Co-Pays
If you are a generally healthy person, who makes little or no doctors visits during the year, you may not need to have the insurance co-pays as part of your health plan. While, it sounds good to pay only $10 per office visit instead of the customary $50, you are not saving anything if you are not frequenting the doctor. On the other hand, you can save about 30% on your monthly individual health insurance premium by eliminating this benefit.
Prescription Drug Coverage
If you take many prescription medications, this is critical coverage to have. However, most people do pay more for the prescription drug coverage in annual premiums than they spend on actual prescription medication in a given calendar year. Also keep in mind that Walmart, Target and many of the other “Big Box” retailers and Supermarket chains have reduced prices on many common generic prescription drugs such as antibiotics and blood pressure medication.
Choosing the Right Deductible
You can also save money on your monthly individual health insurance premiums by choosing the right deductible amount. Most people can get by with a deductible of at least $1,000, which represents your out-of-pocket costs before insurance coverage begins. This alone will result in a lower monthly premium amount. If you wish to significantly lower your costs, you can go with an even higher deductible such as $5,000. Such a move can l greatly lower your monthly premium and may entitle you to open a Health Savings Account to save on taxes and pay for the deductible and covered medical expense.