3 Ways to Save on Health Insurance

Health insurance that offers good coverage is non-negotiable. The only problem is that health insurance isn’t exactly inexpensive. In 2020, American families, on average, paid over $5,500 in premiums for employer-sponsored health coverage (excluding out-of-pocket costs) and almost $12,500 including out-of-pocket costs and taxes!

Despite being heavy on the pocket, having health insurance in place saves you financial hassles in case of a medical emergency. Here are a few ways to get adequate health insurance coverage without spending too much.

Explore Insurance Options at Work

The first tip to help you save money on insurance is exploring all your options including your employer-sponsored health insurance plan. According to reports, in 2019, 55.4% of the U.S. population chose to get coverage under their employer-sponsored insurance plan. Here are some major advantages of workplace health insurance.

Shared cost of premium with the employer

Tax savings on premium contributions, from you as well as the employer

Lesser decisions to make as the employer finalizes the health insurance plan and insurance company

Create a Health Savings Account (HSA)

Check if you are eligible to open a Health Savings Account that will allow you to contribute money to a tax-free savings account, dedicated to healthcare costs.

HSAs provide multiple financial benefits:

Tax-free contributions

Lower monthly health insurance premiums

Reduces the amount of planning required

Get tax-free returns

Enjoy tax-free withdrawals on medical expenses

Seek out Help from A Health Insurance Professional

Deciding on the perfect insurance plan for yourself and your family can be quite a daunting task. There are many things you’ll need to keep in mind to make sure you have all your needs covered, without overpaying. Seeking help from a professional health insurance broker can make this process much easier.

Health insurance professionals can:

Help you understand your family’s health requirements and find the best plan

Help you decide your deductible

Help explore tax-saving options like HSA

We hope these tips help you find the perfect plan without breaking the bank.