Bret Harding

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It’s been nearly two years since health reform was signed into law, the new law was meant to make health care and health insurance more accessible and affordable for more Americans. But many of the enactment's provisions don't kick in until 2014. In the meantime, here are seven ways you can save money--right now.

1. Lock in That Rate: When you’re purchasing private health insurance for yourself or your family, keep in mind that your insurance company may periodically increase your monthly premiums.  One way you can temporarily protect yourself is to look for a “rate guarantee” when shopping for coverage. Work with a licensed broker who represents a large variety of health insurance companies to find out which companies offer rate guarantees.  Some carriers may automatically lock in your rate for the first year of your policy.

2. Right-size Your Health Insurance Plan: If your current plan is getting too expensive to keep, but you’re afraid of being declined for new coverage based on your medical history, make sure you explore your options. Work with a broker who has the experience and resources to negotiate with your carrier directly. You may be able to stay with the same insurer and transfer to a more affordable plan without undergoing medical underwriting and running the risk of being declined. There are trade-offs, of course.  You may need to accept a higher deductible in return for a lower monthly premium. But the new plan may still provide you with valuable protection in case of serious illness or injury, and you may be able to trim a substantial amount from your monthly bill. Make sure you ask questions and get as much information before making a final decision.

3. Negotiate Your Medical Bills: Did you know that you can potentially shave up to 30% off your medical bills by negotiating with your medical care provider? Health insurance allows you to benefit from discounted rates for health care services. Chances are, your insurance company has negotiated discounts with providers ahead of time.  If you’re currently uninsured, you’re not benefiting from those discounted rates, so the charges listed on your medical bill may be substantially higher than others are expected to pay.  Talk to your doctor or your hospital’s billing department to see if you can negotiate a discount by paying up front or creating a payment plan. Even if you have health insurance, that doesn’t mean all your medical procedures are automatically covered.  If you’re seeing an out-of-network physician or receiving medical services not covered by your insurance plan, you may be charged the full rate.  In these circumstances, even insured patients should negotiate their bills.

To learn more about negotiating medical bills, visit the Healthcare Blue Book website, where you can find suggested prices for many standard medical services. If you’re surprised by an especially high medical bill and you need help negotiating payment, you can work with a professional medical bill negotiator.  Some negotiators are paid only on a contingency, based on how much they are able to save you.

4. Consider Generic-only Prescription Drug Coverage: Find out if health insurance companies in your area offer generic-only prescription drug coverage.  If you rarely use prescription drugs but don’t want to go entirely without drug coverage, you may be able to save on your monthly premiums. As a supplement to your insurance coverage, a prescription discount card may help mitigate the cost of a brand-name drug, should it become necessary to take one. Just be sure that any discount card you purchase is accepted by your local pharmacy.

5. Look into a Health Savings Account (HSA): An HSA is a tax-advantaged savings account used in conjunction with a health insurance plan. Account contributions, qualified distributions and earnings are all tax-exempt. An HSA allows you to deposit a portion of your pre-tax income into a savings account and use those funds to pay for qualified medical expenses.  Unused money can be invested and accrue from year to year. If you have an HSA, be sure to deduct your contributions up to federally prescribed limits.  Contributions to your HSA designated for 2010 and made before April 18, 2011 can be counted toward your 2010 federal taxes.  According to IRS Publication 969, HSA contributions for the 2010 tax year are capped at $3,050 for individuals and $6,150 for families.

6. Look Beyond Your Employer’s Plan: If you can no longer afford your share of the premium for an employer group health insurance plan, consider your options in the private health insurance market during your next open enrollment period.  While it may not always offer the same benefits, coverage purchased on your own is sometimes less expensive than what your employer may require you to contribute toward your monthly premiums.  Employer-sponsored coverage is especially valuable for those with pre-existing medical conditions who may be declined for coverage elsewhere, but healthy individuals should consider all of their options before selecting a health insurance option.

7.  Use a Utah Health Insurance Broker:  A Utah Health Insurance Broker can do all the research to find the best plan for you with the best rates.  Insurance brokers add value by representing you and providing many options through multiple insurance carriers. Instead of trying to make the plan fit your needs, we will take your needs and find a plan that is suitable for you. They can also talk you through the whole process and give you expert advice. Using a Utah health insurance broker will cost you nothing! A health insurance brokers is paid a commission by the Utah health insurance companies, and you pay the same rate going through a broker as you would going straight to the health insurance carrier.  So why not use a broker’s free advice to help you sort through the Utah health insurance jungle!

So what are you waiting for...start saving on your Utah health insurance today, go with Utah's #1 health insurance broker: www.UtahHealthInsuranceBroker.com