How Any Family can Afford Quality Health Insurance

The economy is causing many Americans to reevaluate their budgets. Even though you are trying to cut back on your monthly expenses, there may be areas you have overlooked. One place you might consider examining is your health insurance plan.

“Your health insurance plan is the first place you should look if you want to save money long term," says executive Bruce Telkamp. “Check to see if you're paying for benefits you don't use or if you can afford a higher deductible. You can save a lot of money by shopping around for a health plan that better suits your needs and budget.”

Here are a few tips that can help you make the most of your health insurance dollars:

Combat rising health care costs at work
Is your company increasing your health plan costs or even discontinuing its health care coverage to cope with the current economy? Health insurance costs topped the worries of small business owners in a new survey by the National Federation of Independent Business and Wells Fargo. Individually purchased health insurance plans might offer the coverage you need with a lower monthly premium. Check online or with a local health insurance agent.

Analyze the benefits you regularly use
Your health plan could have you paying for benefits you’ll never use. For example, do you rarely need prescriptions but have prescription drug coverage? Or are you a single male with a plan that has maternity coverage? If you find you rarely or never use certain benefits, consider switching to a health plan that better fits your medical needs. Your monthly premium could go down, too.

Worthwhile coverage when between jobs
COBRA is coverage offered to employees leaving their company or to dependents coming off their parents’ plan. COBRA is often expensive, but if you have pre-existing conditions, it may be a good choice. If COBRA doesn’t fit into your budget, look into short-term health plans. While these plans don’t cover doctor’s visits or prescriptions, they will keep you covered in case of a catastrophic event for 6 months to 1 year. Short-term plans usually cost less than typical health plans and you can be approved in as little as 48 hours.

Know all your options
Consumers can find a number of online resources designed to explain their health insurance options. Web sites like eHealthInsurance.com help users learn more about their choices, find the plans best suited to their needs, and apply for coverage quickly and easily.