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Money Bargain Ideas :: Cheap Health Insurance
Cheap Health Insurance: How to Find Cheap or at Least Cheaper Health Insurance
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Cheap health insurance is not a chimera – it does exist, as long as you’re willing to make a few sacrifices.
So, if you want to learn how to save money on your individual or private health insurance, keep reading for some tips that will drastically alter your health insurance costs.
Opt for Higher Co-Pays
By opting for a higher co-pay, you can save a significant amount of money on your monthly premiums.
This is a good option if you’re healthy, don’t need to visit the doctor’s office regularly and are comfortable with paying a $50 co-pay per visit instead of a $25 co-pay, for example.
By choosing a plan with a higher co-pay, you can save as much as 40% on your total health insurance costs.
However, this is not a good cheap health insurance option if you visit the doctor regularly or have children who need frequent checkups.
Opt for a Higher Deductible
Your deductible is the amount that you pay before your health insurance starts to kick in and cover costs. By opting for a higher deductible, you can save hundreds on your health insurance premiums.
This is a good option if you’re simply looking for an affordable, stopgap insurance solution to cover you in case of emergency, serious illness or a major accident.
For example, a healthy individual in their early 20s may opt for an insurance plan with a $5,000 deductible.
It’s high and means they’ll have to pay for any doctor visits, but their monthly premiums are extremely low and they know that they’re covered for any amount over $5,000 in case of an emergency or accident.
Opt for Reduced Services
You can find cheap health insurance by being willing to sacrifice what are often considered “frills” by the insurance industry.
For example, you can really save on your monthly premiums by giving up dental coverage, drug coverage and added-on benefits like massage, physical therapy, mental illness treatment or other services that could be considered “non-essential.”
Find a Group Plan That Fits
If you’re looking for a cheap health insurance plan, then start looking at the groups or organizations you belong to.
For example, organizations like the Freelancer’s Union or even AAA offer health insurance options for their members that are cheaper because they’re part of an umbrella plan.
If you’re a student, you’ll likely be covered by your student union and able to access free or very low-cost, on-campus health care.
Medicaid or Medicare
If you’re really struggling to cover your health insurance costs, check to see if you or your children qualify for Medicaid or Medicare, the ultimate options for cheap health insurance.
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