Save on Health Insurance-
Even if your family is covered under a health insurance plan, having a large family can still be expensive when it comes to appointments, checkups and medication. Most health plans won’t give you and your family 100% coverage, and some plans won’t cover certain treatments. Despite this, it is still possible for you to pick options that will save you money. Below are five ways you can save on health insurance and still protect your family.
Choose a High Deductible Insurance Plan
With a high deductible plan, you can be eligible for an annual deductible of up to $2,200. This is ideal for families who don’t need to visit the doctor frequently and are disciplined when it comes to saving money; the high deductible plan (or HDP) requires that money is saved into a Health Savings Account (HSA), and this money is used to pay for insurance premiums and out of pocket health expenses. If your family is healthy, then this plan can save you thousands each year. However, this is not recommended for families dealing with chronic illness.
Consider COBRA If You’re In Between Jobs
If you and/or your spouse switch jobs often and find that there are months at a time when your family isn’t covered by health insurance, check whether COBRA is an option for you. COBRA allows you to hold on to the benefits that your previous health plan provided you with for up to eighteen months after your date of termination, protecting your family until your new job’s health insurance kicks in. This is a great option for families dealing with preexisting health conditions and for pregnant women. However, COBRA is expensive – it can cost over $700 a month for large families. If this doesn’t sound like the perfect option for you and your family at this time, check whether all your children can be covered under public health programs. This can be as cheap as $15 per child for premiums.
Adjust Costs Between Insurance Coverage Years
A great way to save money is, if possible, split treatment between your coverage years. A lot of dental surgery is expensive and realistically the procedure can be split between two visits. For example, if your health plan will only cover the cost of the extraction of one wisdom tooth, ask your dental surgeon to remove the second a few months later. This is especially relevant for large families, as you can plan for each child’s dental surgery or medical checkups so that their costs fit within your health insurance plan. Conversely, if you’ve already met your deductible, it might pay to move a procedure into this year to take advantage of remaining coverage available without having to meet the deductible again next year.
Take Preventative Measures When it Comes to Your Family’s Health
Another way to save hundreds of dollars on your family’s health costs is simply to take preventative measures. Don’t miss out on yearly checkups just to save money, as they are relatively inexpensive and are the only way to detect problems early on. Early detection can save you thousands of dollars in treatment that would not be covered by your health insurance. Likewise, simple preventative measures such as wearing a helmet when biking, washing your hands often and taking care of your health can save you money in the unlucky event that treatment is not part of your health plan.
Even with a large family, you don’t have to pay hundreds or even thousands of dollars extra to ensure that they are all protected. Research all your options, and do what you can at home to keep your family healthy.
See Also:
Term vs. Whole Life Insurance – What Should You Choose?
Car Insurance Savings That Most Drivers Overlook
Is Individual Dental Insurance Worth Purchasing?
Choosing a Family Health Insurance Plan
Mandatory Health Insurance Pros and Cons
Navigating the Politics of Health Insurance
For more information about health insurance after college graduation please visit 2 Health Insurance Website, located at 2HealthInsurance.net.