These days we’re all looking to save a bit of money, no matter who we are. With the tough economic times that have been experienced globally, we’re apt to look for that bit more value in every single purchase, and medical cover is no exception.
Requirements and Budget
The first thing to do when you’re looking to buy a private health care policy is to identify what your requirements are, and your budget. If you live in the UK you may want to buy cover for certain things but not others – and there’s no point paying for anything you don’t want and which could be treated out with private health facilities if need be. And if you want to add in certain things like cover for therapies – e.g. homeopathy, acupuncture and so on, there may be an option to include these too.
In the US, it’s estimated that tens of millions of people – nearly 50 million, in fact – are without an adequate level of health insurance. In the short term if you’re uninsured or under-insured in the US and don’t need medical services, you may be ok. But if you required medical treatment at any time from now into the future and didn’t have adequate cover, the consequences could be expensive indeed.
If you are in the US there are a number of apps that can assist you in choosing the right insurance plan – one such, named HealthPocket, searches for all the plans available in your region and shows you all the options based on price so you can compare them.
It also has a function that allows people to search for health plans that are accepted by your doctor. Simply enter your ZIP code and a list of the doctors in that area appears, accompanied by the names of each health care insurance type they accept.
If you’re with an employer who provides a health insurance plan, then obviously it makes sense to use that – although of course it’s important to understand what the policy provides so that you know what level of coverage it offers.
How to Reduce Costs
One common way of reducing the cost of health insurance is go for deductibles (known in the UK as an ‘excess’). Essentially how these work is that a specified amount of money is paid by the individual before the insurance company pays out on a valid claim.
By adding deductibles or an excess it means that the premiums paid will be less. Think of it in terms of the amount you’d save either from not needing to pay an excess, or from paying lower premiums. If you can afford the excess, then it’s worth thinking about adding it to the policy.