How can I lower my monthly health insurance cost?
Who is this for?
If you're wondering how you can save money on your premium for individual and family health insurance, this explains some strategies.
You can't control when you get sick or injured. But you do have options when it comes to what you pay for your health insurance premium. That's the monthly payment you make to your health insurance company to maintain your health care coverage. Here's how you may be able to lower your bill.
New for 2014: the tax credit subsidy
If you buy your own health insurance, in 2014 you may get help paying for it from the government. The Advanced Premium Tax Credit subsidy lowers your monthly payment. Many people will qualify for this financial assistance. Find out if you're eligible using our subsidy estimator.
Choose an HMO
When you choose a PPO, or preferred provider organization plan, you can see the doctors you want without a referral, in and out of network for most services, and still be covered. You pay for this freedom with higher premiums.
With an HMO, or health maintenance organization plan, one primary care physician coordinates your care. You need a referral from them to see a specialist, and there's no out-of-network coverage except in an emergency. That's how an HMO lowers health care costs—and your monthly payment.
Blue Cross® Partnered, Select and Preferred are all HMO plans.
Choose a plan with a high deductible
A deductible is the amount you pay for health care services before your health insurance begins to pay. A health insurance plan with a high deductible, like our bronze and catastrophic plans, will have a lower monthly premium.
If you don’t go to the doctor often or take regular presecriptions, you won't pay much toward your deductible. But that could change at any time. That's the risk you take. If you’re injured or get seriously ill, can you afford your plan's deductible? Will you end up paying more than you save?
Choose a plan that pairs with a health savings account
Health savings accounts, or HSAs, are accounts that you use to pay for medical expenses. You save on taxes with a health savings account because the money you put in and take out is either tax-free or tax-deductible.
You can also save on your monthly payment. Plans that pair with a health savings account have higher deductibles, so their premiums are lower. All our bronze plans and Blue Cross® Premier Silver and Blue Cross® Silver, a Multi-State Plan, are compatible with a health savings account.
Join a professional association
Are you self-employed? In many cases, there's a professional or trade association for your line of work. These associations may offer health insurance to members at group rates.