How to Buy Cheap Health Insurance Plans

Having access to affordable health insurance is important. Not only does it protect you from financial ruin in the case of a major illness, but also having affordable health insurance plans can save you money by limiting your out-of-pocket expenses. Cheap health insurance plans are those that cost less than your premium. If you’re looking to find cheap health insurance, there are some tricks that you need to know. Read on to learn more about how you can find cheap health insurance plans.

Know What You Need

Before you can look for cheap health insurance, you have to know what you need. Obviously, you don’t need to purchase health insurance for everything that could possibly happen in your life. For example, if you’re young and healthy, you don’t need health insurance coverage for the time when you might get sick, but instead focus on preparing for retirement and saving for your future. On the other hand, many people find it helpful to have health insurance as they age. You may need health insurance if you’re caring for an aging family member, or if you’re planning for a future health crisis, such as a long-term illness that requires expensive care.

Ask for Discounts

As a customer, you have the right to ask your insurer for a discount. However, you don’t want to do this too often, or your insurer will be aware of this and start asking you to pay more. Instead, you want to only ask your insurer for a discount when you know you have a great chance of getting it. That’s because you can’t always predict how much a particular company will be willing to lower your premiums. What you can do, though, is offer to pay more than you would normally pay. If there’s a particular doctor that you go to often, you can offer to pay more so that your insurer rewards you by offering you discounts on your next bill. You can also join an employee discount program and ask your employer to cover your medical expenses in exchange for paying more on your behalf.

Find a Co-op or Exchange Plan

There are some state-run health insurance exchange plans that offer cheap health insurance. If your state runs its own health insurance exchange, then you’re already a step ahead because you can find cheap health insurance on your own state’s exchange. However, for the rest of us, finding cheap health insurance outside the exchange is the best way to go. Some people, however, prefer to purchase a traditional health insurance plan through a co-op or an association health plan. These types of plans are run by nonprofits, rather than for-profit corporations, so they’re probably going to be a bit cheaper. Another option is to join an exchange-subsidized health insurance plan, where you’re eligible for financial assistance to help you pay for the policy. Ideally, you’ll be able to find a cheap health insurance plan with subsidies available.

Look for Free Grants and Rebates

Health insurance companies want your business. Why? Because they want you to sign up for their health insurance plans and presumably agree to pay their premiums every month. To get you to sign up, they’re going to do everything they can to make the policy as cheap as possible. What they’ll do, then, is offer you discounts on the plans if you sign up for long-term insurance. Long-term insurance plans, like many health insurance plans, often come with hefty fees that you have to pay. By signing up for a long-term plan, you’re making it more likely that you’ll be stuck with a long-term health insurance policy. To get rid of these fees, some people look for discounts on health insurance plans. The most common way to find discounts on health insurance plans is through free grants and rebates.

Negotiate with Your Provider

Every health insurance provider is looking for ways to make a profit. This means that they may be willing to offer you discounts on your health insurance if you negotiate with them. How do you negotiate? The easiest way to negotiate is to bring a friend with you to your initial meeting with your health insurance provider. Bring a friend who can act as a “buffer” between you and the insurance company. This person should be someone who you know well, who’s trustworthy, and who’s willing to help you negotiate with the insurance company. During your meeting, hand your friend a piece of paper with the quotes you were offered on different health insurance plans on it. Ask your friend to help you negotiate with the insurance company by pointing out any mistakes you see or by offering to pay a little more for a better plan.

Don’t Forget About Prescription Drugs

Prescription drug plans are most often significantly cheaper than traditional health insurance plans. This is because there’s no capped amount for treatment. You pay for each prescription, and there are no restrictions on when you can get new prescriptions. There are, however, some prescription drug plans that have high deductibles, but if you’re considering buying a prescription drug plan, make sure you don’t forget about how cheap they can be. You can save a lot of money by comparing the prices of prescription drug plans. If you buy a prescription drug plan that has a high deductible, you may end up saving a lot of money simply by not getting any prescriptions.

Wrapping Up: Should You Buy a Cheap Health Insurance Plan?

As you can see, there are a lot of factors to consider when trying to find cheap health insurance. While some people prefer to shop around for cheap health insurance plans and choose a low-cost plan on their own, others may prefer to purchase a health insurance plan through a health insurance exchange. However, for either way, you should make sure that you’re choosing the right health insurance plan – one that’s going to protect you financially, but not be too expensive for your budget. Having cheap health insurance plans can protect you financially, but you have to be mindful of how much it costs you.