If you run your own business or your company does not offer health coverage, you may want to buy private health insurance. Though private health insurance can be expensive, it’s much less expensive covering unexpected medical costs yourself. This article will give you 5 tips to save money on private health insurance.
Tip # 1 – Shop Around
No matter what type of insurance you’re purchasing, it pays to shop around. Those in poor health and older citizens will likely pay more. This is why you should do some serious online research and get quotes from 5 to 10 companies to find the right coverage for you.
Tip # 2 – Watch Your Health
Another good way to save money on private health insurance is to take good care of your health. Smokers and overweight individuals typically pay more for private health insurance coverage. Quitting smoking and losing weight is always much easier said than done.
Strengthen your chances of reaching your goals by committing to quit with a friend or joining a gym with your spouse or partner. The support will not only help you become a healthier person, it will save you money on your private health insurance costs!
Tip # 3 – Buy Only What You Need
The best plan for you is the one with the best price for the benefits you’ll actually use. When shopping for private health insurance, most companies will allow you to pick and choose the coverage you think you’ll get the most benefit from. For example, if you’re young and in good health, you’re more than likely not going to need something like joint replacement coverage.
Tip # 4 – Choose a Higher Deductible
For young, healthy citizens, a higher health insurance deductible is one of the best ways to save money on private health insurance. If, however, you have a serious medical condition, a higher deductible may not be the best option for you.
Tip # 5 – Do Your Research Carefully
Unfortunately, there are plenty of disreputable companies out there and this includes private health insurance companies. According to Ellen Laden, Director of Public Relations at United Healthcare, “Small health insurers go out of business all the time.” That’s why it’s important to go with companies with a long history and good standing.
If you run your own business or your employer doesn’t offer medical coverage, private insurance is a good investment. It will keep costs low and make them more manageable for you and your family. Be sure to shop around, get healthy and do your research to avoid disreputable companies.
Great post!
If you are young and do not expect to be sick very often, don’t forget about health savings account. Money that you don’t spend will be yours. It is a great feeling to be able to save your money for future health issues.
In my case, preventive doctor visits and prescription medicine is covered by my hsa insurance plan. So it is a pretty good deal.