While many people understand the importance of good healthcare coverage, they can put off buying it due to the cost. Living without healthcare coverage can be stressful for some individuals, especially when they need care due to illness or injury. That's why it can be helpful to know there are options to save money on medical coverage and find discount health insurance.
There are many ways to reduce the cost of healthcare insurance, but shopping for plans and reviewing the options can be overwhelming. One of the best ways to research your options is with the guidance of an independent insurance agent, who can compare policies from multiple top-rated carriers near you. But first, use our guide to start saving money on health insurance today.
How to Save Money on Health Insurance
There are several ways you can reduce the cost of your medical insurance. Here are just a few common strategies:
- Look for healthcare plans that offer tax advantages: If you get private health insurance and are self-employed, you might be able to deduct some or all of your premiums. You can also buy a high-deductible health plan (HDHP) that offers tax-deductible contributions, tax-free earnings, and tax-free withdrawals for qualified medical expenses.
- Consider a high-deductible plan with a Health Savings Account (HSA): These plans offer multiple tax benefits and allow the insured to save for qualified medical expenses.
- If you're young and healthy, consider a catastrophic plan: If you don't anticipate needing to use medical coverage much, you can buy a catastrophic plan, which only provides reimbursement for emergency care in case of an accident that causes an injury, etc. However, these plans are usually purchased by young, healthy individuals or those who have very tight budgets for health coverage.
- Compare healthcare plans from multiple insurance companies: Shopping around for a plan by comparing options from multiple carriers can help you find the coverage that works best for you, offered at the lowest rate.
Following these pointers can help you find cheap health insurance near you. An independent insurance agent can assist with shopping and comparing options from many different carriers.
Tips to Help Keep Your Health Insurance Affordable
The rising cost of medical care caused a healthcare crisis for many Americans. The reality is that many people are still scrambling to find cheaper healthcare options. Here are a few strategies that can help you find low-cost medical insurance and obtain health insurance discounts.
- Manage your health: One practical way to save on healthcare is to stay healthy. Eating a good diet, maintaining a regular exercise regimen, and good lifestyle habits can help thwart disease. This can help you decrease your medical costs while also avoiding unexpected expenses and potential loss of income. Healthcare plans for people who actively manage their health can sometimes be more affordable as well.
- Quit smoking and other unhealthy habits: While you may not be offered a direct discount, many health insurance companies offer incentives to policyholders who choose to quit smoking, drinking, and other unhealthy habits. These benefits can include coverage for prescription drugs and tobacco cessation products. In addition, your premium rates may be cheaper once you've quit smoking or another unhealthy lifestyle habit.
- Find a group health plan: If you don't have a low-cost health insurance plan through an employer, you may be able to find a group healthcare plan through a membership in an organization you belong to. The possibilities to investigate include memberships in clubs, alumni organizations, military organizations, teacher’s organizations and credit unions. A group health plan is often cheaper than an individual health plan, but it's important to compare all potential costs, including premiums, co-pays, medical treatments, and hospitalization.
- Ask your carrier about health insurance discounts. Some healthcare plans provide discounts and savings for a variety of health management strategies, such as participation in wellness programs. While some insurance companies provide discounts on health insurance if you're involved in a health management, wellness plan, or gym membership, others offer discounts for gym memberships or weight loss programs to encourage healthy habits.
Your independent insurance agent can help you find affordable healthcare coverage. They can also ask your insurance company about any discounts you're eligible to receive and apply them directly to your policy for you.
Ask Your Insurance Company About Bundling Discounts
An additional way to save on health insurance is to bundle coverage plans offering vision and dental benefits. When shopping for plans, remember that healthcare is more than your regular doctor's visits and major medical coverage. Regular vision and dental checkups are also part of a good healthcare maintenance regimen.
Review your family’s dental, vision, and healthcare needs with an independent insurance agent who can determine whether these plans are available in one bundled package. They can also check if there are other ways to get discount health insurance, as well as vision and dental coverage.
An Independent Insurance Agent Can Help You Find Affordable Health Insurance
When you're looking for low-cost medical insurance, no one's better equipped to help than a local independent insurance agent. These agents have access to multiple health insurance companies, so they're free to shop and compare plans and coverage rates to find you the best deal. And down the road, your agent can assist you with filing health insurance claims and updating your policy when necessary.
