 In recent months there have been widespread reports of an increase in unemployment. Mergers and acquisitions are causing significant corporate streamlining.
Stand-alone stores are making their own cuts in personnel. In short these are difficult times requiring difficult personal choices.
Those who are able to keep their job may be faced with unique decisions on how to conserve spending. This is especially true for families who may be affected by foreclosure or potential eviction.
While there are multiple areas an individual can reduce spending one of the key areas is not often considered first. The role of health care is important to families and a wonderful perk for employees who may receive it from their employers. However in the changing economy there may be more employers who are either shifting the financial burden for the health policy to their employees or perhaps doing away with the perk altogether.
For those out of work there can be enormous stress when contemplating how to manage a crushing financial blow if a major medical issue develops.
Six Options You May Have Never Considered
Shop around.
The Internet can be a great tool to locate policy information that can be equitably compared to what you may already have. www.myinsurancequotes.com is a website that declares, “[We do] not sell insurance nor do we benefit from any insurance policy you may purchase. That makes us the perfect consumer partner for unbiased information on… insurance…”
This site provides tips as well as a coverage calculator to help you honestly evaluate your need before submitting information for a quote. You may find that this is a great way to reduce expenses while maintaining your current coverage.
Change your deductible.
One of the best ways to save money on your health insurance is to shift to a larger deductible. This may sound as if you would be better off without insurance, but what this can do is allow you to have peace of mind if a major medical issue develops, but also keeps insurance costs down. Yes, you may not be able to access benefits like medical co-pay or prescription plans, but if you and your family are relatively healthy this may be a viable option.
Medical insurance ala cart.
Look at the idea of shifting your policy to only cover hospital stays and surgical procedures. This can be a way to manage the high cost of medical emergencies while personally paying for other medical visits with the money you save.
Drop insurance altogether. If you are a person of faith there are programs like Medi-Share http://medi-share.org/ and Samaritan Ministries http://samaritanministries.org/ These (and many more) organizations provide a means of sharing the medical burdens of others in the collective group. The cost to be involved is typically much less than an insurance program, but there may be limitations on what is covered as well. A family of 4 could pay as little as $440 per month to provide medical coverage paid by other members. In most cases this is about half the cost of other medical options.
Cover your children in an alternate plan.
The government provides a state-by-state program to cover children’s health issues at no or low cost. Each state seems to have their own website for the information. Here is a link to the Children’s Health Insurance Program (CHIP) run by the state of Texas www.chipmedicaid.org. Other state sites contain similar information. Google CHIP and your state for the most applicable information.
Ask for help.
In some cases pharmaceutical companies can provide low cost or free prescriptions based on your finances. If you can’t afford the medications you rely on it is possible to contact the manufacturer for help. They may be able to provide the assistance you need. This site may provide a few answers to your questions on this subject http://www.scbn.org
During most financially depressed times it may seem as if the difficult days will never end. The good news is bad days will pass, but in the meantime you should prepare for difficult days by reducing your overall spending to allow you to pay off bills and remain in your home. Doing nothing will only hurt you in the end.
Health care is one area you can examine and then make needed decisions that can keep your family protected in the most difficult situations while providing a much-needed reduction in your family’s health care costs.
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