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.
Choose an HMO
When you choose a PPO 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 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.
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 plan with a high deductible, like our bronze 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.