Whether you get your health insurance coverage through an employer or buy an individual policy on your own, you have a vested interest in keeping your costs as low as possible. Despite government efforts to remake the market and lower costs, premiums are still on the rise, leaving many Americans struggling to pay the bills and make ends meet.
There is not much you can do to lower health insurance premiums on the macro level, but there are steps you can take to reduce the cost of your coverage. Here are five smart ways to reduce your health insurance costs without sacrificing the coverage you need.
#1. Research Less Costly Options for Your Children
Even if you get your insurance through your employer, your children may be eligible for lower cost coverage. Before you sign up for family coverage and pay the higher costs, you should check into other coverage options that could save you money speaking to a professional licensed health agent in your state.
#2. Be Proactive About Your Health
Whether you buy your coverage through your employer or get it on your own, the insurance company has a vested interest in keeping you healthy. Many employers provide substantial premium discounts to employees who take certain steps to protect their health - steps like getting an annual flu shot or agreeing to a yearly health screening. Depending on your employer and insurance company, you could save hundreds of dollars a year.
#3. Combine a High-Deductible Health Plan with a Health Savings Account
Whether you are shopping for car insurance, homeowners insurance or health insurance, premiums and deductibles almost always move in opposite directions. Opting for a high-deductible health plan and paring it with a health savings account could lower your premiums significantly, so ask your employer or insurance agent about this type of coverage.
#4. Take Advantage of Individual Subsidies
If you buy your insurance on the individual market, you may be eligible for subsidies that could lower your premiums and reduce your deductibles, copayments and other out-of-pocket costs. Eligibility for these cost-saving subsidies is tied to your income, with the financial help slowly fazed out as your income increases.
#5. Use a Flexible Spending Account
If your employer offers a flexible spending account or FSA, you can use the money in that account to pay for eligible medical expenses throughout the year. Best of all, the money you put into the account can reduce your tax bill, giving you a double benefit.
Learn more about health insurance and available coverage options that you may be qualified for by talking to a LIG Health Insurance Professional today at 1-866-230-0222. Hours of operations: 9 am – 7 pm EST Monday thru Friday.