Trying to Find Health Insurance? Use These 5 Smart Financial Tips

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Since 2004, the number of Americans enrolling in private healthcare has tripled. While most people work hard to stay healthy, medical emergencies are a near certainty. Without a comprehensive health insurance plan, you will be on the hook for thousands of dollars.

Using a website like HealthMarkets (source: https://www.healthmarkets.com/health-insurance/) is a must when trying to get the right health insurance policy. This website allows you to compare rates from various insurance companies with the click of a button.

The following are some smart financial tips you should use as you search for the best health insurance policy.

1. Understand the Risk of Lower Premiums

One of the biggest mistakes people make when looking at different health insurance policies is allowing price to be the deciding factor. While you want your health insurance to be affordable, you don’t want to create problems for yourself later on. Just because a policy offers a lower premium doesn’t mean it is your best option.

In reality, lower premiums usually mean that your deductible will be much higher. Finding the right mix of an affordable deductible and a lower monthly premium will require lots of work. When trying to make this decision, you need to consider important factors like

  •  Are there tax credits and subsidies available?

  • How much can you realistically afford to pay out of pocket?

  • Does the policy in question meet your needs?

Instead of letting the allure of a low monthly premium draw you in, check out the details of the policy before making a decision.

2. Managing Your Healthcare Costs

Did you realize that medical billing errors are extremely common? Some people think that just because they have an insurance policy, medical billing errors don’t matter. In reality, these errors can drive up the cost of your policy over time.

Taking a look at each of the bills you acquire is essential. Catching errors can help you save money and lower the overall cost of your insurance policy. You also need to become familiar with your rights as it relates to a practice known as balance billing.

Balance billing is where a medical practitioner or hospital bills a patient for the balance left over by the insurance company. This type of “surprise” billing can create lots of problems. Knowing your rights can help you avoid paying something you don’t owe.

3. Look For Discounts From Health Insurance Providers

Settling for the first insurance policy you come across can be a very expensive mistake. This is why taking the time to weigh all of your options is a good idea. As you look at each of the policies at your disposal, take notice of any discounts being offered.

Many insurance providers use the power of technology to see just how healthy their clients are. Volunteering to wear a fitness tracker can help you save money on your insurance. The data from this tracker will be assessed by your insurance company to see how high-risk your health habits are. If they surmise that you are a low-risk, then the insurance provider will offer you a lower price on your policy.

4. Look at Prescription Drug Costs

Are you already on a variety of different medications? If so, checking the discounts offered on these medications is crucial. Many insurance carriers are able to get significant discounts on popular drugs.

Even if you are not currently taking any medications, you should still look at the coverage offered by an insurance provider. This can help you save money in the future. The more information you have about the policies on the market, the easier you will find it to choose the best one.

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5. Cut Down on Unneeded Medical Visits and Procedures

Just because you have an insurance policy doesn’t mean you have to use it for unneeded visits and procedures. By doing this, you can reduce the chance of your insurance premiums increasing. If you are unsure about what procedures or appointments are deemed necessary, consulting with your doctor is a good idea. They will be able to give you a breakdown on what tests and procedures you need.

Don’t Get in a Hurry

Rushing through the selection of a health insurance policy can be disastrous. The time you invest in performing thorough research on each policy will be worth it.