Cost Comparison: Inexpensive Health Insurance

Quiz: Ways to Save More on Your Health Insurance Premium

1. Which deductible option will lower your health insurance premium?
• Higher Deductible
  
  YES! A deductible makes up most of the out-of-pocket costs you are responsible for paying. Increasing your out-of-pocket costs can significantly reduce your premium costs. You can cut your premium in half or more by increasing your deductible but make sure you select a comfortable deductible amount. Try pairing a high deductible plan with an HSA plan. With an HSA plan, you can apply tax-free savings toward your out-of-pocket expenses.
  
  
• Lower Deductible
  
  Incorrect.


2. Which has a lower monthly premium: short term health insurance or renewable health insurance (long term plans)?
• Short term plan
  
  Yes, if it fits your situation. Short term health insurance is great if you are in between jobs, just graduating, or in need of a COBRA alternative. Short term plans usually cost less per month. However, you can only purchase short term insurance from 1-11 months in most states. If you plan to need insurance longer, then choose a renewable plan.
  
  
• Renewable health insurance
  
  Yes, if it fits your situation. Take advantage of UnitedHealthOne renewable plans with the Deductible Credit benefit. For most plans, you can effectively save up to 50% on your out-of-pocket expenses each year you don’t meet your deductible. If you start with a $5,000 deductible, your liability could drop as low as $2,500!


3. Will smoking increase or decrease premium?
• Increase
  
  YES! Kick that habit to the curb! Smoking requires an automatic premium increase in every state.
  
  
• Decrease
  
  No.


4. Which prescription drug coverage is the least expensive?
• Generic Only (Available with Copay Select^SM)
  
  Close! This option is cheaper than choosing a deductible/copay option, but not as inexpensive as the Discount Card option.
  
  
• Discount Card (Not available with Saver 80^SM)
  
  YES! The drug Discount Card is the least expensive option if you choose a plan such as Copay Select^SM.
  
  
• $500 Deductible (Available with Copay Select^SM)
  
  Good option if you have a many drug prescriptions, or a few expensive ones. However, if you have few or inexpensive prescriptions, try another option.
  
  
• $200 Deductible (Available with Copay Select^SM)
  
  Good option if you have many drug prescriptions, or a few expensive ones. However, if you have few or inexpensive prescriptions, try another option.


5. How many doctor office visits does it take to lower your premium (available with Copay Select^SM)?
• Four with a $35 Copay
  
  YES! Choosing this option will lower your premium more than the other two choices.
  
  
• Unlimited $25 Copay
  
  Good option if you visit the doctor often or visit many specialists.
  
  
• Unlimited $35 Copay
  
  Good option if you visit the doctor often or visit many specialists.


6. You’ll have options on copay plans for which type of coinsurance you prefer (available with Copay Select^SM). Out of the following, which one do you think decreases the health insurance premium the most?
• 100/0
  
  This option means after you satisfy your deductible, we pay all covered expenses while you pay none. So, the premium will be higher than the other two options.
  
  
• 80/20
  
  This option means after you satisfy your deductible, we pay 80% while you pay 20% of covered medical expenses.So this is the middle ground for premium costs affected by your coinsurance choice.
  
  
• 70/30
  
  YES! This option means after you satisfy your deductible, we pay 70% while you pay 30% of covered medical expenses. So this is least expensive option for a copay plan.


7. True or False: Keeping everyone (you, a spouse, dependents) on the same plan will save you money?
• True
  
  Not necessarily.
  
  
• False
  
  Correct. In certain situations, you may find it cheaper for one spouse to be on his or her employer's plan while the other gets an individual health plan. Alternately, one person may need less coverage than the other.