In today's world where health care costs are soaring many people feel the pinch when affording health insurance. However, cutting corners on coverage is not an option when your health and financial security are at stake. Here are actionable steps you can take to keep your health insurance expenses in check while maintaining the protection you need.
1. Consider High-Deductible Health Plans (HDHPs)
Monthly premiums for high-deductible health plans are less than those for policies with smaller deductibles. If you are healthy and do not anticipate needing frequent medical care, an HDHP could be a cost-effective choice. To make the most of an HDHP, combine it with a Health Savings Account (HSA), where you can save tax-free money which can be used for eligible medical expenses.
2. Utilize Health Savings Accounts (HSAs)
An HSA enables you to allocate funds on a pre-tax basis to cover medical expenses. This can lower your overall healthcare expenses so you can use pre-tax money to pay for out-of-pocket costs. Additionally, HSAs offer the advantage of carrying over unused funds yearly, allowing you to accumulate a reserve for future healthcare expenses.
3. Check for subsidies
Many individuals and families qualify for subsidies through the Affordable Care Act (ACA) which reduces the cost of premiums. Eligibility for these subsidies is based on family size and income level. To find out whether you are eligible for any financial aid, you can submit an application via the Health Insurance Marketplace.
4. Stay in-network
Choosing in-network doctors and hospitals is crucial to minimizing your healthcare costs. Out-of-network care is typically more expensive and often needs to be covered by your insurance plan. Before you schedule an appointment or procedure, confirm that the provider is in your plan's network.
5. Take advantage of preventive care
Most health insurance plans cover preventive services—like vaccinations, screenings, and annual check-ups—at no cost to you, even if you haven't met your deductible. Taking advantage of these services can help you catch health issues early on when they are typically more accessible and less expensive to treat, thereby saving you money in the long run.
Reach out to your insurance provider
Understanding your insurance plan and benefits can be complex, but you can navigate it with others. Contact us to discuss your current plan and any concerns you have about costs. We can help clarify your benefits and offer suggestions for reducing your premiums or out-of-pocket expenses based on your specific circumstances.
