Health insurance policies ease the financial burdens associated with healthcare, especially in cases of unexpected illness or injury. As with most types of insurance, they play the role of alleviating stress for policyholders, too. Still, some people choose to forego having a health insurance policy simply due to costs. If you’d like to have health insurance without overpaying, here are three ways to save:
First: Remain on a Parent’s Plan
If you’re under the age of 26, this one is a no-brainer: you should never pay for your own health insurance plan. That’s because federal law allows you to stay on your parents’ health plan if you are 25 or younger. These piggyback plans usually offer much cheaper rates, and you’ll still receive a high level of coverage.
Second: Always Shop Around
Taking the time to research and compare your options can have a big impact on the amount you pay for health insurance. Call around or visit insurers’ websites to learn your options or consider utilizing an online tool to help you compare and contrast available health plans based on your own health circumstances. These resources can save you time and energy as you research available plans that work for your needs.
Third: Opt for the Bronze Plan
The majority of health insurance providers offer four tiers of plans, with bronze being the most cost-effective. People in good health probably don’t need to break the budget trying to afford a silver, gold or premium plan. Keep in mind that you may pay a bit more for doctor’s visits and prescriptions, but you’ll avoid overpaying for services you don’t really need, especially if you don’t have any chronic health conditions.
Health insurance plans help you protect your health while also protecting your finances from unexpected medical costs. Use these three tips to save money while still maintaining appropriate health coverage that meets your unique needs.
Image via Flickr/Damir Spanic
