Insurance Discounts

Insurance discounts are offered to qualifying individuals who meet certain criteria specified by the insurance company.

Students may be offered a discount on insurance by different providers if they are enrolling in an insurance plan for the first time while attending college. For those who lead an active lifestyle, a health insurance provider may offer certain discounts.

Whether you have received an insurance discount in the past or you are seeking one for the first time, there are several tips you can follow to receive the discount to best suit your needs. Different types of insurance programs have slightly different eligibility requirements, but many of them involve only a few basic steps to complete. If you fall into one of the qualifying categories, you should consult with your insurance provider directly to ensure you are receiving a discount you are eligible for. Many will not automatically apply it to your account. More information about what insurance discounts you may qualify for and how to get them is covered below.

How to Receive an Insurance Discount for Students

Students attending a university without a qualifying health insurance plan can be penalized up to several hundred dollars, although this individual mandate from the Affordable Care Act will not be in effect after 2018. Students can also find additional money-saving measures to help save on health care. To avoid paying the individual mandate penalty on 2018, students will need to apply for and receive health insurance coverage prior to beginning college. This can be achieved in three different ways:

  • Use the health care plan provided by your parents as you can remain under their health insurance plan until you reach 26 years of age or until you get married. You may need to adjust your coverage accordingly if you are planning to attend college out of state, but this is still considered a qualifying health insurance plan.
  • Student plans are offered through your college or university directly. While you will only be getting a basic level health care plan, you will avoid paying a penalty because you will be receiving qualifying health insurance.
  • Health insurance marketplaces provide students with an accessible way to enroll in an affordable health care plan prior to the start of the new school year. These marketplaces provide students with a means of receiving financial help from the government to cover the cost of health insurance.

Regardless of which option you choose, you can receive a discount from your health insurance provider by signing up for coverage as a student. You may be eligible to receive a discounted insurance fee based upon your income. Additionally, you may be able to get lower deductibles for your plan as well as lower out of pocket expenses should you need to visit the doctor for any reason. To determine if you qualify for these discounted rates you will need to consult with your health insurance provider directly to see what they offer to student members.

How to Receive a Wellness Discount

For those of you who lead an active and healthy lifestyle, you may be able to receive a discount on your health insurance for this behavior. Insurance programs can either offer a discount directly or you may be able to utilize a discount through the health insurance you receive from your employer. Insurance companies want to reward members who join a gym or maintain an active lifestyle, as these individuals are less likely to need medical care throughout the year. By being a healthy individual, you are saving your health insurance provider money, so the provider is able to provide you with a small discount.

There are a variety of discount options for healthy lifestyles, depending upon the insurance provider you have. Providers will typically offer premium discounts on plans, but certain companies will also offer cash back rewards or gym membership offers to promote the idea of healthy living even further. Additionally, certain health insurance providers will also offer incentive wellness programs to help members move away from bad habits. Wellness programs can offer:

Health insurance companies may also offer discounts for individuals who utilize a fitness tracker. By using a fitness tracker, you can provide proof to your insurance company you are exercising frequently and maintaining a healthy lifestyle in the process. Other money saving alternatives provided by insurance companies are reimbursement plans and health savings accounts. When offering a reimbursement plan, health insurance providers are incentivizing members to begin living actively and will reimburse members with a fixed sum for participating in healthier activities. Some insurance providers may allow you to open a health savings account to use for expenses associated with fitness trackers and gyms, although this may only be available under certain circumstances.

How to Receive Discounts on Medical Costs

If you are looking to save even further, you may want to spend time researching insurance discounts on medical costs as well. Whether you speak directly with your insurance provider or negotiate with the medical billing department, there are several ways you can receive discounts. Oftentimes, insurance providers or billing departments may offer a discount for individuals who pay for upcoming medical procedures in advance. If you have a pending operation or procedure, you may want to contact your insurance provider prior to the procedure to see if they will offer you a discounted rate for paying beforehand.

Additionally, you may be able to receive an insurance discount for paying for medical procedures and visits with cash instead of credit cards. Insurance companies must pay credit card processing fees, so it is beneficial for them if you pay with cash instead of credit cards. To further incentivize this, you may be eligible for a discount. You will need to speak with your provider directly to determine if this is a possibility or to see what the discount will amount to for your specific plan or procedure.

If you are having difficulty negotiating with your insurance provider to find a discount, you may have success by discussing the matter with your doctor directly. Oftentimes doctors will work directly with patients to establish discounts and more affordable payment plans. When you have a high deductible or if your insurance provider simply does not offer discounts, you may want to resort to this tactic to ensure you are saving money on upcoming procedures.

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