Private Health Insurance…How to Manage it On a Tight Budget?

There are many benefits to investing in private health insurance. Private health insurance allows you to check your family into a hospital as a private patient without worrying about the cost.
It allows you to cut to the front of the line for important procedures or hospital visits. More than that private insurance can help you pay for extra health procedures and items that Medicare does not cover.

For more information about Private Health Insurance check out this great article! With a bit of research and a bit of work, you afford a private health insurance plan for your family.

Check Multiple Heath Insurers
When considering health insurance providers such as GMF Health, you should contact multiple insurance agencies. Health insurance will be a long-term monthly expense; you want to be sure that you are receiving a great deal. You cannot be sure that you are receiving the beast deal unless you do the proper research. Remember to check if any of the insurance companies are having any promotional offers. Some agencies will occasionally offer deals to attract new customers. Once you know what premiums each insurance company is offering you, you might want to check out the reputation of the agencies. You do not want to trade affordability for poor customer service and a habit of trying to wiggle out of paying claims.

 
Choose a Plan That Will Fit Your Health and Money Needs
Health insurance agencies offer 3 different coverage choices: hospital cover, extras cover, or hospitals and extras cover. Within those categories are three different levels of coverage lite, mid, complete coverage. The cost of your plan will depend on your coverage choices.

If you are tight on money, I would start with a mid or lite extras coverage health insurance plan. This will help you pay health costs that Medicare does not cover: hearing aids, dental work, eye glasses or contacts, orthodontic braces, physiotherapy, and emergency ambulance rides. These are vital services that your family will need. Without this coverage, you will be paying out of pocket for these services.

While it might be nice to have private health insurance coverage that will help you pay for rooms in private hospitals or public hospitals as a private patient, you do not need that. Medicare offers pretty good hospital coverage for free. Yes, you will need to wait in lines, and you will be unable to choose your own doctor, but you will receive the care that you need with very minimal costs if any. Better to focus on the health concerns that Medicare does not cover until you get that next raise at work. Then you can delve into the hospital coverage.

Find Areas Where You Can Cut Expenses
When looking to save money, you should always analyze your current finances. Determine what expenses you and your family do not need and consider cutting them. Cable, fast food, and trips to the movie theater are all examples of unneeded expenses that can be cut from your monthly budget. Even the hardest scrimpers are bound to have a few areas where you can become more frugal.

Work Together to Keep Unneeded Expenses Down
Your whole family—spouse, partner, children, and/or teenagers—should be aware that you are trying to save money to pay for a potentially vital expense. Everybody to some extent has access to your money. You are only as strong as your spendiest link. Whether it is a 6-year-old with sticky fingers, a teenager sneaking out with a 20 to see a movie, or an adult spending 50 on a new pair of jeans, they will all be using money that might be reserved for your monthly premium. When saving money you need to work together as a family unit. Set a limit to the amount you can spend at once and on a monthly basis without talking to your family about the purchase.

Controlling the Uncontrollable Spender
If you have an uncontrollable spender in your family—especially if it is an adult—you might want to think about restricting their access to your expenses. For older spenders this can be done in two ways:

• Setting a limit on the amount they can withdraw at once.
• Opening a separate bank account for them and temporarily removing their access to the main account.

For younger spenders, you might want to invest in a lock box to store your money, check books, and credit cards when they are not with you or your partner.

Health insurance is an important part of maintaining your family’s health and happiness. With a little bit of research, a family effort, and a frugal lifestyle you will be one step closer to health insurance.