Saving Money on Health Insurance: Five Easy Steps

Wednesday 30 June 2010 - Filed under Indiana Health Insurance

first: Compare health insurance quotes
The major medical health insurance is the same cost no matter who you purchase it from. Compare quotes from health insurance providers that are sure to last through the reform era. A smaller company could fold and leave you vulnerable to a large unpaid claim. In Indiana Anthem Blue Cross Blue Shield, Humana One, UnitedHealthOne, Aetna and Assurant are all companies worthy of comparison. represents all of these companies and can provide you quotes and comparison’s from all. It’s best to speak with an agent before you actually apply. They can give you a likely underwriting outcome and more precise quotes based on individual health conditions.

second: Consider raising your deductible
Price drives monthly premium costs. The higher your deductible the less you’ll pay in premiums. Hospitals will work a payment arrangement out with you for any major bill. A $5,000 dollar deductible may sound unattainable, but 3 years of monthly payments at $138 doesn’t. Do the math, run a quote with a $5,000 deductible and see how much money you would save each month. Some plans offer reducing deductibles that start high and reduce by 20% each year that you don’t meet your deductible. Plans like HSAs offer special benefits if you select a high deductible plan.

third: Consider an HSA
An HSA, or health savings account, is a high deductible plan that has a tax-sheltered, interest earning savings account linked to it for qualified medical expenses. The money in the account rolls over each year and will always be yours. In exchange for lower monthly premiums, the policy holder is responsible for more of the costs associated with minor events whereas a tradition copay plan might assume more of the out of pocket costs. In Indiana most HSA plans have a single family deductible that everything goes toward vs. a copay plan with multiple individual deductibles.

fourth: Look into separate plans
In any family, the factors that determine the premium costs are different. Not everyone’s health conditions, prescription drug use and physical fitness is the same. It may be possible to save money by employing a separate plan for one or more family members. Plans that cover maternity may be out of a young family’s price range. Indiana offers a plan for expectant mothers. Sometimes it’s wise put the mother-to-be on the Hoosier Healthwise plan and switch her back after the six week exam. Ask an agent for assistance, as more and more companies are dropping maternity coverage.

lastly: Consider forming a small group plan
Group health insurance is often less expensive than individual. A group plan can be formed with as few as two full time employees working under the same company. This is also a good alternative for people who normally would not qualify for individual underwriting health insurance plans due to the strict underwriting . Conversely, if you are on a group plan that is becoming to expensive, you need to compare rates from comparable companies. Group coverage is not always the cheapest form of coverage as not all employers cover the entire family. Some cover only the employees themselves. 

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2010-06-30  »  admin