Tips for Lowering your Medical Coverage Bill
July 2010
Most of the
medical coverage news circulating in the media isn't very positive these days. In most cases news accounts of the recent healthcare bill either condemn our future to long lines and terrible coverage, or argue that it will be 3 long years before millions of uninsured Americans get relief from unscrupulous health insurance companies.
So it was a surprise to discover WCVB TV in Boston running a more positive story about
health insurance, and how to lower your costs if you subscribe to group health insurance.
Sure,
group health insurance is usually cheaper to begin with, but as the article makes clear, that's not always the case, and everyone can stand to save a few bucks these days.
The advice suggested in the article is sound, if perhaps a bit altruistic. After all, there's not much that can be done by older Americans or those with pre-existing conditions to find cheaper coverage.
But as the article states, young, healthy people who get their medical coverage from an employer actually might enjoy lower costs if they shop around on the individual market, especially young men.
In some cases it is also a good idea to boost your deductible to lower premiums - as it's suggested - but only so long as you're not chronically ill, and don't plan to spend a lot of time with doctors.
Again - this is advice that's good for some people, but not everyone.
Facts on:
Group Health Insurance
Did you know...
Purchasing insurance through a private association can save costs on premiums?
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However, the suggestion to join a professional association is a good one that we commend. Professional associations can often offer medical coverage at group health insurance rates, which is almost always cheaper than the individual insurance market.
Looking into your college student's coverage is also a smart idea, particularly if the school offers coverage for dependents and family members. Larger universities often offer good coverage at more affordable rates.
And relying on the expertise of a knowledgeable insurance agent is always a good idea. After all, it's their job to know who offers the cheapest coverage with the most benefits, and finding that out for yourself can be time consuming to say the least.
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