Family Budgeting – 6 Tips For Reducing Your Heath Insurance Costs

May 27, 2016

If you are paying at least a portion of your health insurance coverage, you are very well aware that costs continue to go through the roof. Fortunately, there are ways for you to reduce the impact these costs have on your budget.

Here are 6 tips you can use to do just that:

1. Speak with your insurance broker / agent, or with your employer’s health insurance plan administrator if you get your insurance through your job. Ask them directly what you can do in order to save money on your monthly insurance costs. Perhaps by increasing your annual deductible, switching companies or changing plans you’ll be able to save some money.

2. If you are willing to give up the freedom of going to whatever doctor, pharmacy or hospital you want to, you can very definitely save some money. The more limited you are willing to be in choosing your providers, the less you’ll pay.

3. If anyone in your family has a preexisting condition, don’t change your plan until you have a written quote for coverage from your new provider that it will cover the preexisting condition. Failure to do this could mean that you may not have coverage for that condition, or having to wait for 6-12 months for coverage for the condition.

4. Keep in mind that when you receive a quote for an insurance plan with a super low rate that it’s likely not all that good of a deal. If it doesn’t provide the coverage you need, you’ll end up on the short end of the stick in the end. Paying a little extra each month to have the coverage you need will mean having lower out of pocket expenses for things like doctor visits, hospitals and prescriptions.

5. If you are considered someone who is low income and you have limited assets of any real value, you may qualify for Medicaid. You’ll want to check on your availability at familiesusa dot org. Go to the Consumer Assistance Program Locator and choose your state. You’ll end up with a link to your state’s Medicaid office.

6. If you find that you are unable to get Medicaid, you still may be able to get coverage for your children. Visit insurekidsnow dot gov for information about how to apply and what the eligibility requirements are.

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