A lot of people are questioning the future of healthcare 🤔, which is why now is the right time for adopting some strategies for ensuring that your medical needs are covered irrespective of what the future might hold.
No matter the future of government health care funds, there are some tried and true strategies for you to find health benefits that work for both you and your family 👨👩👧👦 and help you save money on health insurance costs.
How to shop for health insurance irrespective of what happens
The tips provided here will ensure that you get the best value for your money in your existing health insurance plan or when you shop around with the aim of finding an affordable health care option no matter what changes that come. 😃
What is the best healthcare insurance plan?
Beware: Lower premiums don’t always mean the most affordable option 🙅
It is important not to judge a health insurance plan by its price tag. Even though the price is probably the first thing you want to know when buying a plan, the real answer to the question is not always obvious. 😯 Depending on the needs of your family and financial status, the bottom line on your health insurance might not be the monthly premiums.
For instance, you will pay less in premiums if a high deductible policy is what you choose. In a claim, you will find yourself paying much more because of the deductible. 💰 If you are of good health, don’t suffer any accidents, and everybody on your plan is fortunate enough to remain healthy, then a low premium and high deductible plan is ideal for you. If the opposite happens, however, you might find yourself paying much more. ☹️ To evaluate the cost of health insurance, it is important to look at how much you will have paid by the end of the policy term, after all the medications, medical appointments, emergencies, or preventative care are all factored in.
The options you should consider include:
- How much you are able to pay out of pocket
- The tax credits or subsidies that you can get
- The actual needs of your family
Families that have small children, seniors, or young couples who are starting out will all have different medical concerns. It is important to adapt your choices to your needs and reevaluate over time. You shouldn’t base your decisions on the premium. Instead, base your decision on how much you will really be getting out of the plan.
How much of health insurance subsidies are you able to get?
You can get a clue of the kind of subsidy that you qualify for using an online tool. It is one of the ways that you can get an idea of what you actually qualify for. Keep reading to really maximize where and how you can save.
Check all your options: Ensure that you explore all options available to you before purchasing a health plan. For instance, if you aren’t married, but have a domestic partner, find out whether you can get covered under their health plan. The laws have changed in the past several years and options could be available to you that you might not realize.
Compare the coverage of existing plans: People often overlook reviewing how two separate health insurance plans can work together. For instance, if you have a domestic partner or are married, understanding the coverage on both plans and comparing the advantages that each plan offers will help you reduce costs.
It can also be a good idea to look at how to coordinate benefits and maximize refunds on medical costs. Medical insurance can cover all sorts of things, from typical things like broken bones to psychologists like this blue cross blue shield psychologist.
Health insurance waivers: Once you have reviewed your circumstances, you may decide to sign a health insurance waiver with one group insurer if you compare plans and costs with your partner and determine that one offers more advantages. Some people are actually able to get alternative compensation from employers as a result of waiving their health plans in favor of being added to a spouse’s.
What about health savings plans? Are they still viable?
Caitlin Donovan, Director of Outreach and Public Affairs at National Patient Advocate Foundation says that if you have a health savings account, you can continue adding money to it. Republicans have been very interested in not only keeping HSAs but also expanding their use, which means that this can be of great benefit to you.