April 5, 2018
By Mary Beth Eastman

How To Make Sure You’re Not Buying Too Much Health Insurance

Simple. Thrifty. Living.

When you’re shopping for health insurance, it’s imperative that you select the right amount of coverage. When you don’t have enough, you risk paying a lot if something goes wrong. If you buy too much, you pay expensive premiums for services you never use. What are some ways to make sure that you’re not buying too much health insurance?

Some health insurance plans offer vision and dental coverage as add-ons. If you have 20/20 vision and flawless teeth, you probably won’t get a lot of use out of these options. You may get better value out of a dental plan not associated with your health insurance company, so shop around if you are considering it.

You get presented with a lot of information on your health insurance plan. Everything from emergency room costs to outpatient procedures is listed in this document. It’s a lot to go over but taking a close look at your plan can result in significant savings.

If you don’t have a chronic illness that requires specialist care, you might not mind a plan with higher co-pays on those doctors. Do you generally avoid urgent care centers? It won’t matter if you have to pay a higher co-insurance for that service.

Another way to lower your health insurance costs is to strike a good balance between your deductible and the premium payments. Consider whether your plan supports a health savings account when you’re making this decision. You may be better off putting some of your money into that account to deal with a higher deductible, rather than having a high premium.

Do you think that you’re going to come close to the out of pocket maximum? If you don’t have ongoing prescriptions, treatment plans or major surgeries coming up, then you can probably get away with increasing this maximum.

Health insurance is a complex and expensive necessity. When you know which coverage options are worth having for your lifestyle and medical needs, you can better choose a plan that suits you.

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