Health insurance rates have been slowly increasing. Perhaps your rate is a bit higher than you can afford. Healthcare can be more affordable than you realize. Sometimes, a few minor changes can substantially reduce your Pennsylvania premium. Hopefully these five tips will help!
· Consider raising your major medical or prescription deductible. With many Pennsylvania medical plans, the deductible often does not apply to covered office visits and prescriptions. So by raising your deductible, depending on the number of family members covered, you could easily save hundreds…or even thousands of dollars per year. A $2,500 or $5,000 deductible are options to strongly consider. A few carriers now offer $7,500 and $10,000 options on their short-term plans. And yes…even $20,000 is offered on selected family plans. If you don’t use it, why pay for it? And remember that maximum out-of-pocket expenses are just as important as the deductible.
· Work with an experienced broker with at least 20 years of experience. That broker should be specializing in local healthcare coverage as opposed to an agency located on the other side of the country. The top resource for researching and quoting affordable Pa healthcare is us. If you have kept the same policy for more than three years, and your health has not changed, comparing prices is advisable. Of course, canceling an in-force policy is never advisable unless you have carefully compared and reviewed the current and proposed policies. Review exclusions and waiting periods before making any decisions. Always request that the quote and policy benefits to be provided in writing (hard copy or email).
· Consider a plan like this. An HSA is similar to popular medical coverage, but it allows you to pay for existing health, dental and vision expenses and save for future qualified expenses on a tax-free basis. A High Deductible Health Plan (HDHP) is also required. If you have relatively few expenses, it may provide a great opportunity to reduce your current premiums. And you will not “lose” any money that is not spent in the calendar year. It’s a great idea that was created by Congress, and it is still popular today. Typically, each year, contribution limits and maximum deductibles slightly increase.
· Eliminate unneeded coverage. If you are paying extra for optional riders that you don’t use…delete them from your policy. The savings could be more than you realize. Many health insurance plans have not been reviewed for years, and significant savings might result from “tweaking” your policy coverage. However, starting in 2014, many of these benefits may have gone back on your policy since the law required that you cover specific items. Maternity and wellness benefits are two examples.
· Use your preventative coverage! All Marketplace plans provide preventative coverage that is not subject to a deductible or other expense. Routine physicals, OB/GYN exams, Pap tests and mammograms are included in comprehensive and catastrophic policies. There also is no waiting period and no coinsurance. Most of these changes were made as a result of legislation that was passed by Congress. Regardless if you have a $1,000 or $5,000 deductible, it will not apply to your annual routine physical or OBGYN exam.
We hope you found these tips helpful. We review and compare high-quality health insurance plans. We offer free quotes, comparisons, research and and service. That’s quite a combination! Helping you understand the differences between different types of coverage will help you save money every year by making sure you have the most appropriate type of plan based on your health conditions and budget.