If you recently left your job and now need to find a private medical insurance policy for your family, then you'll be happy to learn there are many things you can do to save money on a policy. Since healthcare in the United States is so expensive, shaving off as many dollars as possible can really make a difference in your bottom line each month.
To help you find the right health insurance policy for the right price for your family, here are some money saving tips.
Tip: Determine If You Qualify for a Government Subsidy
Even if your income is fairly high, you still may qualify for a government subsidy to help pay your health insurance premiums. So, before you start shopping for a plan, your first stop should be the government's website at heathcare.gov.
Tip: Understand Your Overall Costs Not Just the Premiums
One of the biggest mistakes many people make when searching for a private health insurance policy for the first time is to look only at the cost of the premiums. Just because a policy has a low premium does not mean it will not cost you a lot of money over the course of the year.
For example, many policies with low monthly premium payments will have large out-of-pocket deductibles and high co-payments you will be responsible for each time someone in your family visits the doctor.
When comparing policies, set their costs next to each other and base your estimated costs for the next year on your previous year's medical needs. Consider that if you visit the doctor frequently, co-payments and out-of-pocket costs could very easily surpass the cost you would have otherwise paid for a bit higher premium and better coverage.
Tip: Work with a Medical Insurance Broker
In addition to the medical insurance policies, you find on the government's website or those of the major insurance carriers, there are always other policies also available that are just harder to find if you don't know where to look. For access to all of your private family health insurance policy options, it is always advisable you work with a medical insurance broker. Just as a mortgage broker will get you the best mortgage on a home, a medical insurance broker has access to all of the various medical insurance plans available to you and will help you get the best deal on the best policy to meet the needs of your family.