Four Easy Ways to Save on Health Insurance

Key Takeaways

• As people look to cut costs on their overall spending, many are looking to trim the fat when it comes to their overall healthcare spend.
• Enrolling in a High Deductible Plan (HDHP)A High Deductible Health Plan (HDHP) may lower your monthly premium payments but have higher-than-normal deductibles. with a Health Savings Account (HSA) is a popular option for people who are generally healthy and looking for ways to reduce their monthly premium spend. HSAs allow you to save money for future medical expenses or to cover your high deductibleA deductible is an amount you pay out of pocket before your insurance company covers its portion of your medical bills. For example: If your deductible is $1,000, your insurance company will not cover any costs until you pay the first $1,000 yourself. , should you need to.
• Limited network plans also typically have lower monthly premiums. This is a good option for people who do not need to use out-of-networkOut-of-network refers to doctors, hospitals and other providers that do not have an agreement to treat your health insurance company’s clients. Visiting an out-of-network provider typically means more out-of-pocket costs and less coverage. providers.
• Evaluating the options available to you and your family and potentially mixing and matching your policies is another way to save. If you or your spouse have employer-sponsored coverage, it makes sense to weigh individual or family coverage pros and cons.
• No matter which health plan you choose, it’s important to understand the risk involved before you purchase the policy. Look at deductibles, out-of-pocket maximumsThe maximum amount of money an individual will pay towards out of pocket expenses like deductibles, copayments, and coinsurance. and policy exclusions.