How to Save Money on Your Kentucky Health Insurance
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The cost of Kentucky health insurance is rising every year and people are
looking for ways and means to save money on health care. Though the Patient
Protection and Affordable Care Act is meant to enhance coverage for Americans
in general, it is expected that premiums and out-of-pocket expenses will
increase. Many of the provisions of the Act will come into effect in 2014. In
the meantime, there are some things you can do to keep down your Kentucky health insurance premiums:
- Opt for a plan with higher out-of-pocket costs: Out-of-pocket costs include your deductible,
copays, and coinsurance. The deductible is the amount you have to pay every
year before your insurance plan begins paying. If you opt for a plan with a
high deductible, the amount of your monthly premium would be lower, and vice
versa. Choosing a plan with a high deductible is ideal if you are young and
healthy and do not expect too many doctor visits during the year.
- Look for a private Kentucky individual
health insurance plan: As the health
insurance premiums rising, many Kentucky employers are passing on more of the costs of
coverage to their employees. As a result, even if you have job-based health
insurance, you may still find it more cost-effective to purchase a private
health plan. One of the best ways to do this is to seek out an experienced,
licensed health insurance agent. As an established professional brokerage would
represent all leading Kentucky
health insurance companies, you can benefit from a choice of plans, free quotes
and guidance to select the best policy based your requirements and budget.
- Reexamine employer-based coverage: If both you and your spouse are eligible for
employer-based coverage, check out these plans to see which one will cost you
less.
- If your spouse’s family coverage has a lower premium, you may be able to save money by switching to that plan.
- You can also look at the different plan options that your employer offers during open enrollment time and switch to a plan that costs less than the one you currently have.
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Another thing
you can do is consider whether you and your spouse should have different plans
– if this can bring down your yearly healthcare expenses. For instance, if your
spouse has health conditions that would require frequent doctor visits, it
would be better for your spouse to stay on his/her employer’s Kentucky health
insurance plan with a low deductible. You and the rest of your family (who are
in good health) would benefit by choosing a high deductible plan from your
employer. This arrangement can bring down your yearly healthcare costs.
- Be careful with COBRA: You would be eligible for coverage under COBRA if
you are laid off from your job and your ex-employer has 20 or more employees.
But remember that, if you opt for COBRA, you will have to continue to pay the
same premium that your employer was paying in addition to an administrative
fee. Considering that you are between jobs, it could be cheaper for you
purchase short-term Kentucky health insurance on your own.