Myths About Unpaid Medical Bills
Medical bills account for a lot of debt among people, but understanding how such a debt can influence your credit is important.
Here are myths about unpaid medical bills according to omneitybilling.com.
As Long As I Am Making Payments Towards My…
Myths About Unpaid Medical Bills
Budgeting for Medical Expenses
Medical expenses are usually unexpected and something that you may not have planned. Medical bills can be highly expensive and your insurance might not cover everything.
Some say that having a dedicated health savings account is the best way to save for medical…
The Pros and Cons of Public Vs. Private Hospitals
There are two main types of hospitals, public and private. Public hospitals are usually larger than private hospitals.
Public hospitals are funded by the local, state and federal funds. This means they are not able to turn…
What is Short Term Health Insurance?
There are plenty of health insurance options out there and most people will choose health insurance from their employer or from their spouse’s employer. However, there are unique situations that will need different health insurance. Short-term health i…
What Retirees Need to Know About Health Insurance
Medical care is not cheap and due to this retirees might find themselves choosing between their health and their limited wealth.
So what do retirees need to know about health insurance? Take a look below to know more.
You Can’t Count …
How to Lower your Health Insurance Premiums
There are ways that you can lower your health insurance premiums and save money on health insurance.
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If you are a smoker then you need to quit, as you will be able to save quite a bit of money on health insurance. Health insurance premiums on health insurance exchanges can be up to 50% higher for smokers even if you have never been diagnosed with a smoking related illness.
Apply for a Subsidy
If you do not have affordable employer based health insurance you are able to apply for a government subsidy to lower your health insurance premiums.
Premium Tax Credit is a subsidy that pays part of the monthly premium for your health insurance. As you will only be paying a portion of the premium you will save money.
More Restrictive Health Plan
The more restrictive your health plan is then the lower the premium will be. A restrictive plan has more rules about how you are able to get your health care and who provides it.
Plans with Higher Cost Sharing
The higher a health plans cost sharing requirements are then the lower the plans premiums will be. Choosing a plan that has higher coinsurance, deductible, rates or copays will usually lower the premiums.
Health insurance companies are able to vary their premiums due to where you live. However, you may not have to move across the country to find a lower a health insurance premium as in some cases just moving a few miles can make the difference.
Moving will not be practical for most and for others the cost of moving will wipe out any savings from health insurance premiums, but if you are in an expensive part moving to a lower cost area could save you money.
Weigh Spousal & Family Plan Options if Someone in Your Family has Job Based Insurance
If you are married and your spouse has health insurance through their job then see how much it will be to add yourself to their plan.
If you are under 26 years old then see what it would cost to be added to your parents plan.
Buying a family plan is less expensive than buying individual plans, but keep in mind that employers offer all sorts of combinations now so you will need to compare all of your options.
If you would like to know more about medical insurance, head to FinanceMan.