5 Practical Ways to Save Money on Health Insurance

Author: Jeslyn Jessy

In today's fast changing world, purchasing health insurance has become the top priority in ones' financial planning. More and more people are concerned about health insurance as the medical cost is increasing and it has become unaffordable for many people. As a result, in order to reduce the financial burden on obtaining health insurance, many people start looking for ways to save money on this medical insurance.

One of the most cost-saving ways is to look for catastrophic health coverage. It is the cheapest among all types of health plans which covers major medical and hospital expenses. It is also a high deductible health plan which is ideal for "catastrophic" incidents that would incur extremely high medical fee. Higher deductible can help you to save a lot on monthly premiums.

You can also participate in your employer's medical insurance plan. In general, most of the employers direct a large volume of businesses to the insurance companies and they generally stand a better position to negotiate more favorable rates on medical coverage. You are able to save more money by joining the employer's plan if compared with getting individual health policy directly from the insurer.

However, some employers don't offer the best deal on health coverage for employees. As a result, we have to take our own effort to search around to look for private health policy that is more affordable for you.

Besides, setting up a health saving account is another good choice to save money for the common medical needs. There are many benefits of having this account as it is tax free and the fund can be fully withdrawn when the account holder has reached the age of 65 years old. Furthermore, the accumulated fund can be withdrawn to pay for all types of medical expenses.

Last but not the least, there are some practices you can try in order to save your money. If possible, you can avoid from obtaining services from emergency room as the fee is always much higher than regular doctor visit. At the same time, instead of going for hospital, you can consider visiting the health clinics which offer low cost prescriptions.

To sum up, saving money on health insurance doesn't mean sacrificing the quality of your healthcare. It is an effort of cutting cost to save more money for other purpose.

20876
20877
20878
20879
20880
20881
20882
20883
20884
20885
20886
20887
20888
20889
20890
20891
20892
20893
20894
20895
20896
20897
20898
20899
20900
20901
20902
20903
20904
20905
20906
20907
20908
20909
20910
20911
20912
20913
20914
20915
20916
20917
20918
20919
20920
20921
20922
20923
20924
20925
20926
20927
20928
20929
20930
20931
20932
20933
20934
20935
20936
20937
20938
20939
20940
20941
20942
20943
20944
20945
20946
20947
20948
20949
20950
20951
20952
20953
20954
20955
20956
20957
20958
20959
20960
20961
20962
20963
20964
20965
20966
20967
20968
20969
20970
20971
20972
20973
20974
20975
20976
20977
20978
20979
20980
20981
20982
20983
20984
20985
20986
20987
20988
20989
20990
20991
20992
20993
20994
20995
20996
20997
20998
20999
21000
21001
21002
21003
21004
21005
21006
21007
21008
21009
21010
21011
21012
21013
21014
21015
21016
21017
21018
21019
21020
21021
21022
21023
21024
21025
21026
21027
21028
21029
21030
21031
21032
21033
21034
21035
21036
21037
21038
21039
21040
21041
21042
21043
21044
21045
21046
21047
21048
21049
21050
21051
21052
21053
21054
21055
21056
21057
21058
21059
21060
21061
21062
21063
21064
21065
21066
21067
21068
21069
21070
21071
21072
21073
21074
21075
21076
21077
21078
21079
21080
21081
21082
21083
21084
21085
21086
21087
21088
21089
21090
21091
21092
21093
21094
21095
21096
21097
21098
21099
21100
21101
21102
21103
21104
21105
21106
21107
21108
21109
21110
21111
21112
21113
21114
21115
21116
21117
21118
21119
21120
21121
21122
21123