By You might have heard from your health insurance agent that healthcare will be cheaper now that there is no national healthcare. Although it is true that things are almost always cheaper in a free market economy, there are still some corrections to make regarding the assumption that national healthcare is totally gone.
For starters, there never has been a universal healthcare plan. Second, some are assuming that the Affordable Care Act, otherwise known as Obamacare (or to some, the Unaffordable Care Act) is no longer in place, but it in fact continues to be a central aspect to the medical insurance sector. Despite Republican promises to repeal and replace it and having control over both houses of Congress and the White House, they have failed to kill the legislation which has also survived numerous lawsuits against it too.
While the growth rate of medical insurance premiums seems to be slowing or stabilizing a moderate amount, possibly due to the increased coverage and mandates of the Affordable Care Act, the fact of the matter is that costs for health insurance continue to rise under the program. In many cases you need coverage to keep medical care affordable, but now also to avoid fines and fees that are stipulated with the ACA legislation. With national healthcare actually increasing the cost of care for many Americans, there are other ways you can minimize your health insurance premiums too. Keep reading to learn some of them.
1) Live Healthy
There are many benefits to living healthy. One of them is possibly lowering your health insurance premiums. Regular exercise, healthy diet, smoking cessation, and avoiding heavy drinking are all things that many insurance plans reward for. That’s because you’re less of a risk.
2) Shop Around
You probably already shop around for the cheapest car insurance. Why not do it for health insurance? The Marketplace established by the Affordable Care Act makes this a one-stop shop, although not all plans are listed here. Also remember that you can only get health insurance during the national open enrollment unless you have a qualifying event in the meantime. Otherwise, you’ll have to resort to temporary or short-term insurance plans, although these won’t typically avoid the taxes and penalties of not having full coverage.
3) Pick A Plan with A High Deductible
Insurance plans that have higher deductibles usually have lower premiums. A deductible is typically what dollar amount you are required to pay towards hospital, doctor, and medical bills. However, a high-deductible plan isn’t always universally applicable. If you are typically healthy and don’t get ill a lot, you can probably do this. However, you should avoid this if you have a history of requiring medical care.
4) Get A Policy Early in Life
Premiums sometimes depend on your age. If you can land a policy in your 20s, you’d pay less than landing the same coverage when in your 50s.
5) Take Advantage of Employer Coverage
Health insurance is a benefit of many full-time positions, and even some part-time, seasonal, temp, and contract positions. If your own employment provides health insurance of any kind that is a benefit you don’t have to pay for, you should certainly consider taking advantage of it. Even if you do have to contribute something of your paycheck to it, it might still be cheaper than what you could get on your own. Also check to see if you’re possibly covered under the benefits of a spouse or family member.
6) Don’t Sneeze at Partial Insurance
You might not like your employer insurance because its coverage is not as broad as you like, but if you use supplemental insurance alongside another plan, you might be able to pair things up enough to be protected.
