Health insurance can be costly, but there are some strategies you can follow to reduce the amount you pay for it. The following tips can work well alone or all together.
Compare Plans
Think of health insurance as a significant purchase and take the time to compare policies before you choose one.
This includes thinking outside of the box to find available options. For example, people who aren’t married but domestic partners may sometimes get on their partner’s plan.
Don’t Judge Based Solely on Premiums
It can be tempting to assume that the health insurance plan with the lowest premiums is the most affordable. Yes, you will pay less each month, but what about copays and deductibles? Plans with the lowest premiums tend to have high copays and high deductibles.
A low-premium plan only pays off if everyone is in good health and stays that way. But you cannot predict when an expensive medical emergency will happen.
Balance Deductibles and Premiums Based on Your Health
It is somewhat of a risk to go with a high-deductible, low-premium policy, but it can still make sense for healthy people. On the other hand, if you know you are on many medications or have a lot of health issues, you can save money by going with a low-deductible, higher-premium plan.
Look at Subsidies
There are subsidies available for some low-income families to help make healthcare more affordable. Make sure to take advantage of these if you qualify.
Pay Attention to Billing
Unfortunately, medical billing comes with a high error rate, which affects you even if your insurance company is the one paying for it. This is because insurance companies will pass any increase in costs onto you via rate increases over time.
Look for Plan Discounts
You may not realize it, but some health insurance plans offer discounts for people who complete specific actions. One example would be a discount for people who use fitness trackers or something similar.
