Forgoing prescription coverage can make individual health insurance cheaper
Purchasing an individual health insurance policy that won't break the bank is not easy, but if you're looking to purchase individual health insurance on the cheap, there are ways to save money.
Deductible
If you are a reasonably healthy individual who rarely goes to the doctor, settling for a higher deductible can bring your private health insurance costs down dramatically. Just remember that if you choose a higher deductible, "don't go beyond what you can afford to pay out each year," warns SmartMoney's Stacy L. Bradford.
Co-Pays
Accepting higher out of pocket expenses in the form of co-pays can also help drive down the cost of individual health insurance policies. If you are willing to foot more of the bill when it comes to visiting doctors or paying for prescriptions, opting for higher co-pays can save you money.
Additional Coverage
The best way to save money on individual health insurance is, unfortunately, to forgo some of the coverages offered by group insurance plans. If you take no expensive maintenance medications, drop prescription coverage altogether. Leaving out dental and vision coverage will also reduce your premiums.
