Do One Thing: Save on individual health insurance (time: a few hours)
If you’ve ever waded into the waters of individual health insurance—which is the kind you buy on your own, not the kind an employer provides—you know that the search for affordable coverage isn’t fun. But it is possible. Here’s how to shave a little cash off your premiums.
This is for you: If you don’t have group health insurance coverage through work, COBRA, a parent or spouse, and you’re looking to buy individual health coverage.
Hands-on time: A couple of hours to do some research—compare quotes, contact trade groups, etc. (Does not include making plans to move to Canada.)
Total time: Same.
Cost: $0 to do the research.
What you’ll need:
- An Internet-connected computer
- Your medical history for the past two to three years (or at least the last 12 months) so you can do some comparison shopping.
What to do:
1. Start with eHealthInsurance.com, which can help you compare quotes from several different companies.
2. Consider trade associations. For instance, if you’re a freelancer, you may be able to apply for health insurance through an organization like the Freelancers Union. (It’s free to join, and rates will be lower since you’re part of a group.) Many professional groups offer this perk, so it’s worth your while to see if there’s a trade group you could join.
3. Call your alumni association. Being a member of your university’s alumni group, or even a sorority or fraternity, may also offer the opportunity to apply for discounted coverage. Take a look.
4. Talk to your chamber of commerce. Got a small business? Or are you self-employed? Your local chamber of commerce may offer discounted health insurance that would offset the cost to join. (And don’t forget that if you’re self-employed, your health insurance premiums are deductible. So that helps.)
5. Look into state benefits. If you’re not making much money, you might qualify for a state program, such as New York’s HealthyNY.com. About a dozen states have assistance or subsidy options. Your state insurance department should know the details.
6. Try a high-deductible plan. If you rarely see the doctor and you don’t have kids, you might save a bundle by shopping for a high-deductible health insurance plan. Translation: You pay more out of pocket before insurance coverage kicks in—but if you don’t see the doctor too often, the lower premiums could more than balance out the higher deductible. You can also open a Health Savings Account and put pre-tax money away to use toward medical care.
To learn more:
No Health Insurance? Here’s a New Plan (MSN Money)
Is a High-Deductible Health Insurance Plan Right for You? (LearnVest)
Did you do it? Tell us what worked or share other tips in the comments below.
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