Lowering Costs Insurance Companies

Lowering Monthly Costs with Health Insurance Companies

One of the greatest concerns about procuring health coverage would be the cost associated with a policy. Many people might even qualify easily for the coverage offered by health insurance companies but do not even bother to apply because they assume they are unable to afford a policy that costs $500 or more per month. While $500 might be far outside of their current budget, such a price tag might not even be close to what they actually would have to pay. It might even be possible to procure coverage for well under $300.
How is this possible? Basically, you can eliminate coverage that you do not need. Only you can truly answer what you do and do not need in a health insurance policy. However, many people will be quick to note that there are certain things they probably just due not need based on their current health and age.
For example, if you are not suffering from a current condition that requires taking prescription pills every month, you can always eliminate prescription coverage from your policy. This could cut a premium anywhere from $150 to $200 per month. Granted, you might end up having to pay $300 or so out of pocket for a prescription during the year if you are told by a doctor that you should take antibiotics, painkillers, and the like. Of course, $300 over the course of a year is far less than than the $1800 or $2400 the premiums would cost.
What happens if you are diagnosed with a health condition that does require you to use prescription drugs on a monthly basis? Are you not in a very difficult situation because you don’t have the coverage on your policy? You may be for the short term but it is always possible to apply for an upgrade in the policy. If the upgrade is approved, you would then be covered for your prescriptions.
The other way to reduce premium costs would be to increase your out of pocket deductible. The higher the deductible is then the lower your monthly premium will be. If you are only concerned about hospital visits for accidents, emergencies, and unforeseen events then you probably will not be heading to the hospital very much throughout the year so a lower deductible makes perfect sense. You often will have a sliding scale on your deductible. An example would be $1500 to $5000 to $10,000 with the monthly premiums being higher for the lower amount and very low for the highest threshold.
Even with the high deductible, you would still gain decent rates for a certain number of regular doctor visits throughout the year. This way, you can always stay on top of your health without concerns of paying high costs.
Health insurance companies do provide decent rates that might be lower than most people assume. Taking advantage of these rates would be the wisest strategy for anyone in need of health insurance that has concerns over premium costs.