Even if it feels like forever, 2020 is finally coming to a close. Is it time to revisit your health insurance? It pays to review your policy and look at your options to trim your costs without sacrificing tons of coverage. Below are 10 tips to lower your health insurance for 2021.
1. Research multiple plans.
There are many kinds of health insurance, from HMOs to PPOs. It pays to know the differences between the plans so you can secure one that fits your needs.
2. Increase your deductible.
This is a risky move. However, if you are relatively healthy, you can increase your deductible in exchange for a lower premium next year.
3. Get an HSA.
A health savings account is a tax-deductible health plan that can save you money. The money in your account grows tax-free and you can withdraw from it without taxes. The best way to maximize your account is to deposit regularly and be prepared for any eventuality.
4. Do not rush to the ER.
Not only is the ER expensive, it is also more dangerous to just pop in because of the pandemic. Consider other options, like urgent care clinics or telemedicine, too. These are more affordable and probably safer than the ER.
5. Buy generic.
Similar to grocery shopping, you can save on your prescriptions by buying less expensive generic brands. The FDA requires that both prescription and over-the-counter generics be identical in dose, strength, safety, and efficacy. The only difference is that generics are often 50% cheaper than their branded counterparts.
6. Pre-pay your procedure.
If you have a scheduled surgery or hospitalization and have adequate coverage, ask if you can pre-pay to receive a discount.
7. Decline unnecessary medical tests.
When your doctor orders a series of tests, ask if these are absolutely necessary and what he or she is looking for. Of course, you should never decline necessary medical tests based on cost, but it always helps to be honest with your doctor about money issues. He or she can take a more streamlined approach to your care and save you can save money on your health insurance costs.