1. Shop Around
When purchasing health insurance online for you or your family it’s always a great idea to shop around for a plan that will fit your needs. Individual health plans have different features and vary from carrier to carrier. One carrier may offer health plans that are more affordable for your situation. Be sure to compare quotes from multiple insurance companies before making your decision. It only takes a few minutes to review the main benefits of each plan, and while some plans are appealing at first they may have significant medical costs that aren’t covered.
2. Don’t Get Over-Insured
If you’re relatively young and healthy you may want to consider choosing a plan that has a higher deductible. Even though you will have to pay more before certain benefits kick in, you will save big in the end by having a lower monthly payment. All things can’t be anticipated, but there are some coverages that you could do without. If you have no plans on starting a family, then why pay extra or maternity coverage? That can go along with a plan that covers brand named drugs vs. generic. If you are currently on any prescriptions, having a plan that covers generic drugs will save you money.
2. HMO vs. PPO
There are plenty of options when it comes to finding a plan that works best for you. Typically you’ll consider either an HMO (Health Maintenance Organization) or a PPO (Preferred Provider Organization). When you’re looking to save money, an HMO type of policy will generally have a lower out-of-pocket cost, but you will be restricted to specific healthcare providers. With a PPO you’ll be able to choose your own doctors and the hospitals you visit. Just make sure that your healthcare provider is listed within the network for your plan. You can expect to see a cost associated with this flexibility, as you will most likely have a deductible and/or higher premiums.