Save Money On Health Insurance Premiums – Don’t Pay for Coverage You Don’t Need
No doubt about it health insurance can be expensive. But there are ways to lower the cost of medical insurance. The key to a lower cost health insurance premium for many people is to stop paying for insurance coverage or health benefits they do not really need.
One of the most overrated benefits of a health insurance policy is a low copay amount. On the surface paying only $5.00 or $10.00 dollars for a doctor’s visit instead of the $50.00- $75.00 that is customary may seem attractive. But is it worth what it costs in additional premiums over the course of the year? That all depends on your needs and how healthy you are. Sure if you have a condition that requires many doctor visits a year, a low co pay makes sense. But if you are generally healthy, and see your doctor only once or twice a year, certainly you will be paying more in health insurance premiums for the copay, than you will be paying the full price of a few visits.
The same with prescription drugs. Yes Prescription drugs can be very expensive, and for seniors and those with chronic conditions having a prescription drug benefit as part of their health insurance is critical. However look at your own life and your needs, if you are not currently taking many or regular prescription drugs, eliminating this benefit from your health insurance coverage will likely save you at least 20%. Again gauge that against the amount you may pay to fill one or two prescriptions at full price, and you will likely come out on top. Keep in mind that several major large retail pharmacies such as Wal-Mart and Target currently offer a program for those without prescription drug coverage of generic drugs from 4.00 to 8.00 or less. Plus there are many reliable low cost online pharmacies.
And finally probably the biggest mistake people make in buying health insurance they do not really need is in paying through the nose for a low deductible. If you are purchasing a health insurance policy with a low deductible you are also paying a high premium for the luxury of it. Again if you are young and in general good health this amounts to buying health insurance you do not need. With a low deductible amount you are in effect asking the insurance company to cover your routine medical expenses. You should be able to pay for these routine medical expenses for yourself, instead of paying top dollar for the privilege of having your insurance company do it for you. Also taking a policy with a high deductible amount of over $1000.00 or more not only will save you significantly in premiums, it qualifies you for a Health Savings Account and all of the Tax Benefits that come with it.