance plan with a deductible that works for you. A well-trained agent should be easily able to explain all your options in terms you understand.
Take Advantage of Preventative Care Services
The best way to minimize your health care costs is to reduce your need for health care services. A great way to do that is to take advantage of preventative care services. Many health insurance plans cover routine physical exams, vaccines, and certain screening tests at low or no cost to you. By taking advantage of these services, you can help keep yourself healthy. You may also catch small problems before they become major issues. Doing so can help you avoid costly medical expenses that would require you to pay your deductible.
Participate in Wellness Programs
Many insurance plans offer credits or deductible offsets if you participate in a wellness program. These programs can include things like gym memberships, smoking cessation classes, and weight management programs. These kinds of rewards are common in health insurance plans that are sponsored by employers. If you successfully participate in a wellness program and can verify your completion of the program, then you may be able to earn credits that reduce your deductible.
Shop Around for Lower Cost Medical Services
Did you know you can shop around for medical care just like you shop around for other costly purchases? You can ask doctors and hospitals for quotes on procedures to find the right choice for you. You can compare prices at different hospitals and clinics in your area to find the most affordable option. Doing so can help you save money on your out-of-pocket expenses, which will in turn help you reach your deductible more quickly.
Bundle your Insurance Coverage
Finally, you can reduce or eliminate your deductible by bundling your insurance coverage with other benefit plans. For example, if you have a “high deductible” health insurance plan, it may be cost effecient to add supplemental coverages for things like Accidental Injuries, Critial Illness, Hospital Confinement and even Virtual Telemdicine can help. Bundling plans can help you save money on your insurance, which can in turn help you reduce or eliminate your deductible.
Ready to save money on your health insurance deductible? Contact us today. We can help you find the right plan for your needs and budget.