Whether you get your health insurance coverage through an employer or buy an individual policy on your own, you are more likely than not to want to keep your costs as low as possible. There may not be 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 without sacrificing the coverage you need.
Why is My Insurance So High?
Simply put – the price of healthcare has risen substantially over the years. In fact, according to a study by the Peterson Center on Healthcare and the Kaiser Family Foundation, U.S. healthcare spending rose nearly a trillion dollars (when adjusted for inflation) from 2009 to 2019.
Of course, this higher cost of healthcare runs into higher prices for health insurance. While individuals and families can expect to see steady increases in their healthcare premiums, you do have some options when it comes to lowering your cost of coverage.
5 Possible Ways to Lower Health Insurance Costs
Looking for ways to lower the cost of your coverage? Keep reading for a few ways to consider that could help you lower the cost of health insurance.
1. Research All Possible Options for the Family
Before signing up for a family plan, we recommend going over every possible solution – and that may mean reviewing a lower-cost health insurance option for your children. Even if you get your insurance through your employer, your children may be eligible for lower-cost coverage rather than choosing a family plan. It doesn’t hurt to review your options with a licensed health insurance agent and see if these types of savings could apply to your family.
2. Be Proactive About Your Health
Your insurance company has a vested interest in your health and well-being – which is why some employers and insurance carriers offer wellness programs to encourage you to stay healthy while saving you money. Wellness programs can offer discounts on your premiums, cash rewards, gym memberships, and more. You may also qualify for discounts if you take certain steps to protect your health, such as getting an annual flu shot or agreeing to a yearly health screening.
3. Combine a High-Deductible Health Plan with a Health Savings Account
A deductible is an amount that you pay for medical expenses before your insurance starts to kick in. The higher the deductible is on a plan, the lower your monthly premium will be. High deductible plans are typically best for individuals with low healthcare costs (not going to the doctor very often, not taking regular prescriptions, etc.)
With a high deductible, you want to safeguard yourself from high medical costs. One way to prevent large medical bills is by starting a health savings account that can be used to pay for any unexpected healthcare expenses that may come up.
4. Take Advantage of Individual Subsidies
When purchasing coverage on the individual market, you may be eligible for subsidies. Health insurance subsidies were established through the Affordable Care Act to help individuals and families offset costs related to health insurance. Subsidies can help lower your premiums, deductibles, copayments, and other out-of-pocket costs. Subsidies are based on income and can be discussed with your licensed agent who will assist you in finding the best solution for your needs.
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.
Find Out if You Can Lower the Cost of Your Health Insurance with the Experts at LIG Solutions
We at LIG Solutions are dedicated to finding the right kind of health insurance coverage for you and your family. We’ll explore the different types of health insurance and offer our personal recommendations on the best plan to suit your needs.
Your conversation with an expert agent goes beyond your date of birth and income – we work with you to build a relationship and get a better understanding of what you need with your healthcare coverage. We’ll discuss the budget, any healthcare providers you’d like covered, the medications you take, and what exactly you expect to get out of your insurance plan. By working together, we’ll narrow down your health plan options to clearly find the right type of health insurance plan for you.
Another benefit? We don’t just sign you up and leave the plan alone – we continuously monitor your healthcare coverage and touch base, when needed, to ensure that the insurance that you choose works the way you need it to. And, since we have access to all plan options, we’ll let you know if a new plan becomes available that will either save you money on your current coverage or help you gain new benefits.
To get started, fill out the form below to be connected with a licensed agent. The experts at LIG Solutions have licensed health insurance professionals with the goal of offering a simple and transparent view of healthcare coverage. There’s no need to spend hours trying to understand different plan options – we’ll work with you to understand your needs and budget to recommend a plan that will work the best for you. And because we have no vested interest in which insurance carrier you go through, you can rest easy knowing we are truly looking out for your best interests.
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