How Individuals can Control and Cut Health Insurance Costs

There has been a lot of debate over health care reform the past year and how to control rising health care costs.  While many experts are unsure whether the passed health care legislation will actually control costs, Americans can still work to control their own medical costs by shopping around for the most cost effective health coverage

Pick the Right Health Insurance Plan

Consumers need to purchase the right kind of health insurance plan to fit their needs.  Individuals, who enjoy flexibility, should consider purchasing a Preferred Provider Organization (PPO) plan.  These plans give consumers flexibility and require smaller out of pocket costs for out-of-network providers. PPO plans also allow consumers to opt for a high-deductible plan that will have a low monthly premium.  Consumers with this kind of plan allow can save money on their monthly premium and are eligible for a Health Savings Accounts (HSA).

Health Maintenance Organization (HMO) plan will only allow individuals to visit one physician and will require referrals for out-of-network visits. and specialists.  This plan does not pay for any out-of-network costs or providers but tends to be cheaper than a PPO plan. It may be good if you have and are planning to live in the same area for a while; and have doctors and specialists in your HMO plan, but if you want flexibility and more choice a PPO plan could be the better option.

Compare Health Insurance Plans

One great way for people to save money on health insurance is to compare health insurance quotes .  This allows consumers to view different plans that are available in their area and compare benefits with cost. There are various health care price portal sites that allow you to get quotes from multiple providers in one search.

It is not in the best interest for consumers to choose the cheapest plan. A plan may be inexpensive but not provide the benefits that a consumer is looking for. Sometimes a cheap plan can end up costing a consumer more then a well rounded plan. So before buying a plan, make sure you read the terms and conditions to ensure that they line up with your health care needs now and into the future.

Compare Costs of Prescriptions and Health Care Services

One great way for people to save money on health care costs is to compare prescription drug costs and the costs for health care services.  Individuals can call different hospitals and health care providers in their network to see who can offer the best prices for the services.  Sometimes hospitals that know an individual is comparing prices will negotiate their prices.

Prescription drug costs can be vary between pharmacies. Individuals can call different pharmacies to see which one offers the most competitive price for a given insurance provider. Also, rather than shop at CVS, Walgreen and other specialist drug stores, consider going to the pharmacies at Walmart and Target. Prices, for generic drugs in particular, can be significantly cheaper at these mega-merchant pharmacies.

Check all Medical Bills

One great way to saving money on health care costs is to check all medical bills. Both health insurance companies and health care providers make mistakes when they bill patients.  Mistakes can be easily resolved when consumers call their health insurance companies to settle their payments.

Lead a Healthy Lifestyle

One of the best ways to save money on health care costs is to lead a healthy lifestyle. Up to this point, the focus of medical experts has been to cure and treat disease but not preventing them.  The public sentiment of prevention is changing though. Provisions in health care reform work to bring more prevention to Americans by making preventive services free in the next couple years.

Many Americans may be divided over health care reform but everyone can start saving money now.

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3 thoughts on “How Individuals can Control and Cut Health Insurance Costs”

  1. After working for over a year with my company I was offered a plan for $100 per month for myself or
    $600 per month for myself and my wife. With the new laws, will companies have to provide more
    affordable health insurance options for employees and their families?

  2. I am currently shopping for health care in a different state. You mentioned / linked to health care price portal .. with the link to InsureMe. Is that the one you recommend? Do you know of a place that compares portals?

    Until we have a national exchange it will continue to be a nightmare out there to shop for health care. I was so surprised to find out that the implication and risk for when you want to move to a different state. It’s just not right.

    Thank you for writing on this…

    • Yes – these are both good portals to start your health insurance research. But then always do your research on the options available before you sign up for any insurance.


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