Looking to increase the value of your healthcare dollars? This quick guide has six easy tips to help you get the most out of your health insurance plan.
Save Money with These 6 Health Insurance Tricks
1.) Don’t Pay for Coverage You’re Not Using
While it’s critical that you have a health plan in place, traditional health insurance is not the only option. If you’re tired of over-paying for coverage that you’re not using, or if you don’t qualify for a subsidy, then Healthcare Cost Sharing is worth considering.
These low-cost, privately operated programs are designed to protect against large or unexpected health expenses. However, they are not required to offer the same essential care benefits like health insurance plans. This is what makes them more affordable, but it can also come with an added risk for out-of-pocket expenses.
2.) Don’t Go Out of Network
This is an easy one: Stay within your plan’s coverage network to avoid coverage penalties. When you are seeking care at a hospital, you also have to make sure that your assigned physician is in-network. There are times when a hospital is in-network, but a doctor working there isn’t.
3.) Fund a Health Savings Account so Your Out-Of-Pocket Expenses are Tax-Free
As long as you’re enrolled in a qualified high-deductible health plan (HDHP), you have the ability to fund and maintain a Health Savings Account (HSA). It’s a specialized account that you can fund with pre-tax payroll dollars. As long as you only use the funds on health expenses, they are allowed to grow on a tax-deferred basis.
Another tip: Max out your HSA contributions every year. All contributions are tax deductible, and that added earning power over time can be considerable.
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4.) Use Your Preventive Care Benefits
The #1 way to save money on healthcare is to protect your health. If you’re enrolled in health insurance, then you are entitled to a number of low or no-cost preventive care benefits. The most important one is: Visit your doctor on a regular basis, even if it’s through telehealth.
5.) Participate in Your Plan’s Health Incentive Programs
Many health insurance companies are now offering valuable incentive programs. These are often structured around basic health and fitness milestones, and the reward is a reduction to your monthly premium.
6.) Use HSA for America When Making Changes to Your Coverage
Whether you’re purchasing new coverage or just need to switch plans, there’s no need to go it alone. Our HSA for America Personal Benefits Managers offer free, no-obligation consultations that you can use to review your options.
Click here to get started, or call 800-913-0172.
Mike Montes is a Personal Benefits Manager at HSA for America. His aim is to help you make smart and informed healthcare coverage decisions that will fit your needs and budget. Read more about Mike on his Bio page.