How to Save on New York Health Insurance
Even though the cost of health insurance is skyrocketing, there are some things that you can do to make sure that you get the best coverage for the right price. With the right approach, you won’t have to resort to sacrificing certain aspects of your medical coverage just to save a buck. The best thing you can do is to educate yourself about the various aspects of health care and insurance so that you can make informed decisions.
Consider these five tips that can reduce your health insurance premium without compromising your level coverage.
- Opt for a high deductible plan
It is important to understand that insurance is meant to protect you from loss should a serious illness or injury befall you, not necessarily for preventive care. The higher deductible you are willing to pay, the lower your monthly premium will be. As an example, a female in her mid-twenties was able to reduce her monthly payments by 18% when she increased her deductible by $850. - HSAs, or heath savings accounts, are commonly coupled with high deductible plans. You and your employer are allowed to add pre-tax funds to the HSA so that you can use this money to pay medical expenses until your deductible is met.
- Shop for Private Insurance
Sometimes private New York health insurance costs less than plans sponsored by employers. Healthy middle-aged individuals can find private health insurance policies that cost less than $40 per month. This is not the case for certain individuals who have pre-existing medical conditions. Private insurance for them could cost more than $200 per month. - It is for this reason that you need to take the time to carefully consider several different private insurers to make sure you are truly going to save money and receive good coverage. Physical examination results weight heavily in the quotes that you are offered.
- Juggle Family Coverage
For those who are married and have children, there may be a variety of options to consider. For example, sometimes it is less expensive to have all of the family members on one plan. In other cases, it is cheaper to have some members on one plan, and the rest on the other. This goes for employer provided or private insurance. Do the math and figure which arrangement is cheaper and has the coverage that you need the most. - Reevaluate Employer Options
Close to 60% of employers provide two or more insurance policy options. Changes in our life and health can make new options more appealing. Every year, you have an opportunity to make changes to your coverage, and you should take advantage of that.
There are two main factors you should consider:
- Network providers. You could be paying a higher premium for the ability to choose your own doctor. See if your current doctor is within the network. If so, you may not need to pay extra for the choice of using services outside the network.
- Benefit range. There are certain benefits that you could be paying for every month, but that you rarely use. You can lower your premium by choosing a plan that doesn’t have unnecessary coverage, such as maternity, immunizations or orthodontics particularly if you are reasonably certain you won’t need them for the next twelve months.
- Take Care of your Health. If you quit smoking or lose weight, not only can you cut back on your number of doctor visits, but you can also significantly reduce your health insurance costs. Just about three-quarters of all employers offer financial incentives to employees who participate in company-wide health efforts.
On the flipside, smokers and tobacco users who refuse to quit are actually paying more for their health insurance coverage under certain employers. This could be $100 a year or per month more than non-smokers pay for their health insurance with these employers.
Learn how easy and convenient shopping for New York health insurance can be. Get your free New York health insurance online quotes today!
