One of the most expensive purchases a family can make is their health insurance, but it is an expense that is necessary for families and individuals. If you have ever fallen ill or needed to have surgery then you know how gut wrenching it can be to see that huge bill from the doctor’s office. This can be financially damaging without some type of insurance coverage. Below are some tips for single moms raising a family on their own to save on their health insurance coverage.
The lowest price is not always the best price. Remember the saying “you get what you paid for”? This applies to your health insurance premium, just because you are paying the lowest premium you make up the cost in the amount you have to pay out of pocket.
Take a look at all your options. Understanding insurance policies is not easy task so having a basis of comparison between two or more policies is highly recommended. The items that you will need to compare include:
- Amount your pay out-of-pocket
- What the insurance covers
- Amount for the premium
A good way to cut down on your insurance cost would be to choose a plan with a specific network of doctors, this is also known as a HMO (Health Maintenance Organization), however, if you or your child has a special need that is not covered by the doctors within the network than it will cost you more for an out of network plan.
Lower your premium by paying a little more for your deductible. While this may not sound like the best option available you can sign up to use a savings account specifically geared to those wanting to save money to pay their deductible. This acts as an extra insurance policy so that if you have a major health issue you and your family will be covered. Always plan for the amount you may have to pay out-of-pocket.
While you are using some or all of the above tips to lower your insurance, DO NOT take away from the max amount you will have to payout. If you or a kid(s) are severely injured or become struck by a major illness the costs can be drastic.
Unfortunately as a parent and individual you are unable to predict what is going to happen from one day to the next so it is best to be prepared. Health insurance coverage is one expense that should not be overlooked.