The average American spends $4,612 on healthcare each year. And many people simply aren’t getting enough bang for their buck. If this sounds like you, and you’re ready to spend more on your health insurance, this article is for you.
Read on to learn how you can find a better health care plan that will be both more cost-effective, and tailored to your health care needs.
Ready? Let’s get started.
How to Find a Better Health Care Plan This Year
Health care is hugely polarizing in America. No matter what you think about the politics involved, there’s no doubt that Americans pay more than any other developed country for insurance.
If you want to keep more money in your pocket, here’s how you can find affordable health insurance:
1. Check Your Options at Work
In order to save money on health care, you first need to be educated about your options. If your employer offers health insurance, this is the first place you should be looking.
If you have health insurance benefits through your employer they’ll share the cost of your premiums, and your premiums are often made pretax. If you’re currently looking for a new job, be sure to ask about benefits before you accept any offers.
2. Consider Using a Broker
If you’re not offered health insurance through your employer, an insurance broker can help. If you’re self-employed, the marketplace doesn’t necessarily have the best options available. Brokers are paid by insurance companies, so you usually don’t need to worry about paying them.
Not only are brokers educated about all the different types of plans, but they can explain the key differences so you’ll understand the best option for you. Whether you’re looking for a specific type of coverage or you’re interested in caa health insurance, a broker can be an excellent choice.
3. Consider Group Insurance Options
You may not be aware that you may qualify for a group insurance plan even if you’re purchasing your insurance as an individual.
For example, even if you’re not a farmer, you could be eligible for the Farm Bureau Health Insurance membership plan. That’s because it’s based on being part of the community.
4. Understand Health Insurance Policies
Health insurance policies can be super confusing, but you’ll definitely benefit from learning the lingo. Educate yourself about what different terms mean, and you’ll be able to make better decisions that will help you save money.
By understanding what a deductible is, how copayments work, and what your out-of-pocket limit will be, you’ll be able to compare providers based on your needs.
5. Consider a Health Savings Account
A Health Savings Account or HSA allows you to contribute money to an account that’s solely dedicated to your healthcare. This is tax-free, and it can help you save money on your health insurance.
Your HSA funds can be invested so they’re growing over time, your contributions roll over, and you get to enjoy lower monthly premiums.
Not only are these tax-free, but you’ll also get a tax deduction.
6. Know Your Network
Most insurance providers will have a ‘network’ of health care providers that they want you to use. It’s a good idea to look into this network before you settle on a plan. That way, you’ll know which medical professionals you can use.
If you’re super sick, and your in-network doctor is a long drive away, you may be tempted to go out of network. That’s why you should look into this first.
7. Consider Your Life Stage
Different insurance policies will cover different stages of life. For example, if you’re considering having a baby in the next few years, it may be well worth paying a little more for a plan with great maternity coverage so you don’t have a massive out-of-pocket fee for labor and delivery.
As you’re choosing insurance providers, consider where you are in life and what you’re planning for the next few years.
8. Take Preventative Measures
If you’re an active, healthy person, you can probably get away with an insurance policy that’s a little cheaper each month in exchange for a higher deductible.
If you take care of yourself, you probably won’t be as likely to need to use your health insurance as someone who smokes, eats junk, and never gets off the couch.
This includes going to the doctor for checkups, immunizations, and other preventative healthcare which will prevent problems later on.
9. Look into Catastrophic Health Insurance Plans
If you’re under 30 years old, this can be an excellent option if you’re in good health. You’ll qualify for a catastrophic health insurance plan instead of a full Obamacare plan.
These have been specifically designed for people who are young and healthy since these people don’t usually need to use medical care as often.
They still give you health benefits in the event that you’re seriously sick or hurt, but the premiums are much lower than other health insurance options.
10. Think About Prescription Drugs
If you take any prescription drugs, it’s a good idea to look at what’s covered under each plan. The types of drugs that are covered can vary massively between plans.
The prescription drugs you take may be in different tiers in each plan, which means you may not be covered by certain providers. If you use prescription drugs, you could save a lot of money by choosing your insurance policy based on whether these drugs are covered or not.
These drugs can add up throughout the year, so it’s well worth checking if they’ll be covered before you purchase a plan.
By using the above tips you can choose a better health care plan so you can save money and get the benefits you need.
Be sure to shop around, consider your specific needs, and get educated about what each term means. Read your insurance policy carefully so you can understand exactly what would be covered.
Hoping to keep even more money in your pocket this year? Be sure to check out some of our helpful money-saving blog posts today.