Taking Chances with Medical Insurance

What will it cost you to have a medical emergency but no medical insurance?  It can cost you everything that you have worked for.  Finding ways to reduce your medical insurance costs without eliminating coverage can mean that you get to keep your house, your credit and your health.

Health insurance can be very expensive and because of that it unfortunately isn’t an option for many people.  Some, perhaps most of those without coverage can’t avoid it.  Some who technically can afford it are forced to choose between buying health insurance and living in a safe neighborhood or sending a child to college.

If you are not in one of those categories, but are still considering going without health care coverage consider the fact that even in these recessionary times, uninsured or poorly insured sicknesses and accidents cause more people to go bankrupt and to be foreclosed upon than anything else.

There are ways to reduce your costs for health insurance without risking your financial future.  You can find plans that have similar coverage to the plan you are considering dropping that are less expensive simply by shopping around.  You may also be able to raise your deductible.  In so doing you may reduce your coverage and price without eliminating coverage entirely.

Shop for Health Insurance

Shopping around for insurance can save you a bundle.  There is often a wide variance in the price of health insurance policies that offer the same or similar coverage.  Many people fail to shop around for coverage. Many others shop once and never know that the plan that was the most competitive five years ago is one of the most expensive today.

If you need to insure a family, one of these “secret health insurance buying strategies” may help you lower your premiums.

Look at Low Cost High Deductible Health Plans

High deductible healthinsurance plans are often the best for many families.  These plans tend to be much less expensive than low deductible co-pay plans.  You will trade some coverage for the smaller things, but will probably be able to get excellent coverage for the catastrophic medical event.  You may be able to cut your costs in half with a high deductible health insurance plan.

These plans may also help you save on income taxes as well.  Owning a HDHPs or high deductible health plan can qualify you to open a health savings account.  HSA plans are similar to Individual Retirement Accounts or IRAs.

An HSA can also help you spend less on medical care.  A debit card that accesses your HSA funds will allow you to spend pre-tax dollars on medical and dental expenses, and thereby turning a $100 expense into a $72 expense for many Americans.

By shopping around and or purchasing a higher deductible health insurance policy, you can reduce your costs without risking the loss of your home and financial future.  Consider these options before considering dropping your health coverage entirely.

Tags: health insurance