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Step 1
First, avoid the copayment option for visits to your family physician or specialist. Although it may feel nice to only pay a copayment fee during an office visit, health insurance companies will penalize you for selecting this feature with higher monthly premiums. Why? Because they know from experience that copayments encourage utilization of medical services. If you only have to pay a copayment amount, you're much more likely to visit the doctor for a simple cold. Many health insurance cover a yearly annual physical, so selecting this option doesn't mean that you can't keep track of your health. This is a great choice if you are young and generally healthy.
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Step 2
Look for copayment options for emergency room visits. These copayments can be high - some around $500. By selecting this option, the insurance companies know that you will only use an emergency room for its stated purpose - an emergency. If that copayment sounds high, please know that an emergency room visit can easily cost $10,000. You'll save $9,500 on the visit and experience the monthly savings all year long.
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Step 3
Look for high copayment options on other medical services such as hospital stays. The higher the copayment, the greater the reduction in monthly payments.
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Step 4
Next, start a savings plan that will cover your highest copayment amount that you have selected. You will have the combined assurance of lower health care expenses and the knowledge that you can afford a high copayment if the need arises.
