5 Obvious Ways to Cut Health Insurance Cost

by Miranda Marquit · 0 comments

One of the most expensive recurring costs you have in your home is likely to be health insurance. Health insurance can really drain your finances, and it seems like premiums always go up, no matter who’s in charge, or what laws are passed. In order to save money on health insurance, though, there are a few things you can do:

Raise Your Deductible

Check your deductible. A few years ago, I was surprised to find that my deductible was $500. I took a look at my emergency fund and decided that a deductible of $2,500 would be reasonable. My premiums fell that year, and the inevitable climb toward higher premiums began anew. Consider what you have in your emergency fund, and what you can handle in terms of out of pocket expenses.

You can also combine your higher deductible with a HSA (Health Savings Account). This way, you can put your money to work for you, get a tax break, and pay lower premiums. Realize, though, that raising your deductible to something higher might not work for you if you have a lot of health care needs.

Cut Your Benefits

Check your plan to see if you are paying for something you don’t really need. I no longer need maternity coverage, so paying for it doesn’t make sense. Look through your benefits, and then look through the benefits on other plans offered by your company (and other companies). Switch to a plan that has fewer benefits, but still provides the coverage that you need.

Shop Around

While you are looking for a health insurance plan that better fits your needs, you might as well consider other insurance companies. Do a little comparison shopping. You might find that you can find a cheaper plan, that fits your needs and lifestyle, elsewhere. If that is the case, you can switch companies to save. Many people miss out on opportunities to save because they get comfortable with a specific plan or company, and then are slow to change things up.

Follow Better Health Habits

One of the ways that you can keep your health care costs a little bit lower is to follow better health habits. Exercise, eat a balanced diet, and try to take time for relaxation and stress relief. You will need fewer doctor’s visits and have fewer illnesses. And, while nothing can protect you completely, general good health habits can lead to better disease management and protection, and less of a need for using health care services. This will reduce the “need” for steep premium increases each year, and help you keep costs a little more manageable.

Ask for a Cash Discount

In some cases, you can get a cash discount for your health care services. As I pay out of pocket to meet my deductible, I bring cash, and ask for a discount. Some doctors will give you 10% discount — or better — if you pay out of pocket with cash. The payment goes toward my deductible, I get a discount, and I can get reimbursed from my Health Savings Account.

Bonus Tip:

Another way to save on your monthly Internet and TV costs is to find a current ATT U-Verse coupon code or at least a promotion to knock down your home service bill.

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