Four Money-Saving Health Insurance Tips

Health insurance plan renewals are just around the corner for many Utahns. Because of annual rate increases to help cover the costs of medical inflation, claims experience, and the insured population moving into older age brackets, health insurance premiums are becoming unbearable for many residents.

Because health insurance is growing more expensive each year, many Utahan’s are finding it harder to keep the coverage they’re accustomed to.

Here are four money-saving health insurance tips that will allow you to keep more of your money, and still leave you with quality health coverage.

Tip 1: Raise your medical deductible

Depending on your particular plan, you may simply pay a set dollar amount each time you visit the doctor’s office or get a prescription. If that's the case, raising the medical deductible might not affect you much, assuming you don’t need serious health care during the year.

Even if you are required to pay for your office visits and prescriptions in full, it may make sense to move to a plan with a higher medical deductible. Raising your deductible will lower your monthly plan cost, but usually increases your total out-of-pocket risk for the year. Make sure you understand how your coverage will change.

Tip 2: Switch doctor networks

Several Utah health insurance companies have two or more networks of doctors to choose from. Switching from one network to another doesn’t typically change your medical benefits, just the providers you can receive benefits from.

Find out if your insurance company offers a smaller network of doctors than you have now, with the same medical coverage. Simply choosing a smaller provider network can save you between 5 percent and 10 percent each month. Make sure you know whether or not your doctors accept the new coverage before making the switch.

Tip 3: Move to a catastrophic health plan

Catastrophic health plans don't normally cover common medical events, like office visits, prescriptions, or urgent care. Their purpose is to cover major medical expenses, usually after a relatively high medical deductible. The good news is that the monthly premium for these plans is so much lower than traditional plans that it's hard not to at least consider them as a solution to high health insurance costs.