Health Insurance Tricks That Can Save You Thousands

Health insurance can be expensive, meaning many people are hesitant to purchase it, or to purchase enough coverage for their actual needs. But going uninsured, or underinsured, can be dangerous, and could end up costing you more in the long run. So what can you do? Fortunately,  there are ways that you can cut down on health insurance costs so that you can be fully protected when you need medical care. The following tricks can help you save thousands of dollars on health insurance, as well as on your medical expenses. Want to save even more? Work with an EZ agent, who can find you the best plan at the best price.

graph with coins moving up and a red arrow moving upwards
A higher deductible plan will have lower monthly premiums, which is best for people who are healthy.

Choose a Higher Deductible

If you’re relatively healthy and don’t go to the doctor often or require ongoing care, you might be better off considering a high deductible health insurance plan. As the name implies, a high deductible health insurance plan will have a higher annual deductible than other plans, but it will also have lower monthly premiums. That means this type of plan is typically ideal if you are healthier, because you probably won’t have to meet the high deductible, but you will be paying lower premiums each month, which can save you thousands of dollars a year.

Consider a HSA

Health Savings Accounts, or HSAs, were created as a way to help pay for the medical expenses that your health insurance plan doesn’t cover. These savings accounts are only compatible with high deductible health plans that are specifically tagged “HSA-eligible.” But if you have one of these plans, a HSA is a great addition to it: these accounts earn interest like a traditional savings account, but they are not taxed like one. In addition, if you make a withdrawal from the account to pay for a qualified expense, that amount will not be taxed.

Get Care from the Right Place

If you or your child get sick when your doctor’s office is closed, you might feel like the best thing to do is head to the emergency room for care, but that can be very expensive. There are other options that you can consider which can help you save money, such as urgent care clinics or even telemedicine. 

Re-Consider Tests

If you’re looking for a diagnosis for a medical condition, speak to your doctor about which tests, such as lab work, x-rays, or MRIs, are necessary, and what course of action you might be able to take before you jump right to the most expensive diagnostic tools. For example, instead of starting with an expensive MRI scan, talk to your doctor about getting lab work done first, to see if the issue can be diagnosed that way.

Go Genericmedicine sitting on top of money

Generic medications are just as effective as name-brand medications, the only difference is generic medications are generally 30 to 50% cheaper than their name-brand counterparts. That means generic prescriptions often end up saving people almost $2,000 a year or more on medication alone.

Enroll in a Wellness Incentive

Some insurance companies offer lower premiums if you participate in wellness challenges related to preventative health. Speak to your insurer to see if they offer any wellness incentives that could help you get healthier, and lower your insurance costs. 

Negotiate

If you have received a big medical bill, and are having trouble paying it, all hope is not lost. You can try negotiating your medical bills. Some providers will allow you to set up a payment plan or will waive certain fees. In addition, if you speak to your insurance company, you might even find that there is an error in your bill, and you might owe less than you think you do. 

Re-evaluate Your Plan

One of the best things that you can do to save money on your health insurance is to re-evaluate it every year instead of just allowing it to renew without reviewing it. Make sure you review any correspondence that you receive related to your plan, so you’re aware of any upcoming changes, and to make sure that your plan still fits your needs and budget. If you’re not happy with your health insurance plan, don’t be afraid to compare other plans and look elsewhere for a better one that suits you. This is where EZ can help!

hundred dollar bills piled up
An EZ agent will help you find a plan, while saving you hundreds of dollars a year.

Save With EZ

What exactly are you looking for in a plan? Do you have a family you need to cover?  Do you have kids who play sports, who will require a little extra coverage? Or are you single and need the bare minimum for the what-ifs? Whatever the case may be, take the time to determine what kind of plan and coverage you need. With all of the subsidies now available, there is no better time to reconsider getting a health insurance plan, or to look at your current one to make sure it covers your needs. 

And if your plan doesn’t cover everything you need it to, it’s time to find a plan that does, so you can save as much money as possible. If you’re shopping for a plan, your best bet is to speak to a licensed EZ agent. Our agents work with the top-rated insurance companies in the nation, so we can compare plans in minutes. We will not only find a plan that has all the benefits you’re looking for, but we will also make sure the plan fits your budget. To get free instant quotes, simply enter your zip code in the bar above, or to speak to a local agent, call 888-350-1890. No obligation.

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