Insurance Discounts

Health insurance can be very costly, which is why it is important to utilize discounts to help keep healthcare affordable.

These discounts are typically offered if you meet certain criteria as specified by your insurance provider. For example, you may be eligible for a discount if you are a college student enrolling in an insurance plan for the first time. Similarly, you may receive certain discounts if you are involved in a wellness plan or have a gym membership.

Regardless of the category you fall under, there are plenty of discounts available that can help reduce the costs of your healthcare coverage. The trick is finding the right types of insurance programs offering discounts that you qualify for.

Additionally, it is important that you are aware of all of the different discounts offered by your insurance company so that you do not miss out on any that you may be eligible for. Keep in mind that many of these discounts are not automatically applied to your premium.

Learn more about the following discounts and consult your insurance provider to ensure you receive the best rates possible.

Insurance Discount for Students

If you are a student without healthcare, you can be penalized up to several hundreds of dollars. To avoid paying this penalty, you must obtain health insurance before beginning college. Fortunately, there are several ways that you can reduce the expense of costly health insurance. If you are younger than 26 years of age, then you can choose to remain under your parent’s health insurance plan.

While this plan is still acceptable while attending college out-of-state, you may need to adjust your coverage accordingly. For example, you may need to switch to a plan that allows you to obtain medical care from out-of-network providers.

In addition to this option, you should consider a student plan provided directly by your college or university. These are typically basic healthcare plans that serve as qualifying healthcare coverage for your state.

Another way to receive affordable health care coverage is through health insurance marketplaces. If you cannot afford the costs of health insurance, these marketplaces can provide you with the appropriate resources to receive financial assistance from the government.

Most health insurance providers offer discounts simply for enrolling in a plan as a student. However, you may be eligible to receive a greater reduced premium if you meet income requirements. Additionally, you may qualify for a lower deductible or lower out-of-pocket expenses.

Therefore, it is important that you consult with your health insurance provider directly to determine what kind of discounts are offered to students.

Earn a Wellness Discount for Being Active

Did you know you could receive a discount simply by leading an active and healthy lifestyle? Many health insurance providers offer discounts to members who obtain a gym membership or join a wellness program. You may even receive a reduced premium by utilizing a fitness tracker.

Most insurance companies see active members as low-risk, meaning they are less likely to need medical care throughout the year. Thus, saving these health insurance providers thousands of dollars. You can redeem this discount directly from your insurance provider or through the health coverage you receive from your employer. However, most insurance companies need viable proof that you are maintaining a healthy lifestyle.

Depending on your insurance provider, you may receive a discount on your premium. Additionally, many health insurance providers offer cash back rewards and discounts to help promote healthy habits. You may receive a free or reduced gym membership to help you achieve a healthy lifestyle.

You may also receive access to wellness programs to help you overcome a bad habit. These wellness programs include weight loss programs, diabetes management programs and programs to help you quit smoking. Some even offer preventative health care screenings, such as mammograms. Other member discounts include:

  • Acupuncture therapy.
  • Registered dietitians.
  • Massage therapy.
  • Fitness gear and apparel.
  • Vitamins.
  • Heartrate monitors.
  • Running shoes.
  • Meal plans.

Consult with your health insurance provider to see what type of discounts they offer for fitness. Many healthcare providers also offer money-saving alternatives, such as reimbursement plans and health savings accounts. By enrolling in a reimbursement plan, you may receive a fixed amount in return for participating in healthy activities.

Receive Discounts on Medical Costs

Next time you speak with your healthcare provider, consult about the discounts associated with medical costs. You can also inquire about discounts directly through a physician, healthcare facility or billing department. Many doctors offer discounts and affordable payment plans for procedures and operations. You simply have to offer something in exchange for these discounts.

If you have an upcoming medical procedure, you may be able to receive a discount for paying for the procedure in advance. You may also be able to receive a discount for paying for out-of-pocket costs in cash rather than using a credit card. This incentive is to help reduce the amount of credit card processing fees that most insurance companies have to cover.

Other Ways to Save on Health Insurance

If you have exhausted all of the discounts available, there are other ways in which you can save on health insurance. This includes bundling your medical, dental and vision coverages into one single coverage.

Additionally, you can find a group health insurance plan as a member of an organization, whether it be a military organization, credit union or alumni organization. Group health plans are generally more affordable than individual health plans.

If you are young and healthy, certain healthcare coverages may not be worth it. In this case, you should consider a fee-for-service plan. Another way to save money as a young individual is to combine a high-deductible healthcare plan (HDHP) with a health savings account (HSA). An HDHP will protect you from major expenses, while you cover the smaller expenses on your own or with money from your HSA.

Although, it is best to not touch your HAS for as long as possible because of all of the tax incentives provided when you allow your money to grow. When comparing healthcare plans across multiple insurance companies, be sure to take all of the aforementioned tips into account.

If you need further assistance, consider hiring a health insurance broker who thoroughly understands healthcare and can help you compare your options carefully and find useful discounts.