In a time when health insurance rates continue to rise, the consensus reaches the conclusion there is nothing that can be done and that personal healthcare costs will continue to skyrocket. However, in an effort to "go against the grain," I want to offer some advice and some strategies to take that can help lower the burden of insurance expenses.
When you have decided that it's time to drop your old plan and are in the market for new coverage, you must be sure to shop around. Depending on where you live, different insurance companies may have different rates. Because insurers use your zip code as a factor in determining the monthly premium, Plan X from ABC Company can vary in rates from city to city across the state. Therefore, you need to shop and compare plans from all the major insurance carriers in your state to ensure you are getting the best price and benefits. This can be done easily with the assistance of a trustful broker or through a website of a broker. Having a broker with your interests in mind is critical and can help simplify the plan-finding process.
Another thing you want to be aware of when searching the health insurance market is the relative age of the proposed plans. Generally, the older a specific plan is, the higher the monthly premium is. This is seen regularly when a certain health plan is retired and is no longer offered by the insurer. Because the plan is no longer offered, only those who previously held the policy can remain in that core group, which means the age and respective risks of the insureds will rise. In return, the rates on these policies will rise ever faster, and those stuck in the plan will be forced to pay the price. If you hold a health policy that has been or will soon be retired, it is in your best interest to switch to a new plan if your medical history permits. To give an example, Anthem Blue Cross Blue Shield of Virginia recently issued two new plans, Premier and SmartSense, that replaced the older policies Flexible Choice and Keycare Preferred. While the two older plans are still offered, the rates are considerably higher than Premier and SmartSense.
Have you ever considered a high deductible health plan (HDHP)? Although the annual deductible is higher (as the name implies), these health plans offer most if not all the same benefits of a fully-loaded plan. HDHPs will still cover catastrophic accidents or serious illnesses, which can potentially lead to huge medical expenses. In fact, some HDHPs will have the same maximum out-of-pocket limit as other insurance policies, so you won't pay any more out of your pocket with a HDHP when the medical bill runs high. Best of all, high deductible health plans are usually more affordable with lower monthly premiums than cadillac plans. For more detailed information about HDHPs, check out a previous article I've written entitled "Using High Deductible Health Insurance Plans to Lower Cost of Health Insurance."
Lastly, but perhaps the most important factor in finding affordable health insurance, is to live a healthy lifestyle. This may appear obvious, but you never want to put your personal health on the back burner. Not only will it deteriorate your health, but it will become harder to find low cost health coverage with an extensive medical and prescription drug history.
By following these steps, finding health insurance you can afford should become much easier. Remember to always shop around and compare plans to ensure you have the best plan available that fits your needs and budget. Having a strong relationship with a broker will help the process and can give you insight about alternatives you may have never thought.
Brandon Brooks is a licensed health and life insurance agent in the state of Virginia. For more information on finding affordable health insurance plans and answers to many questions you may have, visit his website. USA Online Health Insurance is an independent health insurance agency located in Virginia, specializing in individual and family, dental, senior/Medicare, small business, and long term care insurance.
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