Friday, May 10, 2013

Medical expenses can eat a major chunk out of your household spending. Here are 10 tips that people just like you have used to find affordable medical coverage for themselves and their families. 1. Before shopping for a policy, do a health audit on yourself and find out where you're spending money on health care and what benefits are most useful to you. Choosing the cheapest policy even though it leaves you spending hundreds out of pocket each month is no bargain but neither is purchasing a deluxe, expensive policy and paying for benefits you do not require. 2. After you have a clear picture of what your needs and wants are in a policy, do your research by going to to compare different plans head to head. 3. Some people find that catastrophic coverage is sufficient for their needs. You will pay out of pocket for minor medical expenses, however you are protected from financial disaster should you experience a major illness or injury. 4. If you have children, find out if they are eligible for State run health insurance plans. Families that qualify can pay little or nothing to get coverage for their children and will only have to purchase health insurance for the parents.
5. Consider purchasing individual policies for family members that have pre-existing premiums rather than insure them on the family plan. This could potentially save money on premiums and allow for more comprehensive coverage on the family plan, freeing up money to pay for costs associated with the pre-existing condition. 6. COBRA might not be your best option for insurance after a job loss, before accepting coverage, research at to see what other policies can offer you. You might save money and get better coverage by going outside of COBRA. 7. Talk to your tax professional to find out if you are eligible to deduct the cost of premiums from your earnings. This can be a significant tax savings for the self employed and make paying for health insurance much more palatable. 8. If you have coverage through your employer, it might not be the best choice, especially if your employer subsidizes very little of your spouse's or children's premiums. It might pay to get coverage from work only for the employee and purchase a different plan for the spouse and children. 9. You might qualify for group rate insurance through associations and groups that you belong to. Again, before accepting such coverage do some comparison shopping to make sure it's the best deal you can find. 10. Work to get yourself into a lower risk group by quitting smoking and losing weight if you are obese. This will take some time, but this tip not only saves money on premiums, but will likely decrease your overall health spending in the future and help you remain in better health longer. Article Source: