How to save on medical premiums?

Reducing the costs on your healthcare plan is possible but not easy. But the hundreds of dollars that you save on your premiums are certainly worth the efforts. One has to do an extensive research on the type of plans that are available, the kind of policy that is required and one should also be absolutely sure about the health needs of the people to be covered and the finances that they can afford.

Though there are no golden rules as each plan is different from the other, here is a look at a few possible ways that will help you bring down the expenses on coverage considerably:

1. A high deductible plan. This is an oft advised solution. A high deductible plan has a lower premium and therefore turns out to be a cheaper option for those who have insurance only as a security blanket. However, if you are one of those who frequent doctors and hospitals, you will end up paying almost all your medical expenses despite having a medical coverage.

2. A smaller network: If a plan includes your neighborhood doctors and other healthcare service providers in the vicinity, then the policy is a good option even though it provides limited choices. You don’t really need an elaborate network of service providers and thus can save money on it.

3. Managed healthcare plans like the HMO and the PPO are much cheaper than indemnity plans. Though there are restrictions, these plans are sufficient to take care of your basic health needs.

4. If you go in for a new plan rather than renewing your existing one, most often than not, you will end up paying a lesser premium.

5. Adding a limited visit restricted doctor visit co-payment is another little known way to save on premiums. By setting a limited number of visits which are covered you can save money.

These are some of the tried and tested ways of reducing the burden of healthcare plans. However,  they come with a word of caution. There is no guarantee that these ideas will work for you as well. You will have to do your own calculations to find out that combination that you will suit you the best reducing the premiums on medical policies.