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Tips to Save Money on Your Health Insurance Plan
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Tips to Save Money on Your Health Insurance Plan

You might have been looking for ways to cut costs in your healthcare plan. Well, a lot of folks are also in your shoes. The reason is not far-fetched. In 2017, the average monthly premium for individual health insurance increased by 39%. In the same year, the major Provisions in Obamacare came into effect. So how can you get smarter with your health insurance plan? Here are some tips to help you save money:

  1. Look outside government-run health insurance plans

There were many health insurance companies that were under the Obamacare health insurance plan, but a lot of them have pulled out of this scheme. So, you are more likely to find just a single health insurance company when you search through the government-controlled health insurance exchange.

You can save money by looking at other health insurance plans available in your area by searching through licensed online agents.  There are usually no extra charges and you can still find affordable options that will meet your requirements under Trumpcare rules.

family health insurance save money

  1. Stick with your parents’ health insurance plan

If your parents wouldn’t mind, you can enjoy your family’s health insurance plan, as long as you are under the age of 26. More so, if you stay close to home, you can seize the opportunity to access network doctors. This will help you save a lot of money.

However, you can also find more affordable options compared to what your parents spend to keep you enrolled. Just do your calculations and find the health insurance plan that helps you save more money.

  1. Enroll in a catastrophic health insurance plan

If you are below 30 years of age, this is a good option for you. You can opt for a catastrophic major medical health insurance plan. This plan is specially designed for young people because they seldom require medical care. However, you’ll still get all the required health benefits that are obtainable under Trumpcare.

prescription drug coverage health insurance

  1. Optimize health insurance options based on your prescription drugs

Although all major medical insurance plans have coverage for prescription drugs, there is still some degree of variation in drug coverage from one plan to another. Sometimes when different drugs are used to treat the same condition, some plans may exclude coverage for one drug and extend for the other. Some health plans even place different drugs in different coverage tiers.

So if you’re someone who frequently uses prescription drugs, it is advisable for you to know which plans would cover your personal prescription drugs before you enroll for it. This helps you save a lot of money.

package short term health insurance

  1. Consider packaged and short-term medical insurance products

If you cannot afford expensive health insurance plans, you can opt for short-term health insurance plans which are more affordable. They can provide you with temporary coverage for unexpected injuries and illnesses for an average of $110 per month.

You may also get medical insurance packages from online marketplaces or insurance brokers. These packages often cover dental or vision insurance, accident or illness insurance, or telemedicine benefits.

 

Now that you know how to get a more affordable insurance plan, start your research and save that money!

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