Now that you know more about why your health insurance might be more expensive than you’d like, let’s get into the strategies you can use to reduce your costs and keep more money in your bank account.
Here are five tips that can help just about anyone save money on health insurance:
1. Improve Your Health
As you now know, better health often leads to better health insurance premiums. By improving your health status, you can end up saving a lot of money later on.
If you smoke, quit. That’s one of the simplest (although not always easy) ways to reduce your insurance premium.
You may also want to work on losing weight to lower your body mass index. This can also help to improve other health markers, such as your blood pressure and cholesterol levels.
2. Raise Your Deductible
As with other types of insurance, if you raise your deductible, you can enjoy a lower premium.
There is a catch to this, though. If you raise your deductible, that means you have to pay more money out of pocket before your insurance will kick in.
If you’re in relatively good health and don’t have to make a lot of trips to the doctor, this can be a good way for you to lower your monthly or yearly premiums and keep more money in your pocket.
3. Start an HSA
A good way to make up for the higher out-of-pocket costs associated with a higher deductible is to start a Health Savings Account (an HSA for short).
An HSA is a type of tax-deferred savings account that individuals can use to pay for healthcare costs not covered by insurance (co-pays, prescription drugs, certain types of testing, etc.).
In some cases, your employer will even contribute to your HSA as well, giving you access to more funds should you need to pay for treatment before your insurance will kick in.
4. Look for Special Discounts
Many insurance providers offer special discounts to people who are actively trying to improve their health.
For example, they might offer you a discount or incentive if you wear a fitness tracker and log a certain number of steps each day. They might also offer to reimburse you for your gym membership.
Be sure to ask about these kinds of discounts when you’re looking into different policies. You never know what might be available to you.
Bonus: There are also special discounts out there for prescriptions as well. A simple Google search can reveal several options.
5. Work with an Insurance Agent
Finally, be sure to work with an insurance agent when you’re on the hunt for the most affordable plan with the best coverage. This is one of the best things you can do because in many cases they have access several dozen options and can customize a plan that’s right for you or your family.
An insurance agent will take all your specific needs into account and help you find a plan that best suits your needs. He or she can also make you aware of discounts that you might not have known about otherwise.
Start Saving Today
If you’re tired of paying an arm and a leg for health insurance and want more affordable premiums, these tips can help.
Keep them in mind as you begin shopping around for a new insurance plan. You’ll be amazed at how many opportunities there are to save money.