With average healthcare costs up 9% and inflation barely past 0%, its clear that something needs to be done. While reform is the hot topic of the day, what can be done to save money while we wait for congress to reach consensus and for those policies take effect? This article discusses 10 ways to save money. Take a look and see if any of these tips could work for you.
On the matter of high deductibles for low monthly payments, just how big of a risk is it? I tend to agree with most of the article. However, I do feel it over inflates the fear of high deductibles if you are relatively healthy and have thoroughly explored your options.
Consider a high deductible of $5,000 with low monthly payments, for a healthy family of four. A $5,000 out of pocket expense for a heart attack that cost $150,000 leaves that family feeling good about their insurance policy. But what if a child steps into a hole and breaks an ankle and racks up a $4,500 bill from the ER, doctor's visit and physical therapy? Then the $5,000 deductible- which, the family chose in order to save $2000 a year in premiums- seems crazy.
Consider this solution to keep the coin in your pocket. Choose the $5,000 or higher deductible, with doctor visit co-pay. Then, talk to your broker about adding a $5,000 accident rider which pays the first $5,000 of any accidental injury . The savings are significant, and are protected from catastrophe and almost all minor out of pocket claims.
Obviously, solutions like these are subject to each individual plan. However, taking the time to explore your options will make you a more informed and creative decision maker. And, it just might save you hundreds, if not thousands, of dollars every year.
I'd love to hear your thoughts on the article, or any unique ways you've found to save.
Take care. Be well.
-Dave
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