Keeping your health insurance costs low

Although health insurance doesn’t offer the same extensive list of discounts as auto or home insurance, there are still some things you can do to lower the cost of your health insurance. Here are a few ideas that may help.

Keep a healthy BMI level

Work to achieve a healthy level of body mass index (BMI). Chronic diseases, like high blood pressure, coronary disease, and diabetes, can all be brought on by having a high BMI. To reduce your BMI and lose weight, eat healthily and move around frequently.

Stop using tobacco products

According to the Centers for Disease Control and Prevention (CDC), approximately 28 million American adults use at least one tobacco product. Insurance premiums are greater for tobacco users. The best course of action is to avoid tobacco altogether, and if you use it, try to stop it. Your doctor can give you more information about smoking cessation programs.

Take steps to improve your overall health

Younger people often have fewer health conditions and, therefore, spend less money on healthcare than older people. Since there is nothing you can do to alter your age, boost your general health instead. When you eventually need to see a doctor or specialist, it will help ensure you’ll pay less for insurance.

Types of health insurance plans

While taking steps to improve your health will help reduce your insurance rates, the type of health plan you choose will also make a difference in your insurance premium. Here are some of the most common types of health insurance plans:

• HMOs- An HMO is a group of hospitals or other medical professionals who have agreed to share costs and earn specific compensation. The primary doctor you select will be in charge of your whole care. To see a specialist, you must be referred by your primary care doctor, and the specialist must be a part of the HMO network. An HMO has some of the lowest pricing offered by health insurance companies, and there is very little paperwork to deal with as part of the arrangement.
• PPOs- A PPO has a predetermined network of providers, much like an HMO. If you choose in-network doctors, you’ll realize the most savings in your insurance premium. One great thing about PPOs is that you do not need a referral to see a specialist. If you decide to see an out-of-network provider, the cost will be greater and require you to complete more paperwork.
• POS plans- A POS plan combines the best features of HMOs and PPOs. When you visit the doctor or hospital, you must pay the whole amount up front; the POS provider will then reimburse you. With this kind of healthcare arrangement, you have the greatest freedom to choose your own physician and hospital, and you can see a specialist without a referral.

If you’d like to talk through your health insurance coverage and make sure you are paying the lowest premium possible, we are happy to help! Give us a call at (303) 466-9575 to review all your health insurance options.