If you’re living on a budget, cutting expenses where you can makes good sense. There are a variety of ways to save money: You can reduce the channels in your cable package, start clipping coupons or even drive your car less. Another way to save on your household’s expenses is to cut the costs of your insurance policies. Here are five ways to save on your family’s health insurance:
No matter what you’ve been led to believe, you aren’t tied to your current insurance provider. By shopping around, you can often find a better deal than the one you are receiving now if you are using private health insurance.
Spend an hour retrieving quotes from the various providers at least once a year to discover if you could save money by switching carriers.
When you signed up for your policy, you may have unknowingly accepted coverage that you don’t need. For instance, if you don’t plan on having children, you don’t need maternity coverage. If you have the money to pay for dental visits and eye exams outright, you don’t need this coverage on your insurance policy. Take another look at your policy documents and drop coverage’s that you don’t need.
3.Talk to Your Employer
If your employer offers a health care plan that you aren’t utilizing, find out if it would make financial sense to go with their policy instead of your own. It’s often cheaper to pay for health insurance through your employer. Before you make the switch, however, make sure that the coverage is adequate for the amount of money that you are asked to pay. Remember that it will be more expensive to pay for family coverage than it will be to pay for single coverage.
4.Raise Your Deductibles
If you are carrying low deductibles hoping that you won’t have to pay out-of-pocket for doctor’s visits, consider raising your deductibles. You’ll realize a reduction in premiums if you raise your deductibles. Consider how much you could reasonably afford in the event of a major illness or accident. For many people, doctor’s bills in the amount of $5,000 or even $10,000 won’t result in bankruptcy.
The easiest way to save on your health insurance is to stay healthy. The fewer claims you make, the lower your rates will be. Take advantage of wellness clinics offered by your employer or your insurance company, eat a healthy diet and start an exercise program. Not only will you realize a drop in your insurance premiums, but you’ll feel better as well. Take it a step further and get your whole family involved in your new, healthy routine.
You don’t have to pay hundreds of dollars a month for your health insurance. By following the tips above, you can begin saving on your premiums immediately. If you aren’t sure where to begin, contact your insurance agent and ask that he or she help you review your current policy.