The husband and I are what I’d like to consider entrepreneurs. Between my valiant attempts at running a successful blog, to him starting his own courier and delivery company, we’re making huge strides towards becoming financially independent and ‘boss free’. Although there are obvious benefits to no longer working for “the man” a huge concern of ours is maintaining insurance independently for our family.
Let’s state the facts: insurance in and of itself is complicated – even to the most learned individual. “Insurance has its own language and it’s complicated to translate that into real language, “says Kimberly Lankford, coauthor of The Insurance Maze: How You Can Save Money on Insurance-and Still Get the Coverage You Need. Even though it’s hard, the husband and I know that we can’t take choosing and maintaining an insurance policy lightly. All we have to do is keep in mind how awful it would be on our pocketbooks to have to pay for an uncovered medical expense… Boy it’s tough being a grownup.
So where do we begin? And what in the heck is a “PPO” anyway?
Our friends over at GoHealthInsurance.com have provided us with an awesome infographic to help to clear up some of the “muck” of a standard insurance policy. You can use this tool by comparing it to the benefit explanation of your own insurance company.
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Remember, in order to save money, it’s important to choose the best policy for your family and become a savvy health consumer. Here are a couple of tips to get your started:
Some prices are up for negotiation…
When you have to pay your doctor for an uncovered service, it’s not taboo to negotiate a bit. A recent poll stated that 3 out of 5 people who haggle a little at the doctor’s office are successful at getting a discount.
A lot of people don’t know that prescription prices can vary widely from pharmacy to pharmacy; so shop around for the best deal. Your best bets are at a discount retailer or a price club. Also, don’t be afraid of generics. My doctor once told me that the only reason why some prescriptions are so expensive is that you’re simply paying for the fancy name. That’s straight from the horse’s mouth.
Do you have any helpful tips regarding how to choose insurance, or better ways to understand it? Let’s hear it in the comments!