Health Insurance

Posted by MoneySavvy on Aug 5th, 2010 | no comments home title

How do you save money on health insurance? With all the companies competing for your business, it’s really not hard to find a cheap price. Here are three tips to help you:

1. Use online brokers

All you have to do is fill in your information into one form. Then the broker goes out and gets quotes from all the companies in your area.

This sure beats filling out the same form ten times or more at each individual company’s site. Just make sure you use more than one broker. Different ones work with different companies. Therefore, only using one or two might prevent you from getting the full range of quotes.

You should probably use at least three to five to make sure you are getting the full picture. Then you just narrow it down based on the best price.

2. Get a high deductible

A lot of people get a lower amount than they really need to. The higher the deducible, the lower your monthly costs will be.

This can make a huge difference. The reality is, you can pay as little as $30-$50 if the deductible is high enough. Just sit down and determine how much extra money you have to devote to a health emergency. This will be your deductible.

However, make sure you have enough. Otherwise there is no reason to have health insurance in the first place. However, you probably can afford more than you think.

3. Read about the company before using them

Make sure you go with a stable company. Many health care companies are not in great shape financially. Remember, if they don’t have the money to pay for your claim, you are on the hook for whatever your health emergency costs.

After you’ve found the best price, read reviews of the company and go with the right one. This just ensures their customer service is up to par.

This is especially true if you are going to use a company you aren’t that familiar with. You can learn a lot from past customers’ experience. So make sure you read up on them before giving them a dime.

So to review: narrow down the best companies based on the price you get from the initial quote. Then pick the highest deductible you can possibly afford.

This can make a big difference in what you pay. Just be sure you can cover the deductible. Otherwise you will be faithfully paying your premium every month, only to find out you won’t get the claim money.

The bottom line is, be patient and get a number of quotes. Use a number of brokers, and you will find the best price out there.