If you were to list American adults’ top cost concerns, the cost of healthcare is hovering somewhere around the top of that list.
The cost of health insurance gets wrapped up in general healthcare costs as well. Attempting to control the cost of your health insurance may seem like a futile endeavor, but there are some things you can do.
Shop Around
The first thing you should do to keep your health insurance costs under control is to shop around and compare rates. There are plenty of health insurance plans, and each one has its own rate.
Even if you have the option of getting health insurance through your employer, it’s worth shopping around. You may find a better plan that suits your personal needs at a better rate, especially if you qualify for the Advanced Premium Tax Credit subsidy.
Evaluate Different Kinds of Plans
Health insurance plans aren’t a one-size-fits-all thing. There are different kinds of plans that offer different services. In your efforts to control your insurance costs, it’s worth looking at other types of plans as well.
Instead of dental insurance, you can purchase a dental discount plan to help you cover treatments. You may have the option of financing your healthcare directly through your healthcare provider. Talk to their billing department to see if that’s an option and what your costs might look like to determine if that’s a better option financially.
Weigh the Benefits of High-Deductible Plans
There are two primary costs associated with health insurance: the premium and the deductible. You pay the premium every month. The deductible is how much you pay for healthcare services before insurance kicks in. As a general rule, the higher your deductible, the lower your monthly premium is. If you don’t think you’ll make use of your health insurance much, choosing a high-deductible plan could help you save money. Plus, some high-deductible plans give you access to health savings accounts, which can help you maximize your healthcare dollars.
Don’t stop at taking steps to lower the cost of your health insurance. Take greater control over healthcare costs in general by making lifestyle choices that promote good health. Eating a nutritious, balanced diet, getting enough sleep, staying physically active, drinking plenty of water, and limiting your time sitting down can protect your health, thereby reducing your healthcare costs. A healthy lifestyle could cost more upfront, but when you compare that to the healthcare costs you could incur from lifestyle-related chronic diseases, the better financial path becomes clear.
Did you enjoy reading this article? Here’s more to read. How to Cut the Costs of Healthcare in Retirement