Ways to Save Money on Delaware Health Insurance Coverage

Health insurance -- whether provided by your employer or purchased independently by yourself -- can be expensive. Here are some ways you can control your costs:

If you're married and both spouses work at jobs that provide health insurance, compare your policies and their costs to see which one best fits your needs. Look beyond the monthly amount you must pay and closely evaluate covered services, co-pay requirements, deductibles and reimbursement levels so that you make the best choice for your family and your pocketbook.

Many plans offer a menu of options. Review your situation regularly, and adjust your options to meet changing needs.

Stay in your network as much as possible, making sure to obtain referrals as required.

Many plans require pre-certification for certain tests and procedures. Know your plan, and make sure you comply with these requirements to avoid paying penalties.

Hold on to all receipts for medical services. Even though your intent may be to always stay in-network, you never know when an accident, out-of-town emergency room visit or unexpected illness might cause you to incur out-of-pocket expenses that exceed even a high deductible.

Check to see if your employer offers a flexible spending account. These plans, which allow you to set aside pre-tax dollars for medical expenses and childcare, are a good way to reduce your out-of-pocket medical costs.

Finally, consider combining a high-deductible catastrophic plan with a Health Savings Account, or HSA. An HSA is a tax-sheltered savings account similar to the IRA, but earmarked for medical expenses. Deposits are 100 percent tax-deductible for the self-employed and can be easily withdrawn by check or debit card to pay routine medical bills with tax-free dollars. Larger medical expenses are covered by a low-cost, high-deductible health insurance policy. What is not used from the account each year stays in the account and continues to grow interest on a tax-favored basis to supplement retirement, just like an IRA. Some employers offer HSAs to their employees as an option.