Health insurance is one of the biggest expenses for individuals and employers. With the cost of healthcare on the rise, things will only get worse. Here are seven tips to help you cut the cost of health insurance:
1. Maintain a healthy lifestyle. The healthier you are, the cheaper the insurance. Eat a balanced diet and exercise regularly. The better you do on your physical, the lower your insurance premium. You can save hundred of dollars a year by losing a bit of weight or lowering your cholesterol.
2. Choose the right health plan. If you rarely get sick, choose a plan that covers emergencies but not routine visits. Some plans have large deductibles and low monthly premiums. Decide which is more important to you.
3. Take advantage of preventative care offered by your insurance provider. Insurance companies know that it's cheaper to prevent illness than to treat it. If your insurance covers flu shots, get one. Schedule regular check-ups with your doctor so you catch any problems early.
4. Stay within the company's network. If you need to see a specialist, try to find one that's in the network.
5. Use your flexible spending account. The money you put in your FSA isn't subject to income tax. You can use it to pay for deductibles, prescriptions, glasses, contact lenses, dentist bills and many treatments not covered by your insurance plan.
6. Check your doctors bills carefully. Doctors make mistakes. Even if you're not the one paying the bill, it's a good idea to make sure that there are no costly errors. They can raise the cost of your health insurance by making you seem sicker than you are.
7. Shop around for the best price of prescription drugs. You can join a prescription drug plan or buy from online pharmacies. Just make sure that you're getting the drugs from a reliable source, so you're not risking your health for the sake of a few dollars.