Here are a few ways to save while paying for health insurance:
Your Options at Work
If your workplace offers health insurance with your employer-paid group plan having limited options, there are some advantages to having access to this such as:
- Sharing the cost of premiums with your employer.
- Premium contributions made pre-tax which translates to tax savings for you in April.
- If you’re self-employed or if your workplace doesn’t offer health insurance benefits, partnering with a health insurance pro makes it easier to pick the right plan.
How Different Plans Work
Health Insurance Network Types
- A health maintenance organization provides access to certain physicians, clinics, and hospitals in its network. To be eligible, you may have to live or work in a particular service area.
- Preferred provider organizations let you pay less when you choose from a network of providers.
- With point-of-service, you are required to choose a specific primary care physician, who, if needed, will have to refer you to specialists for care.
- With exclusive provider organizations, services are only covered when you use providers in your plan’s network unless it’s an emergency.
Health Insurance Tiered Plans
These plans are classified by tiers that estimate the costs you pay out-of-pocket, compared to what your insurance covers. Plans with a lower out-of-pocket cost have high monthly premiums and vice versa.
High Deductible Health Plan (HDHP)
An HDHP is a plan with a higher deductible, which offers lower monthly premiums, helping you save money over time, but with a higher deductible and things like dental, vision, and prescription drugs not being covered.
Health Savings Account (HSA)
An HSA lets you contribute money to a savings account that is dedicated to health care costs, tax-free, which is a great way to save money on health insurance costs.
Stay In-Network
You’ll usually save more money by visiting physicians, clinics, and hospitals in your health care plan’s network. When using in-network care, you can take advantage of the relationship that your plan has with certain care providers that lower fees on services in exchange for access to the plan’s members.
Work With a Health Insurance Pro
A health insurance broker can help you find the best plan for your budget and your family’s needs. They can help you review and compare your plan options, show you how copays and deductibles affect your overall costs and advocate for your best interests.