Health Insurance
Health insurance is a type of coverage that pays for the medical expenses of you and your dependents when you need health care services. It can help you avoid paying high bills out of pocket and protect your financial well-being. Here are some ways to save money on health insurance according to different sources.
- **Shop around for health insurance**. You may have options to buy health insurance from different sources, such as your employer, the marketplace, a private insurer, or a government program. You should compare the rates, coverages, deductibles, copays, coinsurance, and network of different plans and choose the one that best suits your needs and budget.
- **Get added to a family member's plan**. If you are under 26 years old, you may be able to join your parent's health insurance plan as a dependent. This can save you money if your parent's plan offers better coverage or lower premiums than what you can get on your own. You can also add your spouse or children to your plan if they don't have their own coverage.
- **Get help from an insurance broker**. If you need help finding the best health insurance plan for your situation, you can consult an insurance broker who can guide you through the process and offer you personalized advice. Brokers work with multiple insurers and can help you compare different plans and enroll in the one that fits your needs. Brokers are paid by insurers, not by consumers, so their services are usually free or low-cost for you.
- **Understand your plan's rules**. Once you have a health insurance plan, you should read the policy documents carefully and understand how it works and what it covers. You should follow the rules of your plan to avoid paying extra fees or penalties. For example, you should use in-network providers whenever possible, get referrals or prior authorization for certain services, and pay your premiums on time.
- **Use a tax-advantaged savings plan**. You can save money on health care expenses by using a health savings account (HSA) or a flexible spending account (FSA) if you are eligible for them. These are special accounts that let you set aside pre-tax money for qualified medical expenses, such as deductibles, copays, coinsurance, prescriptions, dental care, vision care, and more. You can lower your taxable income and pay less taxes by using these accounts.
- **See if your health care costs are tax-deductible**. You may be able to deduct some of your health care costs from your taxable income if they exceed a certain percentage of your adjusted gross income (AGI). For 2021 and 2022, the threshold is 7.5% of your AGI. You can deduct expenses such as premiums, deductibles, copays, coinsurance, prescriptions, dental care, vision care, and more if they are not reimbursed by your insurance or another source.
- **Find out if you qualify for government assistance**. You may be eligible for financial assistance from the federal or state government to help you pay for health insurance or health care services. For example, you may qualify for subsidies or tax credits to lower your premiums or out-of-pocket costs if you buy a plan from the marketplace and have a low or moderate income. You may also qualify for Medicaid or CHIP if you have a very low income or meet other criteria.
- **Review your insurance plan annually**. Your health insurance needs and circumstances may change over time due to life events such as marriage, divorce, childbirth, job change, income change, or health status change. You should review your plan at least once a year and make any adjustments that reflect your current situation. You may be able to switch to a different plan during open enrollment or special enrollment periods that offer better coverage or lower costs.
Use your flexible spending account provided by your employer
Sign up for health savings accounts
Use in network providers
adopt a healthy lifestyle
Get the best health insurance money can afford
look for extras offered by your insurance
ARTICLES:
How to Save Money on Health Insurance - Experian. www.experian.com/blogs/ask-experian/how-to-save-money-on-health-insurance/.
How to Save Money on Health Insurance - Ramsey - Ramsey Solutions. www.ramseysolutions.com/insurance/how-to-save-money-on-health-insurance.
10 Tips To Save Money on Health Insurance Plan Costs - The Balance. www.thebalancemoney.com/save-money-health-care-insurance-4124456.
How to Save Money on Health Insurance (10 Ways). www.myhealthinsurance.com/blog/save/how-to-save-money-on-health-insurance/.
Tips for Saving Money on Health Care and Health Insurance - TheStreet. www.thestreet.com/personal-finance/how-to-save-money-on-health-care.
Find out if you are eligible for Medicaid and CHIP: What help does Medicaid and CHIP offer? Medicaid is free or low-cost health insurance for people with low incomes. This includes children, pregnant women, seniors, and people with disabilities. The Children's Health Insurance Program (CHIP) covers medical and dental care for uninsured children and teens up to age 19. Find out if you meet the eligibility requirements to apply for these health benefits.
10 Tips to Help You Save Money on Your Healthcare Expenses
Health Insurance guide by Consumer Reports
No Health Insurance? No Problem. eHealthInsurance.com offers Coverage Options.
Insurance coverage: Individual & Family, Short-Term, Dental, Vision..... health insurance quotes online. Compare Obamacare health plans and apply for affordable medical insurance in minutes
TIP: On dental insurance always get a 2nd opinion if you need extensive dental work... you will find difference on quality of care and differences prices depending on the dentist. Another source is to use Yelp for dental services.
FOR MORE INFORMATION ABOUT HEALTH INSURANCE SAVINGS AND OTHER MEDICAL/HEALTH SAVINGS FOLLOW THIS LINK: www.saveinvestprotect.com/save/medical-health/medical-health-savings