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Tips on Saving Money on Health Insurance

2Many people are enrolled in health insurance through their employer, but don’t bother to review their insurance each fall to make sure it is the coverage they need and at a proper price. It is important to do this so that you can make any necessary changes to your health insurance to make sure it covers all of your needs. Be wary that the changes you make will affect the price you pay on your insurance for the rest of the year. Here are five tips to help you save money on your health insurance and choose the best plan for your needs and at the right price for your finances.

Review Your Health Insurance Policy

It is a common occurrence for people to ignore their health insurance each year, and simply let it renew itself without taking the time to analyze it. This is not a good idea, because health insurance policies vary from year to year, and even a slight change can affect the cost of your policy significantly. Another consideration is that your health status may be changing, and you may need varying degrees of coverage from one year to the next. There is no need to pay for more of a policy than you need, but you can also be footed with an expensive medical bill if you don’t have a large enough policy for your medical needs.

Compare Your Health Insurance Plan to Others

You don’t need to be loyal to your insurance plan. It is important to make sure you have the right health insurance by comparing your plan to others that your employer offers. To do this you should analyze you family’s medical care needs in any given year. This includes estimated doctor visits, dental needs, prescriptions, vision needs and other typical procedures. Compare how the different available health insurance policies cover these health care needs. If you have a spouse or domestic partner, you should also look at the health insurance that is offered at their place of employment, as their premiums may be better than yours.

Take High Deductible Health Insurance into Consideration 

It is recommended that if you have a family whose members are relatively healthy and don’t frequently make trips to the doctor’s office, that you have a high deductible plan. Although the deductible will be higher than other policies, premiums are usually much lower and you will also be eligible for a health savings account, which will allow you to save money pretax for expenses related to healthcare.

Utilize Wellness Programs and Other Perks

Many employers offer wellness programs for their employees, as the healthier that their employees are, the lower the costs they have to pay for health insurance.  It is advantageous to utilize these free perks because they will aid in saving you on insurance expenses by keeping you and your family healthy. Some companies even offer extremely discounted gym memberships.

Seek to be Healthy

Healthy people will pay less for their healthcare and thus their insurance. Keeping yourself and your family healthy means that none of you are smokers. This will not only keep your family healthier, but directly contributes to the cost of your health insurance, as companies often charge smokers more for their policy than non-smokers. It is also beneficial to manage your weight through exercise and a healthy diet.

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