How To Save Money on Health Insurance

Save Money on Health Insurance Costs

Healthcare costs are one of the leading causes of bankruptcy in the United States. A large part of this is attributed to the difficulty people have choosing the most financially beneficial insurance plan for their needs. Read below to find out how you can save money on health insurance.

As your independent agent, I can help you compare the costs and benefits of different insurance plans to find the one that delivers the coverage you need at the price you want. Contact me today and see how you can save.

Learning health insurance terms and how they affect you can help you make better decisions and save money on health insurance costs. When looking at health insurance choices, shop around and compare the copay, coinsurance, deductibles, and other factors like lifetime maximums.

Lower Health Insurance Costs

Copays, deductibles and coinsurance all work together to split the cost of medical care between you and your insurance company. 

Fortunately, there’s a limit to how much you can pay. The out-of-pocket maximum is the most you can pay annually for deductibles, coinsurance and copays. Once you’ve reached this maximum, your health insurance covers all your medical care for the rest of the year.

When looking for ways to save on health insurance, look to these seven ways to help lower out-of-pocket costs.

Shop Around

Are you buying your own health insurance, either through the health insurance Marketplace or as an individual? Marketplace can be tough to navigate alone. You have to take the time to compare all of your options. Aside from the Marketplace, there are other options you can explore.

Use a Health Savings Account

A health savings account (HSA) is an account that lets you contribute money and withdraw it tax-free for health care use. Since the money is not taxed unless you use it for other reasons, it is a great way to save money on health care. 

Your employer may offer an HSA, but you can also open one yourself, and the money is yours to keep. There are limits on who can open an HSA and how much you can contribute to your account each year.

See if Your Health Care Costs Are Tax-Deductible

You can take an income tax deduction on the amount of qualifying out-of-pocket medical costs (including health insurance) for yourself, your spouse and dependents that exceed 7.5% of your adjusted gross income.

You’ll need to calculate whether your itemized deductions would be greater than the standard deduction. First, take a look at which health insurance premiums are tax-deductible.

Save Money on Prescription Drugs

Before choosing a provider or renewing your policy, find out where they stand with the prescription medications you take. If you have prescriptions that you regularly will need to fill, ask for a list from your provider and see where they stand on their list.

You might be able to find cheaper versions by asking for generics. I can help you see if you qualify for a program that will help lower your high prescription drug costs.

Review Your Insurance Plan Annually

In preparation for open enrollment (the time of year when you can change your employer-provided or Marketplace health insurance), you should reassess your health insurance every year and review any new options to ensure you still have the best plan.

Get Help From an Insurance Agent and See How You Can Save

As your insurance agent, I will help you find what you need within your budget. I do not work for one insurance company; I write policies for most major carriers. It is my duty to serve you and your best interests. Contact my office today and schedule a no-cost, no-obligation appointment.