How to reduce your cost

There are many things you can control to reduce the monthly cost of your Maryland health insurance premium. Increasing your deductible, increasing your co-insurance percentage, utilizing an HSA (Health Savings Account), removing benefits you don’t think you will use, using a broker to shop your policy, and trying to maintain a healthy weight and lifestyle. Some of these are much more controllable than others but we will discuss a few of the options. Maryland health insurance can easily cost less than what you pay at the pump every month.

Maintaining a healthy weight and lifestyle – Of course you know many Maryland health insurance companies give better rates to folks who don’t smoke. They are less likely to use health insurance benefits so they, rightfully, get a better premium. Some companies also offer healthy lifestyle discounts for maintaining a proper weight and working out regularly. Keeping your cholesterol and blood pressure in health ranges can also help. These discounts are often not huge but every penny counts these day, right?

Increase your deductible or utilize an HSA – Choosing a higher deductible, which is part of your annual out of pocket expenses, will lower your monthly cost of insurance much like auto or homeowners insurance. However, it only resets annually instead of after every claim. Maryland health insurance companies offer deductibles ranging from $500 all the way to $25,000. You will want to be sure that you can afford the higher deductible if you must come up with it in the event of an accident or major illness but also remember that many times medical facilities will allow you to pay large balances over time and you can’t be denied care. You may also decide that an HSA is right for you. The health savings accounts offer larger deductibles up front and you will be responsible for everything up to your deductible. Often the Maryland health insurance company will pay for most, if not all, of any services you may need after your deductible is satisfied. Always consult your broker before deciding on a policy that is right for you.

Remove benefits that you don’t think you will need or use – Maybe you are not worried about having a co-pay for prescriptions. You are willing to pay out of pocket for prescriptions up to your deductible amount. Are you able to make a co-payment in addition to your deductible for your inpatient or outpatient surgeries? Would you consider paying for your own doctors appointments up to your deductible? These are all ways to reduce your Maryland health insurance premiums. If you don’t need that “cadillac” plan but you are satisfied with the policy that will cover major expenses these options may suit you.

We will discuss a few more options in my next post. In the mean time, if you have any questions or need a free, no obligation quote please contact us and one of our brokers will help you shop around.