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Reduction of health insurance costs

health insurance
Health insurance has become an increasingly hot topic, mainly due to the high cost of major medical health insurance, which is growing at twice the rate of inflation.
Although this may cut some of your personal budget, there are steps you can take to reduce your major medical expenses.

Steps to reduce health insurance costs

Buy the best rates and coverage

Competition between insurance companies is increasing and premiums vary widely. Therefore, it is smart to buy the main health insurance rates from many companies. You will surely find a number of affordable health insurance plans available.
Before making your decision, carefully evaluate each plan to make sure that the insurance coverage meets your needs and that the money you save does not match insufficient coverage, high discounts, or other flaws.

Reduce your drug costs

While prescription drugs can be very expensive, if you buy prescription drugs regularly, you can save money by ordering prescriptions by mail through a traditional pharmacy or online. If you are in a prescription drug plan, you may be able to get a three-month supply of your prescription drugs by mail at the same price you would pay for a month at your local pharmacy.
Also ask your pharmacist or doctor to recommend a lower-cost medication whenever possible. If you have Medicare for your health insurance, ask about the new Medicare Plan D.

Review your medical bills carefully

Make sure that each invoice accurately reflects the procedures you have undergone and take into account any applicable health insurance coverage you may have. Contact your billing office if you think you have encountered an error. Be persistent about correcting the invoice or get a solid explanation of the relevant invoice line. If you get an explanation of the insurance company's benefits that you think are wrong, ask the company to review your insurance claim and continue to follow up until you are satisfied.

Find tax exemptions and track your medical expenses

You may be able to deduct certain medical expenses from your taxes if the itemized total of your medical expenses exceeds 7.5 percent of your adjusted gross income. Allowable expenses include everything from health care services to glasses and hearing aids. Track these expenses if you think you might be able to deduct them from your tax return.

Maintain a healthy lifestyle

The easiest and most essential way to keep your primary medical expenses low, while improving your overall life, is to maintain a healthy lifestyle. Take advantage of wellness programs that provide nutrition counseling and reduce stress, perform regular check-ups, maintain a healthy weight, exercise regularly, and join the growing number of people who quit smoking.
Health insurance is good, but staying healthy is better.

Independent health insurance

As a freelance worker, you are used to making decisions for yourself. There are many options available for independent health insurance; However, this decision can be difficult. Here is information that can help you decide which independent health insurance policy is appropriate for your family:

Check your health insurance options

Individual health insurance versus group health insurance

Group health insurance premiums tend to be lower and buy much better coverage than an individual policy. However, a lack of staff can make it difficult or impossible for an independent person to qualify for a group health plan. When purchasing independent health insurance, be sure to ask the agent or provider what you must do to qualify for a group plan.
If you are not eligible for a group plan, the individual plan will provide valuable coverage for your family. A disadvantage of the individual plan is that these policies take into account the medical history of each person insured under the policy, a factor that can significantly increase costs. In addition to the high costs, coverage under a single plan tends to be more restrictive than a group plan.

Health Savings Account (HSA)

There are other alternatives. A recently introduced Health Savings Account (HSA), a high-discount health plan that provides coverage for major losses, and a savings account to raise funds to cover other more routine and eligible medical expenses were introduced. Your health plan premium and contributions to your savings account are tax free. Cash withdrawals from the savings account are not taxable if used to pay for eligible medical expenses. The law defines contribution limits and is subject to change annually.

Supplemental health insurance

Disability that causes job loss is one of the most common causes of family bankruptcy in the United States. Every year, one in four workers over the age of thirty will be suspended for more than 30 days. Some disabilities may be work related, and only a few others will occur.
Most employees are covered by insurance to compensate workers for work-related illness and injury. In contrast, many freelancers do not have workers' compensation insurance. The supplemental health insurance policy will cover expenses related to lost wages and other medical expenses that are normally covered by workers' compensation for work-related injuries.

Supplemental health insurance will also help cover the costs associated with illnesses or injuries outside of work. Some forms of supplemental health insurance offer a cash benefit to help pay bills when you can't work. Others will help pay for medical treatments that are not covered in the regular health insurance policy.