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5 Easy Steps to hold down your Healthcare Costs
As featured on 9 news
1. Compare your current plan to other plans on the market yearly. Prices differ widely from company to company and from year to year. It is worth shopping your health insurance on an annual basis you can save as much as 5 to 15% from carrier to carrier at any given time. Important note do not cancel any current insurance coverage until you have been approved from an insurance company with a plan that meets your needs and that you approve. We have made it easy to compare all major health or life insurance carrier plans with one easy click at: www.RoperInsurance.com
2. Determine how much health insurance you really need. How many times did you (or your family) go to the Dr. over the last year? How much money did you spend on prescription drugs? Many people have low deductibles, 1st dollar coverage, Dr. office visit copays and low cost prescription drug cards on their medical health plans. These options are expensive and cost you lots of your hard earned money. If you are healthy, hardly use your medical benefits, Rx Drug card or don't go to the Doctor often you can increase your deductible or delete some of these options and save as much as 5 to 50% on your premium. Start "self insuring" yourself for the minor things and save your money to pay yourself first for these events when and if they happen. Why pay the insurance companies more money than you have to? A very popular choice of health plans has been an HSA plan mainly due to the increased cost of health insurance.
3. If you are on a Cobra continuation plan and are healthy compare your group plan and costs to an individual policy. You should compare because group insurance plans are about 30 to 50% more expensive than comparable individual plans from the same insurance carrier. Most people think that group insurance is less expensive but just the opposite is usually true.
4. If you have group insurance at work and your employer is paying for your insurance and not your dependents shop and compare what coverage you can get for your dependants for what cost. If your dependents are healthy, do not need maternity coverage and do not have major preexisting conditions, you can choose to purchase an individual health insurance plan. An individual health insurance plan will save 30 to 50% over the group plan costs depending upon what type of individual plan you choose. The reason group insurance is more expensive because it is covered under mandates both by state and federal laws. These laws cover preexisting conditions, guaranteed insurance coverage and many other great features. However with these mandates and features your group insurance policy will have increased costs to cover these items.
You as a consumer may not need nor want these features and choose to go with an individual policy to save money on your dependents insurance. Individual insurance policies are regulated by Colorado law and approved by the Colorado Division of Insurance. For an individual policy a individual must qualify for an insurance plan and must be approved by the insurance carrier. Individual policies are not guaranteed issue and are always medically underwritten by the insurance carrier.
5. Talk to a good insurance consultant or broker. Most insurance brokers or consultants are usually free to the consumer so it will not cost you anything to call, go on line or ask questions. Always ask the person you are dealing with if health insurance is their primary line of business. Why not choose an expert or work with the best who provides excellent service if it all costs the same to you? Always ask about the service you will receive after you have made your purchase. Many online e-somethings only sell insurance and leave the most important part of your insurance plan... the service up to you. Get your commitment about service up front from the person or company you are dealing with. Ask for letters of reference from other people or businesses who have used them or is currently using their service. Past treatment of clients is a good indication of how you will be treated as well.
Brokers / consultants get paid directly from the insurance carrier and whether you go direct to the insurance company and use their 1-800-good luck number or use a broker / consultant the cost is the same to you. Speaking of costs individual health insurance are regulated by the Colorado insurance department and all the same health plans from a carrier will cost the same price to the consumer no matter who you buy the health plan from. Never believe a "sales person" who tells you they can get you "a better deal" than anyone else, the price is the price. With a good broker / consultant they should always put your interest first and be of excellent help to you before, during and after you choose your health insurance plan. They will save you time and lots of money in the process.
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